CEO Robyn Rihanna Fenty is allegedly in discussions about taking her lingerie brand Savage X Fenty public. According to reporting by Bloomberg, the 34-year-old has been working with banks including Goldman Sachs and Morgan Stanley on an initial public offering placing the company at $3 billion. The financial publications source said while a listing could take place this year, no final decision has been made and timing could change.
Founded in 2018, Savage X Fenty began as a joint venture between Rihanna and TechStyle Fashion Group. Since then, according to Forbes, the brand has received approximately $310 million in venture capital investments from organizations including Shawn “Jay-Z‘ Carter’s Marcy Venture Partners and investment firm L. Catterdon, which LVMH Moët Hennessy Louis Vuitton CEO and Bernard Arnault (the second richest man in the world) is invested in.
Recently, the brand announced it would use some of its investment money to open stores with the first five locations in Las Vegas, Los Angeles, Houston, Philadelphia and Washington, D.C. A sixth store is currently under construction in Brooklyn.
Forbes in August 2021 estimated Rihanna’s total net worth at $1.7 billion, with makeup line Fenty Beauty worth about $1.4 billion with the estimated value of the lingerie brand combined with earnings from her career as a chart-topping music creative and actress accounting for an additional $270 million.