The fans keep begging Rihanna for new music, but it’s safe to say she stays busy with all of her other business ventures. In February, Forbes reported that the star’s lingerie brand, Savage X Fenty, is now worth $ 1 billion.
The famous registered underwear brand turnover growth of over 200% Last year; It also “increased its active VIP member base by over 150%,” the company said. WWD in a report.
The strong valuation came just two days after Rihanna announced that she and French luxury conglomerate LVMH Moët Hennessy Louis Vuitton had mutually agreed. pause his ready-to-wear brand Fenty to focus on Savage X Fenty.
“LVMH and Rihanna reaffirm their ambition to focus on the growth and long-term development of the Fenty ecosystem by focusing on cosmetics, skin care and lingerie,” LVMH and Rihanna said in a statement. It comes after the singer made history by signing a deal with LVMH in May 2019, thus becoming “the first woman to create an original brand at LVMH and the first woman of color at the top of an LVMH house.
While this mark has been paused, Savage X Fenty couldn’t grow taller. The lingerie company is a favorite among influencers and fans, offering affordable and trendy pieces in inclusive sizes.
“In just two years, Savage X Fenty has achieved remarkable success in disrupting the intimate category,” said Jon owsley, Co-Managing Partner of L Catterton’s Growth Fund, in a press release. “The brand strikes a unique balance between affordability, fashion and comfort, is deeply synonymous with inclusiveness and diversity, and has differentiated itself by creating an extraordinary level of affinity and unmatched customer loyalty.
He continued, “We believe the opportunities ahead for Savage X Fenty are huge, and we look forward to leveraging our extensive experience scaling native digital consumer brands and partnering with Rihanna, Christiane, Natalie, and the entire Savage X Fenty team to help the company realize its full potential. “