Rihanna’s lingerie line is now valued at $1 billion after raising $115 million in a round of Series B funding, reports Forbes.
Private equity firm L Catterton, in which LVMH Moët Hennessy Louis Vuitton has a stake, will put the money toward the retail expansion of Savage X Fenty. The brand saw a 200% increase in sales last year and “increased its active VIP member base by more than 150%,” according to the company. Prior to the $1 billion valuation, Rihanna’s stake in the company was $85 million. It is now estimated to be around $375 million.
Last week, LVMH announced that it was putting a hold on Rihanna’s Fenty fashion brand less than two years after its launch. Instead, it plans to concentrate on Savage X Fenty, as well as Fenty Beauty and Fenty Skin.
“Following the completion of a fundraising round where L Catterton has taken a stake into Savage X Fenty, LVMH and Rihanna reaffirm their ambition to concentrate on the growth and the long-term development of Fenty ecosystem focusing on cosmetics, skincare, and lingerie,” LVMH and Rihanna said in a statement.
Launched in 2018, Savage X Fenty has been celebrated for its size inclusivity and diverse marketing including the annual Savage X Fenty show on Amazon Prime Video. Insiders believe the beauty brand could become the global lingerie market leader by 2025.
Rihanna’s Fenty Beauty line is also enjoying robust sales, with a reported $558 million in its first full year in operation in 2018.