Rihanna Receives $50 Million USD in Funding for her Savage X Fenty Lingerie Brand
Another milestone for the Barbadian singer.
First debuting in May 2018, Rihanna‘s Savage X Fenty lingerie line has risen to the top and has made a name for itself in just over a year. According to the Wall Street Journal, the singer’s brand has just received a total of $50 million USD in funding, “bringing the total amount invested in the company to roughly $70 million USD.”
The label’s sales have been growing tremendously and has earned $150 million USD so far. Investors like Jay-Z’s venture firm Marcy Venture Partners LLC and growth-equity firm Avenir Growth Capital have taken notice of Rihanna’s line and her ability to “convert [her] massive fan base into customers.” The funding news came out right after the announcement of Rihanna’s recent partnership with Amazon for a Savage X Fenty special debuting next month.
This isn’t the first time that the star reached a business milestone. In September 2017, the fashion and beauty mogul launched the coveted Fenty Beauty which reportedly earned $100 million USD in sales within its first 40 days on the market. On top of that, the Grammy winner has also launched a direct-to-consumer luxury fashion collection dubbed FENTY with LVMH.
In other news, LVMH pledges to donate €10 million EUR to fight the Amazon fires.
