Rihanna’s Savage X Fenty Raises $125 Million For Brick-&-Mortar Retail Expansion Plans
You can always count on Rihanna, 33, to secure the bag!
According to reports, Rihanna’s Savage X Fenty lingerie line has secured $125 million in new funding from investors, which brings the total amount raised by the ‘Work’ singer’s company to $310 million so far. The funds raised will reportedly go towards backing Savage X Fenty’s ongoing expansion into brick-and-mortar retail.
It seems like Jay-Z is a supporter of the new vision for Savage X Fenty and had a hand in its recent financial gain. According to reports, Marcy Venture Partners, a firm co-founded by Jay-Z, 52, is listed as one of the lingerie brand’s investors. Other notable investors reportedly include Neuberger Berman investment firm and L Catteron, a private equity firm backed by LVMH CEO Bernard Arnault.
As previously reported, Rihanna announced earlier this month that she will be expanding her very successful online lingerie brand to retail stores. In an Instagram post, she revealed,
“2022, we coming in HOT! we bout to bring you a whole new #SavageXFenty experience with the launch of our brick-and-mortar retail stores! can’t believe it’s actually that time, and I can’t wait for you to have this experience irl…. our very first locations: Las Vegas, Los Angeles, Houston, Philadelphia, and Washington DC. watch the @savagexfenty feed for details.”
In a press statement, Savage X Fenty shared their excitement about the company’s next business venture.
“On the heels of the brand’s incredible growth since first launching in 2018, this new direct-to-consumer experience is the next step to bringing a fuller expression of the brand to consumers in key markets.”
Congratulations Rihanna! What are your thoughts on this entire situation? Let us know in the comments below!