Rihanna’s underwear brand Savage X Fenty’s value has reached $ 1 billion. Robyn Rihanna Fenty, Barbadian singer, songwriter and actress. Born in Saint Michael and raised in Bridgetown, she increased her net worth in 2003 by recording demo tapes under the direction of album producer Evan Rogers.
Savage X Fenty’s value reaches $ 1 billion
The famous singer Rihanna, who stands out with her investments in fashion, has decided to close Fenty, the fashion brand affected by the pandemic, but has achieved success with the underwear brand Savage X Fenty. The brand reached a value of $ 1 billion thanks to its latest investment support. This means that the company grows by 150 percent.
The famous singer Rihanna’s face does not smile for the fashion brand Fenty, which she decided to close, but underwear company Savage X Fenty makes Rihanna proud.
Barbadian singer co-founded with Louis Vuitton’s umbrella organization LVMH
The value of the underwear company Savage X Fenty has reached $ 1 billion. This value appraised to the brand was revealed last week by Forbes magazine, which said that the brand earned $ 115 million in series B funds.
The fundraising effort was led by the American-French company L Catterton, whose investments included LVMH. Savage X Fenty investors include Marcy Venture Partners, Avenir Growth Capital, TriplePoint Venture and Sunley House Capital. The California-based underwear brand has raised a total investment of $ 185 million.
Prior to the new cash inflow, Forbes estimated Rihanna’s stake in the company was $ 80 million, or 43 percent of the company.
FENTY ON PIT, SAVAGE X FENTY ON RISE
News of the Savage X Fenty investment came after Rihanna announced that the Fenty fashion brand would close in less than two years. Fenty, which stopped sharing on Instagram as of January 1, will close the online shopping platform and main distribution channels in a few weeks. In the short statement made by LVMH, it was stated that this decision was taken jointly with Rihanna and waiting for better conditions.
During this pause, it was announced that LVMH plans to focus more on Fenty Beauty and Fenty Skin, and will continue to support its collaboration with underwear brand Savage x Fenty.
While the pandemic shook many brands, especially whose sales are tied to physical stores, the Savage X Fenty brand increased online sales thanks to a large marketing spend on high-profile influencers such as Kehlani and Megan thee Stallion. Of course the owner of the brand, Rihanna, is a successful star when it comes to raising levels of online interaction. He did not hesitate to appear in front of the camera in his underwear to promote his brand.
Savage X Fenty grew by more than 150 percent while increasing its VIP members 200 percent, according to fashion industry magazine WWD.
The brand will undoubtedly use the money it earns thanks to new investors to open new categories and open up new geographies. Savage X Fenty is part of the apparel and accessories segment, which earns $ 13.1 billion in US sales each year as a underwear company.