Rihanna’s Savage X Fenty lingerie line is now worth $1 billion (£719 million).
A second round of funding for the brand secured a whopping $115 million (£82.7 million) for Savage X Fenty, with L Catterton, a private equity firm that fashion house LVMH has a stake in, taking out a stake in the line.
In a joint statement, LVMH and Rihanna told WWD: “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.”
Last year, Savage X Fenty saw revenue growth of more than 200% and “increased its active VIP member base by more than 150%.”
The line was launched in 2018 and is anticipated to be the market’s leader by 2025.
As well as a successful lingerie business, Rihanna has lucrative Fenty Skin and Fenty Beauty lines.
However, the clothing arm of the Fenty empire was recently put “on hold”.
The ‘Diamonds’ hitmaker launched the luxury fashion line in 2019 with LVMH.
However, after two years, they made the joint decision to close down the fashion business to focus on cosmetics and lingerie.
In a statement issued last week, LVMH said: “Rihanna and LVMH have jointly made the decision to put on hold the RTW activity, based in Europe, pending better conditions. Following the completion of a fundraising round where L Catterton has taken a stake into Savage X Fenty, LVMH and Rihanna reaffirm their ambition to concentrate on the growth and the long-term development of [the] Fenty ecosystem focusing on cosmetics, skincare and lingerie.”
The Fenty clothing label was tailored to the high-end market, whereas Fenty Beauty and Savage X Fenty is more affordable.
The last collection was in November and saw Rihanna team up with popular designer Amina Muaddi on a range of heels.
Upon the launch of Fenty clothing, the 32-year-old star had insisted: “I’m not the face of my brand, but I am the muse, and my DNA has to run all the way through it. I don’t want anyone to pull up my website and think, Rihanna would never wear that.”