One week after the “sad” indefinite hiatus of her high-end fashion venture, Fenty House, Rihanna’s other partnership with LVMH Moët Hennessy Louis Vuitton, Savage x Fenty, has skyrocketed past $1 billion in valuation. The brand’s explicit catering to all body types and shrewd capitalization on Victoria’s Secret’s weakened market share are only some of the reasons it enjoyed 200% revenue growth in last year, to the tune of $150 million, according to Forbes Magazine. And according to CultureBanx, Savage x Fenty is “in a position to be the global lingerie market leader by 2025.”
Via an exclusive joint statement to WWD Magazine, Rihanna and LVMH said, “Following the completion of the fundraising round where [private equity firm] 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.” Other investors in the company include Sunley House Capital, Avenir Growth Capital, TriplePoint Ventures, and Jay-Z’s Marcy Venture Partners.
In what could be completely unrelated, the pop star also recently posted a topless thirst trap while rocking a satin pair of Savage x Fenty boxers– proving she can make anything look good. And that her initial investors are smiling from ear to ear.
Last December, the New York Times Dealbook reported it was initially investment firm Goldman Sachs that was tapped to raise $100 million for the company. At the time, neither party provided an official statement. However, it was later clarified the firm was working as “an exclusive placement agent,” and the intended use for the Series B round of funding was to aid Savage x Fenty’s expansion into Europe and potential foray beyond intimate wear, like athletic gear. This would make sense since the brand is partly owned by Techstyle Fashion Group, the venture company that backs Fabletics, actress Kate Hudson’s athleisure line.
We are pleased to announce that the Growth Fund of L Catterton has completed a $115 million Series B fundraising round in Savage X Fenty, Rihanna's Disruptive Lingerie Brand. https://t.co/U68GXRV3OW#PrivateEquity pic.twitter.com/Nh4E607l1U
— L Catterton (@L_Catterton) February 11, 2021
“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 an official statement. “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. We believe the opportunities ahead for Savage x Fenty are enormous.”