Rihanna’s Savage X Fenty Lingerie Line Is Officially Worth $1 Billion
Rihanna and LVMH recently announced they were pausing her Fenty fashion label due to COVID-19, but that hasn’t stopped the success of Savage X Fenty. According to Billboard, the lingerie line of officially worth $1 billion.
The outlet states, “a round of Series B funding raised $115 million for the company’s upcoming expansion into retail, led by private equity firm L Catterton, in which LVMH Moët Hennessy Louis Vuitton has a stake.” They add that over the last year, Savage x Fenty saw revenue growth of over 200%. They’ve also increased its VIP member base by over 150%.
Rihanna and LVMH said in a joint statement, “Following the completion of the fundraising round where L Catterton took a stake in Savage X Fenty, LVMH and Rihanna reaffirmed their ambition to concentrate on the growth and the long-term development of Fenty ecosystem focusing on cosmetics, skincare, and lingerie.”
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