Rihanna’s Savage X Fenty lingerie line is now worth $1 billion. According to Forbes, the company saw revenue growth of more than 200% last year. There was also a 150% increase in active VIP members. The line is planning to expand into retail and recently raised $115 million through a round of Series B funding.
“In two short years, Savage X Fenty has achieved remarkable success by disrupting the intimates category,” Jon Owsley, co-managing partner of L Catterton’s Growth Fund, said. “The brand strikes a unique balance between affordability, fashion, and comfort, stands deeply for inclusivity and diversity and has differentiated itself by building an extraordinary level of affinity and unmatched customer loyalty.”
He continued, “We believe the opportunities ahead for Savage X Fenty are enormous, and we look forward to leveraging our extensive experience in scaling digitally-native consumer brands and partnering with Rihanna, Christiane, Natalie, and the entire Savage X Fenty team to help the Company realize its full potential.”
Last year, REVOLT reported that the “Needed Me” singer hired investment bankers Goldman Sachs to raise funding, which was used to branch into athletic-wear and bolster the lingerie line’s presence in Europe. As part of her funding request, Rihanna also sought to maintain full control of her brand.
Savage X Fenty first debuted in 2018. Fans praised the inclusivity of the lingerie line, which was made for all shapes and sizes. The brand is now planning to venture into activewear and continue its expansion of menswear. Rih launched the menswear line during her latest Savage X Fenty Fashion Show, which took place in October.
“I wanted to create menswear styles that everyone can wear,” Rihanna previously said. “And after Christian (Combs) did such a great job at the 2019 fashion show wearing men’s, I knew we had to have him as a collaborator.”
Congratulations to Rihanna on her huge accomplishment.