Rihanna Is Looking To Raise $100 Million USD for Savage x Fenty
In an effort to expand into athletic wear.
Rihanna is now looking to raise another $100 million USD for her lingerie line Savage x Fenty.
According to new reports, the artist hopes to raise funds through the help of Goldman Sachs in order to expand her current lingerie line further into Europe as well as entering the athletic wear market. While the brand brings in roughly $150 million USD in revenue, sources say it has yet to reach profitability, although the new round of funds will push its valuation up to $1 billion USD.
Founded back in 2018 as a joint venture between Rihanna and Techstyle Fashion Group, the lingerie brand has since raised over $70 million USD in funding, receiving backing from a series of investment firms including ACME Capital, Avenir Growth Capital, TriplePoint Ventures, and Jay-Z‘s own venture capital firm Marcy Venture Partners. Aside from drawing success predominantly from Rihanna’s celebrity, the brand is also revered for its focus on inclusivity and diversity, stocking sizes up to 3X and often featuring diverse casts for its fashion shows.
Elsewhere in business-related news, H&M’s net sales dropped 18 percent over 2020.
