Huge news for Rihanna!
On Tuesday (February 17), Forbes reported that the 32-year-old entertainer’s Savage X Fenty lingerie brand is now worth $1 billion.
Rihanna‘s “brand has proven that diversity and inclusion in sizing, access, and marketing can lead to an even greater goal, equity in feeling sexy,” Forbes writes.
Rihanna‘s company, which she launched in 2018, recorded revenue growth of more than 200% last year. It also “increased its active VIP member base by more than 150%,” Savage X Fenty said in a statement to WWD.
Also, Savage X Fenty recently “completed a $115 million Series B fundraising round” led by L Catterton, which is the largest global consumer-focused private equity firm, to “support the company’s rapid growth and upcoming expansion into retail.”
Also according to Forbes, Savage X Fenty is expected to be “the global lingerie market leader by 2025.”
Just a few days earlier, it was announced that Rihanna‘s Fenty fashion line with the French luxury group LVMH has been put on hold. You can find out why here.