Rihanna ‘s Savage x Fenty has once again proven to be one of the major powerhouses in the underwear industry. The company is now worth a whopping $ 1 billion. The news comes just a week after LVMH announced the closure of Rihanna’s Fenty fashion house.
Savage x Fenty has reached a significant milestone following the collection of some funding worth 115 million dollars. LVMH-backed private equity firm L Catterton reportedly helped the brand secure the upcoming sportswear and retail expansion investment. So it’s no surprise that LVMH continues to support Rihanna’s lingerie venture. Savage x Fenty is at the center of the women’s underwear industry and is worth $ 13.1 billion in the United States alone.
In 2020, the lingerie brand recorded revenue growth of over 200%. According to a company statement, the brand has also “increased its active VIP member base by more than 150%“. CultureBanx recently stated that Savage x Fenty would become the leader in the global lingerie market by 2025. In the same year, Fenty women’s sportswear is expected to reach $ 216.9 billion. Rihanna’s brand has shown that diversity and inclusion are two critical points of marketing.
After less than two years, LVMH has decided to put the brand on hold as mentioned above. The cause of the decision is the coronavirus crisis, which made it challenging to create eight ready-to-wear collections per year by operating remotely. Popstar lives in Los Angeles, the brand’s headquarters in Paris and its production centers in Italy. But despite this, Rihanna made history as the first woman to create an original brand for LVMH and the first black woman at the top of an LVMH house.
But let’s not forget the beauty industry, where Rihanna continues to revolutionize with her two lines. The first is Fenty Beauty, and the numbers say it has generated over $ 558 million in its first year alone. Fenty Skin has also proven its success, reaching $ 30 million in sales in less than four months on its e-store. With LVMH continually looking for new ways to grow its share of the beauty industry, Rihanna’s Fenty empire seems just right for it.