Fans may be not-so-patiently waiting for Rihanna to drop her anticipated ninth studio album, but the singer has been hard at work on her business endeavors. She recently launched her line of skincare products, Fenty Skin, which arrived on the heels of her success with her makeup and lingerie brands, Fenty Beauty and Savage X Fenty. In fact, Savage X Fenty has been doing so well that it has now reached an impressive milestone: The company is now officially worth $1 billion.
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 new funding will be a way for the brand to support their growth and continue developing more products.
News of the billion dollar valuation arrives after Savage X Fenty reported solid growth over the past year and a half. According to their year-end report, the brand grew an impressive 200 percent in 2019, with VIP memberships increasing by 150 percent. Part of what makes Savage X Fenty so successful is its commitment to inclusivity. Not only is much of the underwear priced affordably, but the brand also makes clothing up to women’s size 22.
While her lingerie company is doing well, Rihanna and LVMH have reportedly opted to end their work on a fashion line. In a joint statement given to WWD, LVMH and Rihanna recently 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.”