When the Sunday Times ranked the wealthiest people in the UK in May, singer Rihanna was the richest ever, surpassing Queen Elizabeth. An award due above all thanks to her company’s stratospheric collections, Fenty Beauty with which she also conquered Tik Tok. But not only. Founded in 2018 as a joint venture, Rihanna and Techstyle Fashion Group gave birth to the lingerie brand Savage.
Since then, it is estimated to have grossed over $70 million in funding, receiving backing from several investment firms. These include ACME Capital, Avenir Growth Capital, TriplePoint Ventures, and Jay-Marcy Venture Partners. In addition to drawing success primarily from the founder, the brand is also revered for its focus on inclusiveness and diversity, with sizes up to 3X and often with several casts for its fashion shows. But now it seems the “Pon De Replay” star is in a bit of a crisis and is looking to raise another $100 million for her Savage x Fenty lingerie line.
According to new reports, the artist hopes to further raise money through Goldman Sachs’ help to further expand the lingerie line in Europe and to enter the sportswear market. Although the brand produces around $150 million in revenue, sources say it has yet to hit true profit.
Who knows this isn’t the time for the pop star / entrepreneur to get back to making music? Ultimately the singer released her latest album “Anti” in 2016. In the following years, she dedicated herself to setting up the beauty and lingerie industry, pushing the musical world to the background.
