Singer Rihanna is cashing out and building an empire one step at a time. The singer’s Savage X Fenty line is now said to be worth about a billion dollars. The lingerie line was kicked off in the year 2018 and has recorded a huge success in the fashion industry.
A round of Series B funding was recently completed for Savage X Fenty, raising $115million (£82.7m). The money will support the company’s growth and further expansion into retail. Savage x Fenty saw revenue growth of more than 200% last year and “increased its active VIP member base by more than 150%,” according to a statement from the company.
Read also: Rihanna Put Fenty Fashion House On Hold After 2 Years
In a joint statement given to WWD, LVMH and Rihanna said: “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.” In a statement, LVMH said the Fenty line had been “put on hold” in anticipation of a better financial climate.
Photo Credit: Getty
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