The artist opened the first Savage X Fenty boutique at the Fashion Show Mall on the Las Vegas Strip.
Rihanna fulfilled this 2022 one of her great business dreams. The artist from Barbados opened the first stores of Savage x Fenty, her lingerie firm that she founded in 2018 and that has ended up becoming one of the most outstanding brands in recent years in claiming empowerment and diversity.
Coinciding with the opening of the company’s first brick-and-mortar store over the weekend, Savage X Fenty announced a new $125 million funding round led by Neuberger Berman (a private investment management firm).
What businesses solve Rihanna’s enormous fortune
Previous investors L Catterton (a private equity firm backed by LVMH’s Bernard Arnault), Avenir, Sunley House Capital and Marcy Venture Partners (the venture capital firm co-founded by Jay-Z) also participated in Series C. This brings a total venture capital financing to date of $310 million for the intimate apparel brand, which Robin “Rihanna” Fenty launched in 2018 with TechStyles Fashion Group, then spun off in 2019.
In 2021 Rihanna became a billionaire when Forbes estimated her net worth at $1.7 billion, with most of her wealth rooted in her cosmetics company, Fenty Beauty, which is worth $1.4 billion. The remaining $270 million comes from the lingerie brand, as well as her music and acting career.
Last year Savage X Fenty raised $115 million in Series B. Rihanna, at the time, had a 30% stake in the Savage brand. Savage X Fenty, Neuberger Berman, L Catterton and Marcy Venture Partners did not respond to requests for valuations of the company.
The latest funding will support the fashion company’s foray into physical retail, overseas expansion plans and the launch of new product lines. The Series C announcement coincides with the highly anticipated opening of Savage X Fenty’s first boutique at the Fashion Show Mall on the Las Vegas Strip.
These are the 10 richest women in the world
The company plans to open four more stores in the first quarter of 2022 and a total of ten by the end of the year, according to Savage X Fenty co-presidents Christiane Pendarvis and Natalie Guzman, who also serve as chief commercial officer and chief marketing officer, respectively. .
The next store will open in Culver City in Los Angeles (where the company is headquartered), followed by the Galleria mall in Houston, the King of Prussia mall outside Philadelphia and the Pentagon City fashion center in Arlington, Virginia.
“We will start with a limited number of stores. It will represent a small percentage of our business. It’s about making sure we get the right formula and assortment mix in stores. This is an extremely curious testing and learning year for us, then you will see us grow next year,” said Pendarvis.
Instead of following luxury lines like Agent Provocateur and La Perla, Savage X Fenty’s move toward Victoria’s Secret’s mass-market appeal has been evident since February, when LVMH and Rihanna shuttered Fenty’s luxury ready-to-wear line. , as Forbes reported. The locations of the first lingerie stores offer a glimpse into Savage X Fenty’s retail strategy, opting for major malls rather than high-end shopping areas like Fifth Avenue in New York or Miami’s Design District.
Savage X Fenty isn’t the first to bring touches of technology to intimate play. True & Co, Knix and Thirdlove, all founded around 2013, followed by the launch of Aerie and Lively, pioneered leveraging data for inclusive prototyping, as well as online questionnaires and digital tools for fine-tuning.
Like its startup peers, Savage X Fenty also emphasizes inclusivity and body positivity. Bras come in over 50 sizes, while sleepwear and lingerie are available in sizes XS to XXXL.
Paul is a talented author and journalist with a passion for entertainment and general news. He currently works as a writer at the 247 News Agency, where he has established herself as a respected voice in the industry.
