Robyn Rihanna Fenty continues her money-making ways with news her Savage X Fenty lingerie company is now valued at $1 billion dollars. The valuations comes via Forbes, which drew its conclusion based on news last week that the brand had raised $115 million in series B funding.
The fundraising effort was led by private equity firm L Catterton, an American-French firm whose investors include LVMH. Additional investors in the latest Goldman Sachs-managed round, include Shawn Carter‘s Marcy Venture Partners, Avenir Growth Capital, TriplePoint Venture and Sunley House Capital.
All told, the California-based lingerie brand has raised a total of $185 million. Prior to the new injection of cash, Forbes estimated Rihanna’s share of the company to be worth $80 million or 43 percent of the company.
While the pandemic has rocked many brands, especially those with sales tied to physical stores, Savage X Fenty benefited from leaning into an online membership model super-charged by a big marketing spend on high-profile influencers like Kehlani, Megan thee Stallion and of course Rihanna herself, an established superstar when it comes to generating stratospheric levels of online engagement.
Launched in 2018, Savage X Fenty according to WWD grew 200% in 2020 with VIP memberships expanding by more than 150%.
While the brand will no doubt use the money to expand into new categories and geographies, as a lingerie company it’s part of an apparel and accessories segment that rakes in $13.1 billion in U.S. sales each year.