Rhianna’s lingerie brand Savage X Fenty recently reached a significant milestone. The brand that has gained a following for its diversity and offering of a wide range of sizes is now worth $1 billion, Forbes reported.
The financial publication reported that a round of Series B funding raised $115 million for the company’s upcoming expansion into retail, led by private equity firm L Chatterton, helped bring the company’s value up to the whopping 10 figures. LVMH Moët Hennessy Louis Vuitton (LVMH) reportedly played a significant role in helping the brand secure the investment it needed for its upcoming retail and athletic wear expansion.
The report further states that in 2020, the lingerie brand posted revenue growth of over 200 percent and “increased its active VIP member base by more than 150 percent,” according to a statement from the company.
CultureBanx also reported that if the progression continues, Savage X Fenty is projected to be the global lingerie market leader by 2025. The same year, women’s activewear is expected to reach a $216.9 billion value.
“Following the completion of the fundraising round where L Catterton took a stake in Savage X Fenty, LVMH and Rihanna reaffirmed their ambition to concentrate on the growth and the long-term development of Fenty ecosystem focusing on cosmetics, skincare, and lingerie,” LVMH and Rihanna added in a statement to WWD.
However, clothing isn’t the only area where the “Work” singer is leaving her mark. The 32-year-old’s cosmetic line, Fenty Beauty, produced over $558 million in its first year of operation. Fenty Skin, the singer’s most recent endeavor, garnered over $30 million in sales in less than four months on its e-store.
The news comes just one week after LVMH announced that it would be closing Rihanna’s Fenty fashion house. The organization had only been active for two years. Fenty was the first fashion house since Christian Lacroix in 1987 to have started from scratch under the LVMH name. However, because of its high-end prices, the LVMH-backed brand could not appeal to Rihanna’s broad fan base.
The luxury house and singer reportedly came to a mutual decision to end the brand, as confirmed in a statement from LVMH, “Rihanna and LVMH have jointly made the decision to put on hold the RTW activity, based in Europe, pending better conditions.”