Rihanna‘s Savage x Fenty lingerie signals plans for continued growth with news it’s on the receiving end of an additional $50 million in funding from investors, bringing the total amount invested in the company to date to approximately $70 million.
The funding news follows an announcement from the brand yesterday on plans for a New York Fashion Week presentation in partnership with Amazon Prime.
Launched in May 2018, Savage x Fenty is a joint venture between Rihanna and El Segunda, California-based Techstyle Fashion Group. According to reporting by the Wall Street Journal, the new funding comes via Jay-Z‘s firm Marcy Venture Partners LLC and New York-based Avenir Growth Capital.
While Savage x Fenty’s inclusive approach to casting is often used as a contrast to the much more conservative marketing efforts of Victoria’s Secret, financially Rihanna’s company is still small in comparison. Savage x Fenty’s 2018 annual sales are estimated to be close to $150 million, while Victoria’s Secret reported $7.37 billion in sales last year.