Rihanna’s Savage x Fenty Secures $125 Million to Grow Lingerie Brand – WWD

Rihanna‘S underwear The brand continues to attract, this time increased by $125 million.

On Wednesday, Savage x Fenty confirmed that it has secured additional funds in its latest funding round, led by investment firm Neuberger Berman. It was the beginning of a $115 million Series B round in early 2021, led by private equity firm L Catterton, backed by LVMH One Hennessy Louis Vuitton.

Savage – which Rihanna co-created in 2018 with TechStyles Fashion Group, the same company launched Kate HudsonFabletics of – confirm that additional investors include Avenir, Sunley House Capital, Advent International, Jay ZMarcy’s Venture Partners, LionTree, Abu Dhabi Growth Fund and Multiply Group, bring underwear The start-up’s total funding amounts to $310 million to date.

Representatives from Savage would not respond to requests for comment. But Christiane Pendarvis, co-president and chief merchant at Savage, said during ICR 2022, virtual currency retail conference earlier this month, that the additional funds will be used to open more stores, expand internationally and add to the catalog with products like loungewear, Swimwear, shapewear, home and unisex underwear and others. (Rumors were circulating in December 2020 that Rihanna and her team had Attract potential investors with an additional $100 million in revenue in an effort to expand the Savage x Fenty business with activewear.)

“These are the things we’re looking at on our road map to help us drive growth over the next few years,” Pendarvis said during this month’s conference. “And then the additional reach [in other countries around the world] which we have yet to exploit, which is really extending into the balance of the East Europeas China. When you think about the opportunity behind retail and what opens up for us, as well as the opportunity to expand the category, as well as the opportunity to expand geographically, the path that is very, very clear for us to continue to deliver very, very strong growth strong in the next few years. So the future looks barbaric and we are just getting started. ”

The news comes just days after SavageX, which spun off TechStyles to become its own company in 2019, opened its first traditional location in Las Vegas. Savage plans to open a total of five stores this year, the second opening in Culver City, California on February 12. Other locations include Houston, Philadelphia and Washington, D.C. Pendarvis said the company has selected the stores. Initial store locations are based on locations that already have a high density of existing VIP registered members.

This privately held company is tight-lipped about its annual revenue. But a Savage representative said the business has had a compound annual revenue growth rate of 150 percent year over year.

man and woman inner clothes The business also continued to grow, thanks to Rihanna’s star power and her promise to provide a bra and lingerie brand for all body types.

The third season on Rihanna’s much-watched fashion show, Savage x Fenty Vol. 3 – which one? to air on Amazon Prime in September – featured models in a variety of shapes, sizes, ages and skin tones. It also includes pregnant women, models with physical disability and the men wear inner clothes.