Round of applause for our good Barbados sis, Rihanna, on securing $125 million in new funding from investors to fuel Savage X Fenty’s ongoing expansion into brick-and-mortar retail.
Bringing in this bag raises the lingerie line to $310 million. According to the The New York Post, investment firm 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 firm co-founded by Shawn “Jay Z” Carter, the Associated Press reported.
It’s no surprise that Savage X Fenty has taken off and reached the level of success that it has. Since launching in 2018, Savage X Fenty has delivered an annual entertaining and dynamic fashion show airing on Amazon Prime.
A lot of fans aren’t too happy with Robyn Fenty focusing all her attention on other business ventures outside of music, but the dedication and determination is paying off significantly for Rihanna.
Ms. Fenty has a personal net worth of $1.7 billion. She ranks second only to Oprah Winfrey among the world’s richest female entertainers, per Forbes.
Staying on the topic of money, Rihanna holds a 50 percent stake in the cosmetics line Fenty Beauty. The brand earned more than $550 million in revenue in 2020.
Savage X Fenty also has heavy hitter investors backing them up! One of them being Abu Dhabi-based Multiply Group, which contributed $25 million, as well as the Abu Dhabi Growth Fund.
Just recently the company opened its first-ever store on the Las Vegas Strip and the money from investors are expected to support Savage X Fenty’s ambitions for a retail empire. The funds will also help the brand expand internationally and add to the assortment with products such as loungewear, swimwear, shapewear, home and unisex underwear and other categories.
Outside of Vegas, Savage X Fenty will open stores in Los Angeles, Houston, Philadelphia and Virginia within the first three months of 2022.
“We’ll start with a limited amount of stores,” Savage X Fenty co-president Christiane Pendarvis told the outlet. “It will represent a small percentage of our business. This is about making sure we’re getting the right formula and assortment mix in stores.
“These are things that we’re looking for on our road map to help us drive growth in the next several years,” Pendarvis said during this month’s conference. “And then there are additional reaches [in other countries around the world] that we just have not tapped into yet, at all, which is really expanding into the balance of Eastern Europe, as well as China. When you think about the opportunity behind retail and what that’s going to open up for us, as well as category expansion opportunity, as well as geography expansion opportunity, that pathway is very, very clear for us to continue to deliver very, very strong growth over the next several years. So the future looks savage and we are just getting started.”
Just about anything Rihanna touches turns into gold so we’re sure her stores will be more than successful as she and all her businesses continue to grow.