Umbrella, Love The Way You Lie, What’s My Name, and Only Girl (In The World). These are only some of the songs that Robyn Rihanna Fenty, famously known as Rihanna, is recognized for throughout her career.
Aside from being a pop star and fashion icon, Rihanna is also a successful business owner with her brand, Fenty.
Savage X Fenty is a lingerie line launched in 2018 by pop star Rihanna. It is among the several businesses that she started along with her Fenty clothing line, Fenty Beauty makeup line, and Fenty Skin skincare line.
This year, Rihanna’s Savage X Fenty has hit another major milestone by raising its $115 million Series B funding round to a $1 billion valuation to support the company’s growth and further expansion into retail.
The Investors Who Made It Happen
One of the investors who put money into the pop star’s brand was L Catterton, a private equity firm that the fashion house LVMH Moët Hennessy Louis Vuitton (LVMH) has a stake in.
L Catterton’s investment in Savage X Fenty will help the brand secure its upcoming retail expansion as well as the long-term development of the Fenty brands that focus on skincare, cosmetics, and lingerie.
Rihanna’s Fenty brand has been extremely successful since she founded it in 2017.
Other investors in the pop star’s lingerie brand include Jay-Z’s Marcy Venture Partners, Avenir Growth Capital, TriplePoint Ventures, and Sunley House Capital.
A Revenue Growth Of 200%
In 2019, Savage X Fenty has been reported to have seen revenue growth of over 200 percent, while its VIP memberships grew to over 150 percent. Before the recent funding round, Rihanna held an $80 million stake in the company.
But less than two years after Fenty’s fashion brand launched with LVMH, the pop star’s company was announced last February 10 to be put on hold so that it could focus on expanding.
The e-commerce site for Fenty fashions will go dark by the end of February or early March.
The COVID-19 pandemic has made it difficult for the brand to create ready-to-wear collections while operating remotely. The global fashion industry experienced a 93 percent drop in profit in 2020.
But despite that, Rihanna made history as the first woman to create an original brand at LVMH and the first black woman at the top of an LVMH Maison.
Expanding Into Athletic Wear
Leading women’s athletic wear brands should be aware of this deal and of Rihanna who is now looking to move into their market. In 2018, her Fenty beauty line earned around $558 million in its first full year of operation, disrupting the beauty sector.
To date, Rihanna’s Savage X Fenty has raised $185 million. Even before the new funding, Rihanna’s estimated stake is said to be worth around $80 million.