Looks like the Singer, Actress, and business woman , Rihanna, is well on her way to becoming a entrepreneurial powerhouse!
The Savage x Fenty lingerie line launched in 2018, and has been disrupting the scene with its inclusive styles and sizes ever since. Recently the brand reached another major milestone by raising $115M for the lingerie line in series B funding, in which it boosted the company’s worth to $1 billion dollars! Series B funding is the second round of funding for a start-up company, in which investors give more than in series A.
“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,” read a statement from Rihanna and business partner LVMH.
LVMH is a French multinational corporation that specializes in luxury goods, hence it’s acronym, Louis Vuitton , Moet, Hennessy. The $115M that was raised for the brand will go towards expanding the Fenty brand into retail stores and creating an athletic line. Sources say that Rihanna’s long running success with the Fenty brand, has put her on track to leading the global lingerie market in 2025.