Rihanna To Raise $100 Million To Expand Her Savage X Fenty Brand
Rihanna has hired Goldman Sachs to raise $100 million to expand her lingerie company Savage X Fenty.
Sources told New York Times‘ DealBook that the company is looking for more money to possibly grow the brand into other countries in Europe, or to create new lines like activewear.
The company generated around $150 million in revenue, though it isn’t profitable, according to the Times, who also said the company is valued at about $1 billion. Savage X Fenty is owned partly by Techstyle Fashion Group (who also backs Kate Hudson‘s Fabletics), and has raised $70 million to date.
Savage X Fenty has used its messaging of inclusivity, with a wide range of sizes, as lingerie magnates like Victoria’s Secret have taken a financial hit for pushing a more specific type of sexiness that excludes many people’s body types.
The company has grown since its launch in 2018. Earlier this year, Rihanna partnered with Amazon to sell her line of underwear, sleepwear and lingerie, and put on a fashion show streamed on the platform. The show, which was held at the Barclays Center, put a spotlight on diverse skin tones and body types, a little less than a year after Victoria’s Secret was forced to cancel their annual fashion show due to dwindling viewership.