Rihanna’s reign just won’t let up. The Grammy Award-winning singer’s lingerie brand Savage X Fenty announced Wednesday that it raised $125 million in fresh financing.
The latest raise comes almost exactly a year after the El Segundo-based company closed on its $115 million Series B. At the time, Savage had just secured its status as a unicorn with a valuation of $1 billion. The singer herself also became a billionaire, with an estimated net worth of $1.7 billion.
Much like Rihanna herself, Savage X Fenty is multi-faceted. The company is more than just a lingerie line, and also offers a VIP membership program. The program grants participants access to exclusive offers, deals and services for $50 a month. This approach is sure to make the brand a key competitor in the ever expansive world of direct-to-consumer e-commerce.
Up until now Savage X Fenty operated solely online, but with the fresh capital the company plans to open several brick-and-mortar locations. The first store is slated for Las Vegas, soon to be followed by additional locations in Los Angeles, Philadelphia, Washington, D.C., and Houston.
The company is set to start with four stores in the first quarter of 2022 and a total of ten by the end of the year.
Both Savage X Fenty and Fenty Beauty, the singer’s makeup line, celebrate an ethos of inclusivity. That’s why each of the brand’s store locations will include a wide range of mannequins to display an expansive variety of clothing sizes.
Savage X Fenty has raised $310 million in financing to date, according to Forbes.
The latest raise was led by New York-based VC firm LionTree and included participation from Marcy Venture Partners, the VC firm co-founded by Jay Z, among others.
