Rihanna’s Savage x Fenty line raises US$50 million in funding from investors
Recently named among Forbes’ top 10 highest-paid women in music, Rihanna has made some more major money moves.
Launched in March 2018, the ultra-inclusive
brand, just received US$50 million in additional funding from its pool of
investors according to the Wall Street Journal.
The Barbadian megastar and entrepreneur has positioned her lingerie line Savage x Fenty to become the next major giant in the industry.
This extra injection of cash brings the
total raised by the company to US$70 million, following a strong first year of
sales.
Among the company’s investors is entertainment
mogul Jay-Z, whose venture firm Marcy Venture Partners LLC helped back the
label.
Applauded for its
inclusive sizing and affordability, the Savage x Fenty
brand is quickly dominating market share based on its extensive customer appeal.
View this post on Instagram Serve that lavender lewk! This color is lit so get yours now! ???#SavageXFenty @lessance @misshamino @itskaylajaneA post shared by SAVAGE X FENTY BY RIHANNA (@savagexfenty) on Aug 8, 2019 at 11:37am PDT
The announcement on
the increase in funding is perfectly timed with the brand set to host its second
annual New York Fashion Week Show (which runs from September 5-12). Millions of
fans will have access to the show starting September 20 on Amazon Prime Video.
View this post on Instagram SEPTEMBER 20TH!! Get ready to watch this year’s #SAVAGEXFENTYSHOW only on @amazonprimevideo ? We are working on creating the most bold, sexy, super energetic experience you can imagine!! @savagexfenty A post shared by badgalriri (@badgalriri) on Aug 26, 2019 at 8:03am PDT
In true Bad Gal Ri-Ri style, the lingerie line consists of 90 styles of bodysuits, corsets, rompers, jumpsuits, robes and accessories, including crops, handcuffs, satin restraints, eye masks and garters.
In May of this year, the music mogul advanced her empire by joining fashion conglomerate LVMH (home of Dior, Givenchy and Fendi) to create her own Fenty fashion house.
The partnership makes her the first black woman to launch an original line at LVMH.
