Rihanna’s lingerie lineSavage X Fenty has secured $125 million in new funding from investors to fuel its continued expansion into brick-and-mortar retail.
That brings the total revenue of the body-positive lingerie line to $310 million. The valuation of Savage X Fenty in the latest funding round has not been disclosed. The company did not immediately respond to a request for comment from The Post.
Investment company Neuberger Berman led the fundraising round. Other investors include L Catteron, the private equity firm backed by LVMH CEO Bernard Arnault, as well as Marcy Venture Partners, a company co-founded by Shawn “Jay Z” Carter, the Associated Press reported.
Savage X Fenty has built a strong following since its launch in 2018, with an annual fashion show airing on Amazon Prime. Rihanna has prioritized the lingerie line and other business ventures in recent years.
The pop star, whose real name is Robyn Rihanna Fenty, has a personal fortune of $1.7 billion. She ranks second, only to Oprah Winfrey, among the richest female entertainers in the world, according to Forbes.
In addition to Savage X Fenty, Rihanna owns a 50 percent stake in the cosmetics line Fenty Beauty. The brand earned more than $550 million in revenue in 2020.
The line’s latest backers also include the Abu Dhabi-based Multiply Group, which contributed $25 million, as well as the Abu Dhabi Growth Fund.
The money is expected to support Savage X Fenty’s ambitions for a retail empire. The company opened its very first store on the Las Vegas Strip this month.
Savage X Fenty will open stores in Los Angeles, Houston, Philadelphia and Virginia in the first three months of 2022, Forbes reported:. A total of 10 store openings are planned during the year.
“We are starting with a limited number of stores,” Christiane Pendarvis, co-chairman of Savage X Fenty, told the outlet. “It will represent a small percentage of our revenue. It’s about getting the right formula and assortment mix in the stores.
“This is an extremely curious test-and-learning year for us, then you’ll see us grow next year,” Pendarvis added.