Rihanna's Savage x Fenty Lingerie Line Secures Additional $50M USD Funding
Total funding equals $70m USD while sales near $150m USD.
Rihanna‘s Savage x Fenty lingerie line has secured an additional $50m USD in funding according to a Wall Street Journal report.
The $50m USD funding brings “the total amount invested in the company to roughly $70m USD,” as reported in the WSJ. The underwear line is praised for its inclusivity in sizes and, since its launch in May 2018, has managed to occupy space in the competitive lingerie market with sales nearing $150m USD. Savage x Fenty is a collaborative venture between Rihanna and Techstyle — which owns Kate Hudson’s Fabletics and ShoeDazzle — and has seen investments from the likes of JAY-Z’s venture firm Marcy Venture Partners LLC, as well as the growth-equity firm Avenir Growth Capital.
News of Rihanna’s booming business follows just days after it was announced that the singer-come-designer will be holding the first Savage X Fenty runway show at next month’s New York Fashion Week. Rihanna has partnered with Amazon to give Prime viewers a behind-the-scenes look in a documentary executive produced by the star, which will detail how the show came together through her own vision.
Rihanna is currently the world’s richest female musician, and continues to expand her business portfolio with her LVMH-owned FENTY fashion line and her Kendo-owned FENTY Beauty brand. You can stream the Savage x Fenty runway via Amazon Prime next month.
In other news, Kanye West has interview Kim Kardashian for Vogue Arabia‘s September issue.
