It’s officially been five years since Rihanna released her last full album Anti, and while we all patiently await her next musical release, the singer from Barbados has been up to some major business endeavors.
On Wednesday, Rihanna’s lingerie line Savage x Fenty announced that it raised $115 million in a Series B funding round led by L Catterton. The news was reported to Fast Company, and since confirmed by Savage x Fenty on LinkedIn. This new funding brings the company’s valuation to more than $1 billion.
At the same time, Rihanna and partner LVMH are reportedly putting the Fenty ready-to-wear clothing brand on hold. This signals a shift for Rihanna and the Fenty brand as it moves away from high fashion and doubles down on lingerie. Reports also add that the brand will continue to grow its cosmetics lines Fenty Beauty and Fenty Skin.
Fast Company reports that the El Segundo-headquartered Savage x Fenty lingerie line generated $150 million in revenue and grew 200 percent year over year. By reassessing the Fenty ecosystem as a whole, the company will be able to reallocate resources into the Savage x Fenty line and spur further growth.
Savage x Fenty is also more than a lingerie brand run by a celebrity. In addition to selling lingerie a la carte, the digitally native business also offers a VIP membership granting participants access to exclusive offers, deals and services by paying $50 per month. This membership strategy helps promote customer loyalty and is a unique approach in the growing direct-to-consumer e-commerce landscape.
Savage x Fenty also captured media attention last year when it released its 2020 fashion show on Amazon Prime. In a year when most fashion shows were postponed or limited due to the COVID-19 pandemic, Savage x Fenty was able to create a cinematic experience that was accessible to viewers at home. And once the show was over, viewers were able to buy the items they saw directly from the Amazon website.
So while the Fenty landscape may be changing, this new funding round will help the brand double down on its lingerie line, as well as its message of body empowerment and e-commerce strategy built for the modern age.
