Rihanna's brand raised $ 115 million in investment
By: Linda Davis
Lingerie company Savage X Fenty (founded by TechStyle Fashion group and singer Rihanna) raised 115 million from investment company L Catterton, which owns a share of the fashion concern LVMH. The total cost of Savage has exceeded $ 1 billion, Fast Company reports.
The funding came after Rihanna's other company, Fenty, was closed. The Fenty site is expected to go offline in the coming weeks. Also participating in this round of investments were Sunley House Capital, Avenir and Marcy Venture Partners (co-founded by singer Jay-Z).
The investment will go towards retail expansion and the eventual launch of a sportswear line.
Savage X Fenty was founded in 2018 as a joint venture between Rihanna and TechStyle Fashion Group. Among the first investors was Marcy Venture Partners (co-founded by Jay-Z). The brand is known for its emphasis on inclusiveness and creating lingerie for different body types. In total, the company raised $ 185 million.Before the new round of investments, Forbes estimated Rihanna's stake in Savage at 80 million.
Savage X Fenty's revenue is up 200% in 2020. The company did not reveal the exact amount. WSJ sources reported that the company's sales in 2020 should have reached $ 150 million.