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 a percentage of the line.
The line was launched in 2018 and is anticipated to be the market's leader by 2025.
On top of the world:Rihanna's Savage X Fenty lingerie line is now worth $1 billion (£719 million)
Money mama: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 a percentage of the line
'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,' it was shared in a joint statement from LVMH and Rihanna to WWD.
RELATED ARTICLES
- Previous
- 1
- Next
- Paris Hilton is engaged! The star has accepted a proposal... Jennifer Aniston's ex-husband Justin Theroux cuts a lonely... Star Wars: The Last Jedi director Rian Johnson 'will oversee... Ryan Reynolds and Blake Lively donate $1 MILLION to food...
Share this article
Share
52 shares
Last year, Savage X Fenty saw revenue growth of more than 200% and 'increased its active VIP member base by more than 150%.'
As well as a successful lingerie business, Rihanna has lucrative Fenty Skin and Fenty Beauty lines.
A success:The line was launched in 2018 and is anticipated to be the market's leader by 2025
Cash me in:'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,' it was shared in a joint statement from LVMH and Rihanna to WWD
A closer look:Last year, Savage X Fenty saw revenue growth of more than 200% and 'increased its active VIP member base by more than 150%'
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.
Coins coming:As well as a successful lingerie business, Rihanna has lucrative Fenty Skin and Fenty Beauty lines
She is a great model for her own line: The star is seen here topless without Fenty on
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 RiRi look:Rihanna uses several stars as 'ambassadors' of her brand including Nicole Williams of WAGS
With love:Tale Of Tails actress Blanca Blanco modeled the line for Valentine's Day
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.'
Rihanna uses several stars as 'ambassadors' of her brand including Nicole Williams of WAGS and Kylie Jenner's best friend Stassie Baby.
Tale Of Tails actress Blanca Blanco modeled the line for Valentine's Day.
Another fan: Singer JoJo for Savage X Fenty as she said, 'Getting more comfortable in my skin. So many people put out amazing bodies of work in 2020. To those who got nominated: CELEBRATE YOURSELVES and your teams and this moment!!!'
