Rihanna‘s Savage x Fenty Lingerie brand is now worth a whopping $1 Billion nearly three years after its launch.
The lingerie brand is one of several businesses started by the singer, including her Fenty clothing line, makeup range Fenty Beauty, and skincare line Fenty Skin.
According to a report from Forbes, the lingerie company recently secured $115 million in Series B funding, which officially put it at a valuation of $1 billion. The funding was led by private equity firm L Catterton, in which LVMH Moët Hennessy Louis Vuitton has a stake.
The lingerie brand posted revenue growth of more than 200% last year, and “increased its active VIP member base by more than 150%,” according to a statement from the company,
Prior to the latest funding round, Rihanna‘s estimated stake in the company was $85 million.
This development comes after the singer’s Fenty fashion brand launched with LVMH, was put on “hold” to focus on expanding the lingerie brand.
In a joint statement given to WWD, LVMH and Rihanna said: “Following the completion of the fundraising round where L Catterton took a stake in Savage X Fenty, LVMH and Rihanna reaffirmed their ambition to concentrate on the growth and the long-term development of Fenty ecosystem focusing on cosmetics, skincare, and lingerie.”