Rihanna's Savage X Fenty Lingerie Brand Has Been Valued at $1 Billion
All Rihanna sees are dollar signs!
The company recorded revenue growth of more than 200% last year. It also "increased its active VIP member base by more than 150%," the company said in a statement to WWD.
The good news comes just days after Rihanna, 32, announced that she and French luxury conglomerate LVMH Moët Hennessy Louis Vuitton mutually agreed to pause her Fenty ready-to-wear label to focus on the Savage line.
"LVMH and Rihanna reaffirm their ambition to concentrate on the growth and the long-term development of the Fenty ecosystem focusing on cosmetics, skin care and lingerie," LVMH and Rihanna said in a statement to WWD.
The singer turned fashion and beauty mogul made history when she inked a deal with LVMH in May 2019, becoming "the first woman to create an original brand at LVMH and the first woman of color at the top of an LVMH maison," The New York Times reported.
Savage X Fenty recently "completed a $115 million Series B fundraising round" led by L Catterton (the largest global consumer-focused private equity firm) to "support the company's rapid growth and upcoming expansion into retail," a press release noted.
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"In two short years, Savage X Fenty has achieved remarkable success by disrupting the intimates category," Jon Owsley, Co-Managing Partner of L Catterton's Growth Fund, said in a press release.
"The brand strikes a unique balance between affordability, fashion, and comfort, stands deeply for inclusivity and diversity, and has differentiated itself by building an extraordinary level of affinity and unmatched customer loyalty," he added. "We believe the opportunities ahead for Savage X Fenty are enormous, and we look forward to leveraging our extensive experience in scaling digitally-native consumer brands and partnering with Rihanna, Christiane, Natalie, and the entire Savage X Fenty team to help the Company realize its full potential."
Rihanna first debuted her size-inclusive lingerie brand in May 2018. She recently launched a Valentine's Day campaign, posting a sexy video of herself dancing in some Savage X Fenty lingerie while rocking a mullet.