Savage X Fenty, the lingerie line curated by international pop superstar Rihanna, has just announced that it’s closed a $115 million Series B funding round.
According to Marketwatch, while this funding round — which was led by private-equity firm L Catterton — will be used to get the popular brand into brick-and-mortar stores, the news comes hot on the heels of the announcement that the high-end Fenty line, which was released in partnership with LVMH, will “pause” production.
This, ultimately, has a two-fold meaning for Rihanna’s business ventures.
Fenty’s “pausing” is indicative of the near-demise of high-end fashion in the wake of the coronavirus pandemic. In a statement, LVMH has said that it’s halting the production of the high-end line in the hopes that it can pick it up again when the availability presents itself.
“Rihanna and LVMH have jointly made the decision to put on hold the ready-to-wear activity, pending better conditions,” a company spokesman said to WWD.
However, the opposite is true for the Savage X Fenty line. Sales of the popular lingerie line spiked over 200% from its previous year, and it continues to grow even as other established lingerie companies — like Victoria’s Secret — struggle to get and maintain a consumer base. What’s more, membership into the brand’s VIP club has jumped by 150%.
Just wanna have fun 🧚♀️ #SavageSpring https://t.co/iN6v16rfHW pic.twitter.com/twZaqtUadi
— Savage X Fenty by Rihanna (@SavageXFenty) February 3, 2021
Most of Savage X Fenty’s success, say experts, has to do with Rihanna’s name being on the product. Its success is also buttressed by both additional celebrity endorsements and body inclusivity — something that brands like Victoria’s Secret (whose “Angels” were predominantly skinny, white, and blonde) hadn’t previously incorporated into their marketing efforts.
Savage X Fenty has also said that they will use the newly acquired funds to increase customer acquisition, as well.