Rihanna's lingerie company became a $1 billion empire
Reports show that Rihanna's Savage x Fenty brand is now at the forefront of the global lingerie market.
It is reported that Rihanna's Savage x Fenty brand hit a milestone - valued at $1 billion - through a fundraising round, raising $115 million for expansion to the upcoming retail sector.
Rihanna's lingerie company became a $1 billion empire / ph: Savage x Fenty
Before this round of fundraising, it was estimated that Rihanna's stake in the company was about $80 million.
This also attracted significant participation of investors such as Marcy Venture Partners, Avenir Growth Capital, TriplePoint Ventures ...
Private equity firm L Catterton (in which LVMH has a stake) is said to have helped the brand secure an investment in upcoming sportswear expansion, reaffirming LVMH's cooperation with Rihanna.
The action is also committed to focus on the long-term growth and development of a Fenty ecosystem focusing on cosmetics, skin care and lingerie.
Last week, it is reported that LVMH and Rihanna agreed to pause Fenty fashion after less than 2 years of debut. The brand stopped posting on social media on January 1. The last sale of the company in November 2020.
Some employees will stay at the headquarters in Paris (France) to close the rest of the business.
Last year, Rihanna's lingerie brand saw over 200% revenue growth and increased the number of VIP members by more than 150%.
Rihanna\'s lingerie company became a $1 billion empire
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