Following LVMH’s recent announcement that Rihanna’s Fenty Fashion House is shutting down, her other clothing line, Savage x Fenty, has once again proved to be one of the major powerhouses in the modern lingerie industry, by officially reaching $1 billion after a round of Series B funding.
Savage x Fenty hit a major milestone having raised $115 million USD during the Series B funding round, increasing the business’ valuation to $1 billion USD. LVMH backed private equity firm L Catterton reportedly helped the brand secure the investment for its upcoming retail and athletic wear expansion. It comes as no surprise that LVMH continues to support Rihanna’s lingerie venture as Savage x Fenty sits at the center of the $13.1 billion USD women’s underwear industry in the U.S.
Savage x Fenty plans to use the funds for further customer acquisition and expansion into retail.
Revenue for the Savage x Fenty brand soared 200% in 2020, according to the announcement, with membership to the “VIP” club growing 150%. Savage x Fenty was founded in 2018.
The pop star launched the Savage x Fenty line in 2018. It is one of several businesses started by the singer, including her Fenty clothing line, skincare line Fenty Skin, and makeup range Fenty Beauty which generated over $558 million USD in just its first full year of operation, continuing to disrupt the beauty industry likewise.