Rihanna’s Savage X Fenty Raises $115M in Series B Funding

Popstar Rihanna’s lingerie line, Savage X Fenty recently announced the success of a $115 million Series B funding round.

The funding round was led by private-equity firm L Catterton, alongside Mercy Venture Partners, Avenir, and Suley House. The cash generated will be used to get the popular brand into brick-and-mortar retail stores. The company also announced that the high-end LVMH-backed Fenty line will “pause” production.

The move to pause the Fenty line indicates that the end of high-end fashion is near, as the coronavirus pandemic continues to ravage the economy. LVMH said the stop in production is temporary, with a hope resume as soon as an opportunity presents itself.

A company spokeswoman said Rihanna and LVMH have jointly come to a decision to put the high-end line on hold “pending better conditions.”

LVMH says it plans to focus on Rihanna’s Fenty beauty and skincare line, Inclusivity since the fashion house has been closed. Although sales of the beauty line have not been made public, LVMH said it generated about $550 million in 2018, and sales have continued to grow over the years. Forbes estimated the company at more than $600 million in 2019, and Rihanna’s stake was estimated at $375 million.

On the other side, sales for the Savage X Fenty lingerie line spiked over 200% last year. Membership into the brand’s VIP club also spiked 150%. The brand has made waves on social media, and experts say the line is performing well because Rihanna’s name is on it.

“Lingerie is about celebrating your body and that’s what Savage is all about,” said Rihanna in a release. “Savage … is a representation of all and a validation that everyone is beautiful.”

Rihanna launched Savage X Fenty as a joint venture with Techstyle Fashion Group, a subscription-based fashion platform, in 2018. Some of its early investors include Jay’Z’s Mercy Venture Partners and Avenir, which also invested in the latest Series B funding round. In total, the company has raised $185 million, and Rihanna’s net worth is said to be $80 million, according to Forbes. Rihanna is now worth $1.7 billion as of 2022.