Rihanna has struck gold with her Savage X Fenty lingerie brand after it was valued at $1 billion.
The Diamonds hitmaker, real name Robyn Rihanna Fenty, recently secured an additional $115 million in a second round of investment funding, with one financial supporter identified as private equity firm L Catterton, in which bosses at luxury goods group LVMH have a stake.
Revenue figures have not been released, but in a press release, company chiefs claim sales increased 200% in 2020, while its subscription-based service grew by 150%.
Rihanna launched the sexy label in 2018, adding to her growing business empire, which also includes Fenty Skin and Fenty Beauty, and the additional money is expected to support the expansion into retail sales and possibly a new athletic line.
“Lingerie is about celebrating your body and that’s what Savage is all about,” the star explained. “Savage… is a representation of all and a validation that everyone is beautiful no matter what.”
The news emerges days after Rihanna and LVMH executives confirmed they were shuttering the ready-to-wear Fenty high fashion line after less than two years in production.