Singer Rihanna’s Savage X Fenty Line Now Valued At N381 Billion

By paritynews February 17, 2021 ENTERTAINMENT NEWS 0 Comments

Top American pop star, Rihanna, seems to be thriving as an entrepreneur going by the recent success of her Savage X Fenty line.

According to reports from Forbes, the singer’s lingerie line is now said to be valued at $1 billion. This was after the business raised its $115 million (N45,585,318,970) Series B funding.

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Private equity firm, L Catterton, helped the brand secure the funds ahead of its upcoming expansion in retail which is to be directed at making athletic wears. Savage X Fenty business partner, LVMH, also has a stake in L Catterton.

According to a statement from Savage X Fenty the brand “increased its active VIP member base by more than 150%”, and also posted revenue growth of more than 200% in 2020.

Before the latest funding of the company, the singer’s stake was valued at $85 million (N32,406,250,000). According to Forbes, Rihanna’s brand has proven its diversity with a wide range of sizes, access and marketing.

In a statement to WWD, LVMH and Rihanna added:

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.

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