.SavageXFenty by rihanna just raised a cool $50 million:
Author:Whitney BauckPublish date:Aug 28, 2019It's been a good year for Rihanna. Earlier in 2019, it was announced that she'd be launching a ready-to-wear line with the luxury giants over at LVMH. This summer, she was declared the world's richest female musician by Forbes. And on Wednesday, the Wall Street Journal reported that her lingerie line Savage x Fenty had raised an additional $50 million in funding after a strong first year of sales.
The new $50 million joins $20 million of previously-raised capital, bringing Savage x Fenty's total backing to about $70 million. In an interesting parallel to Rihanna's music career, some of that investment came from Jay Z's venture firm Marcy Venture Partners LLC . Critics of the controversy-riddled Victoria's Secret may be happy to note that Savage x Fenty — which is known for much more inclusive casting and sizing options — is growing faster than the older lingerie behemoth, though its sales are still in the millions in comparison to VS's billions. Sure, Savage x Fenty might piss some off with its hidden fees, but it's still got plenty of people rooting for it.
Stay tuned to see what all of that might mean for the next Savage x Fenty show scheduled to go down this New York Fashion Week. Stay current on the latest trends, news and people shaping the fashion industry. Sign up for our daily newsletter.
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