Fashion, culture and private equity have collided with Rihanna’s successful Savage x Fenty hitting another major milestone by raising its $115 million Series B funding round
At a $1 billion valuation. Private equity firm L Catterton, in which LVMH has a stake in helped the brand secure this bag for its upcoming retail expansion, and to funnel it into a line of athletic wear. Rihanna’s umbrella (ella, ella) of product lines under her Fenty brand have been extremely successful, with her lingerie brand sitting squarely at the center of business and culture in the $13.1 billion U.S. women’s underwear sector, leaving Savage x Fenty partner LVMH to completely lean in on her diverse business model.
All leading women’s athletic wear brands like Athleta and Lululemon should take notice of this deal and Rih Rih moving into their market, just look at how she disrupted the beauty sector. In 2018, the Fenty beauty line generated $558 million in its first full year in operation.
Companies like LVMH are constantly mining new ways to get a larger share of the $445 billion beauty industry that’s expanding at 3% a year. Forbes estimates that Rihanna’s stake is worth an estimated $375 million. Not to mention that Fenty Skin racked up sales of $30 million in less than four months on its e-store.
Source: Forbes
