The new comes via NY Times, which speculated the push for extra cash will be used to expand the brand into new regions like Europe and add new categories like athletic–inspired casual clothing.
Savage X Fenty is now generating annual revenue of $150 million but is not yet profitable. While the company’s value isn’t publicly available, the NY Times estimated its worth to be around $1 billion.
Launched in 2018, Savage x Fenty is a joint venture between Rihanna and and Techstyle Fashion Group, an online oriented manufacturer whose stable of brands includes Fabletics and ShoeDazzle.
The company received an injection of $50 million in cash in August 2019. Money flowed in from Shawn Carter‘s venture firm Marcy Venture Partners as well as investment firm Avenir Growth Capital. At the time, the new investment brought Savage X Fenty’s total backing up to approximately $70 million.