Singer Rihanna’s Savage X Fenty line now valued at N381 billion
- The value of popular American singer, Rihanna’s lingerie line, Savage X Fenty, keeps reaching new heights as it is now at $1 billion
- According to Forbes, the singer’s various products under the brand have proven to be successful
- Rihanna first launched the line in 2018 among other businesses
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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.
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.
Source: Instagram
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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.”
In other news related to the singer and her brand, Legit.ng earlier reported that Rihanna's Fenty fashion line recently closed down.
Rihanna collaborated with luxury brand LVMH for her Fenty fashion line in 2019 and it was a success for a while.
According to a statement, the decision to close down the fashion line is because they are waiting for a better climate - possibly COVID-19 might be the cause.
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Owolawi Taiwo is an entertainment and lifestyle journalist at Legit.ng with over two years working experience in the media industry. She has a degree in English and International Studies from Osun State University, Osogbo.
When she is not reporting on celebrity lifestyle, you will find her listening to music, reading, learning new recipes, or remembering awkward situations she has been in and laughing at herself.
Source: Legit.ng
