She may have put the RTW line on hold for now, but that decision clearly hasn’t stopped Rihanna’s Savage x Fenty venture going from strength to strength. Case in point: the Savage x Fenty lingerie line is now officially a billion dollar business, Forbes reports.
The milestone comes as Savage x Fenty finished another round of funding, raising a cool $115 million from investors, which will allow the company to expand further into retail. According to Forbes, much of that growth will take the form of a new athletic-wear line, perfect for when the gyms are closed and Chloe Ting has a stranglehold on our YouTube algorithms.
Last week, when it was announced that Rihanna would be calling time (for now at least) on Fenty’s RTW department, LVMH said in a statement that the decision would mean RiRi was freer to “concentrate on the growth and long-term development of the Fenty ecosystem”, which they suggested could take the form of a focus on cosmetics, skincare and lingerie, as well as growth within Savage x Fenty. And while we mourn the loss of Fenty fashion in its previous form, we can at least be excited that that expansion into the ~ ecosystem ~ means more knickers and gym leggings for us to enjoy from a newly minted billion dollar company.
It’s important to note though, that Rihanna herself isn’t an automatic billionaire because of today’s valuation; her personal stake in the company is reported to be around $85 million. And with figures showing that the Savage x Fenty lingerie brand posted revenue growth of more than 200% last year, it seems that the future is Fenty. Some good news for 2021! What a concept!