Rihanna's Savage X Fenty lingerie line is now worth $1 billion, according to a new evaluation.
RiRi's brand reached the major milestone after a round of Series B funding that raised $115 million for the company's upcoming expansion into retail, Forbes reports. Private equity firm L Catterton, in which LVMH has a stake, reportedly helped the brand secure the investment for its upcoming athletic wear expansion.
The multi-million dollar investment reaffirms LVMH's partnership with Rihanna, despite news just last week that the conglomerate had decided to put the singer's luxury Fenty RTW line on hold. LVMH's support of Savage X Fenty confirms its commitment to “concentrate on the growth and the long-term development of [the] Fenty ecosystem.”
Just last year Savage X Fenty saw revenue growth of more than 200 percent. According to a statement released by the company, the brand also “increased its active VIP member base by more than 150 percent.” Prior to the latest funding round, Rihanna's estimated stake in the company was $85 million.
Now reports suggest Savage X Fenty is in a position to become the global lingerie market leader by 2025. And as the label expands into athletic wear, other brands should take note. Rihanna is disrupting the industry, proving that diversity and inclusive sizing can lead to even greater wins.