One billion dollars. Rihanna’s Savage X Fenty brand is now valued at this amount. The singer managed to raise an additional $115 million after a new financing round with the investment company L Catterton.
According to Forbes, this influx of money will allow the brand to continue its business development and expansion. LVMH, a partner of Savage X Fenty, is relying heavily on its business model to become the world’s leading lingerie brand by 2025. In addition to lingerie (a sector that generates $13.1 billion per year in the United States), Rihanna now wants to become a major player in the sportswear sector.
It must be said that the singer’s brand was a hit last year. Whether the lockdown has encouraged women to buy more lingerie or whether it is simply a natural market shift towards more inclusive and diverse brands like Fenty, the popstar’s business plans have in any case doubled last year.
“Following the completion of the fundraising campaign during which L Catterton acquired a stake in Savage X Fenty, LVMH and Rihanna reaffirmed their ambition to focus on the long-term growth and development of the Fenty ecosystem by focusing on cosmetics, skincare and lingerie,” said LVMH and Rihanna in a joint statement relayed by Forbes.
Rihanna had recently announced that it was setting aside its Fenty clothing line to focus its efforts on the most promising sectors. The cosmetics industry currently represents 445 billion dollars, with a growth of 3% each year, according to the magazine.