Spherical of applause for our good Barbados sis, Rihanna, on securing $125 million in new funding from traders to gas Savage X Fenty’s ongoing growth into brick-and-mortar retail.
Supply: Kevin Mazur / Getty
Bringing on this bag raises the lingerie line to $310 million. Based on the New York Submit, funding agency Neuberger Berman led the fundraising spherical. Different traders embody L Catteron, the non-public fairness agency backed by LVMH CEO Bernard Arnault, in addition to Marcy Enterprise Companions, a agency co-founded by Shawn “Jay Z” Carter, the Related Press reported.
It’s no shock that Savage X Fenty has taken off and reached the extent of success that it has. Since launching in 2018, Savage X Fenty has delivered an annual entertaining and dynamic trend present airing on Amazon Prime.
Numerous followers aren’t too pleased with Robyn Fenty focusing all her consideration on different enterprise ventures outdoors of music, however the dedication and dedication is paying off considerably for Rihanna.
Ms. Fenty has a private internet value of $1.7 billion. She ranks second solely to Oprah Winfrey among the many phrase’s richest feminine entertainers, per Forbes.
Staying on the subject of cash, Rihanna holds a 50 % stake within the cosmetics line Fenty Magnificence. The model earned greater than $550 million in income in 2020.
Savage X Fenty additionally has heavy hitter traders backing them up! One in all them being Abu Dhabi-based Multiply Group, which contributed $25 million, in addition to the Abu Dhabi Development Fund.
Only recently the corporate opened its first-ever retailer on the Las Vegas Strip and the cash from traders are anticipated to assist Savage X Fenty’s ambitions for a retail empire. The funds may even assist the model broaden internationally and add to the assortment with merchandise similar to loungewear, swimwear, shapewear, house and unisex underwear and different classes.
Outdoors of Vegas, Savage X Fenty will open shops in Los Angeles, Houston, Philadelphia and Virginia throughout the first three months of 2022.
“We’ll begin with a restricted quantity of shops,” Savage X Fenty co-president Christiane Pendarvis instructed the outlet. “It should characterize a small proportion of our enterprise. That is about ensuring we’re getting the fitting formulation and assortment combine in shops.
“These are issues that we’re searching for on our highway map to assist us drive progress within the subsequent a number of years,” Pendarvis stated throughout this month’s convention. “After which there are further reaches [in other countries around the world] that we simply haven’t tapped into but, in any respect, which is de facto increasing into the stability of Japanese Europe, in addition to China. When you concentrate on the chance behind retail and what that’s going to open up for us, in addition to class growth alternative, in addition to geography growth alternative, that pathway may be very, very clear for us to proceed to ship very, very robust progress over the following a number of years. So the long run appears savage and we’re simply getting began.”
Absolutely anything Rihanna touches turns into gold so we’re certain her shops shall be greater than profitable as she and all her companies proceed to develop.
