Fans keep begging Rihanna for new music, but it’s safe to say she’s staying busy with all of her other business ventures. In February, Forbes reported that the star’s lingerie brand, Savage X Fenty, is now worth a whopping $1 billion.
The popular intimates brand recorded revenue growth of more than 200% last year; It also “increased its active VIP member base by more than 150%,” the company told WWD in a statement.
The hefty valuation came only two days after Rihanna announced that she and French luxury conglomerate LVMH Moët Hennessy Louis Vuitton mutually agreed to pause her Fenty ready-to-wear label to focus on Savage X Fenty.
“LVMH and Rihanna reaffirm their ambition to concentrate on the growth and the long-term development of the Fenty ecosystem focusing on cosmetics, skin care and lingerie,” LVMH and Rihanna said in a statement. This comes after the singer made history by inking a deal with LVMH in May 2019, becoming “the first woman to create an original brand at LVMH and the first woman of color at the top of an LVMH maison.”
© GrosbyGroupWhile that brand has been put on pause, Savage X Fenty couldn’t be growing any faster. The lingerie company is a favorite among influencers and fans, providing affordable, trendy pieces in inclusive sizes.
“In two short years, Savage X Fenty has achieved remarkable success by disrupting the intimates category,” said Jon Owsley, Co-Managing Partner of L Catterton’s Growth Fund, in a press release. “The brand strikes a unique balance between affordability, fashion, and comfort, stands deeply for inclusivity and diversity, and has differentiated itself by building an extraordinary level of affinity and unmatched customer loyalty.”
He continued, “We believe the opportunities ahead for Savage X Fenty are enormous, and we look forward to leveraging our extensive experience in scaling digitally-native consumer brands and partnering with Rihanna, Christiane, Natalie, and the entire Savage X Fenty team to help the Company realize its full potential.”
© GrosbyGroupRihanna first debuted her lingerie brand in May 2018. Just last month, she launched a Valentine’s Day campaign, posting a video of herself dancing in some Savage X Fenty lingerie while rocking her new mullet.
With the success of Savage X Fenty along with her other ventures, like Fenty Beauty, it’s no wonder the star isn’t rushing to put out music.
