Pop star Rihanna’s size-inclusive lingerie brand Savage X Fenty has secured $115 million in Series B funding, bringing the brand’s valuation to more than $1 billion. The new funding will be used for customer acquisition and an expansion into retail, and additional expansions into athletic wear and the European market may also be in the works.
The round was led by the Growth Fund of L Catterton with additional participation from existing investors Marcy Venture Partners and Avenir, as well as several new investors including Sunley House Capital, Advent International’s crossover fund.
Savage X Fenty was launched in 2018, and the brand is coming off a banner year with revenue growth of 200% and an increase of more than 150% in its active VIP member base, according to the company.
“In two short years, Savage X Fenty has achieved remarkable success by disrupting the intimates category,” said Jon Owsley, Co-Managing Partner of L Catterton’s Growth Fund in a statement. “The brand strikes a unique balance between affordability, fashion and comfort, stands deeply for inclusivity and diversity, and has differentiated itself by building an extraordinary level of affinity and unmatched customer loyalty. We believe the opportunities ahead for Savage X Fenty are enormous, and we look forward to leveraging our extensive experience in scaling digitally-native consumer brands and partnering with Rihanna, (Co-Presidents) Christiane (Pendarvis), Natalie (Guzman) and the entire Savage X Fenty team to help the company realize its full potential.”
At the same time, Rihanna and LVMH Moët Hennessy Louis Vuitton confirmed in a statement to WWD that their high-end fashion collaboration Fenty is being put on hold, less than two years after its debut.
“Lingerie is about celebrating your body and that’s what Savage is all about,” said Rihanna in a statement. “Savage to me is such a powerful word. It’s about being confident, in charge and taking ownership of our choices. This brand is a home, a hub and a safe space for everyone — regardless of shape, size, ethnicity, gender identity or sexual orientation. It is a representation of all and a validation that everyone is beautiful no matter what.”