Rihanna's Savage X Fenty Lingerie Line Worth More Than $1 Billion
Rihanna might have stepped away from music for a few years, but her businesses are certainly paying off.
According to Forbes, her popular lingerie line, Savage X Fenty, is now worth $1 billion. The company recently received a Series B investment of $115 million from private equity firm L Catterton. The investment will reportedly go towards Savage X Fenty being sold in brick and mortar stores.
On top of the investment, Savage X Fenty's revenue spiked more than 200% last year and "increased its active VIP member base by more than 150%," a statement from the company reads.
Rihanna previously said of the investment:
"Lingerie is about celebrating your body and that's what Savage is all about. Savage to me is such a powerful word. It's about being confident, in charge, and taking ownership of our choices. This brand is a home, a hub and a safe space for everyone-regardless of shape, size, ethnicity, gender identity or sexual orientation. It is a representation of all and a validation that everyone is beautiful no matter what."
Before the investment, Rihanna had an $85 million stake in her business.
Rihanna and LVMH, which has a stake in L Catterton, released a joint statement:
"Following the completion of the fundraising round where L Catterton took a stake in Savage X Fenty, LVMH and Rihanna reaffirmed their ambition to concentrate on the growth and the long-term development of Fenty ecosystem focusing on cosmetics, skincare, and lingerie."
Rihanna first launched Savage X Fenty in May 2018 with California's TechStyle Fashion Group.
The news comes after Rihanna and LVMH closed the Fenty fashion house in Paris.
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