Friday, 19 February 2021

Savage X Fenty By Rihanna Is Now Worth $1 Billion.

Rihanna's lingerie brand Savage X Fenty is now worth $1billion (£719m), it has been reported.

The pop star launched the line in 2018. It is one of several businesses started by the singer, including her Fenty clothing line, makeup range Fenty Beauty and skincare line Fenty Skin.

A round of Series B funding was recently completed for Savage X Fenty, raising $115million (£82.7m). The money will support the company’s growth and further expansion into retail.

One of the investors to put money into the brand during the funding round was L Catterton, a private equity firm that fashion house LVMH has a stake in.

Other investors in the lingerie brand include Jay Z's Marcy Venture Partners, Avenir Growth Capital, TriplePoint Ventures and Sunley House Capital.

Recently, LVMH Confirmed Shutting down Fenty fashion line less than two years after she partnered with the luxury goods group.

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