Rihanna’s lingerie brand Savage X Fenty ‘is working on an IPO that would value the company at $3BILLION’ after LVMH paused singer’s luxury fashion line Fenty ‘pending better conditions’
- The brand is working with advisers and banks like Goldman Sachs, sources told Bloomberg
- A listing could happen as soon as this year, though no official plans are in place
- The line sells lingerie and underwear for men and women up to size 4XL
- Rihanna, 34, has said that she wants her fans leaving stores ‘feeling confident’
- Last month, LVMH paused her luxury fashion house Fenty after the CFO said it was still ‘defining what the offer will be’
Fashion entrepreneur and pop singer Rihanna is working with advisers on taking her lingerie company Savage X Fenty public through an initial offering that could value the company at $3 billion, sources say.
The company is working with banks like Goldman Sachs and Morgan Stanley to value its worth and gauge demand, people familiar with the matter told Bloomberg.
A listing could happen as soon as this year, but the company hasn’t made an official decision on when, or if, it will go public.
An initial public offering (IPO) involves taking a company from private to public ownership by issuing stocks to the general public. The process allows the company to raise more money and grow its footprint.
Savage X Fenty raised $125 million in January in a fundraising round led by investment firm Neuberger Berman.
Rihanna, 34, worth a reported $1.7 billion, has parlayed her success in music into cosmetics and apparel with the brands Fenty Beauty, Fenty Skin, Savage x Fenty and the luxury fashion house Fenty, which was opened under the French conglomerate LVMH Moët Hennessy Louis Vuitton in 2019.
In February, Louis Vuitton announced it had ‘jointly made the decision to put on hold the ready-to-wear activity, based in Europe, pending better conditions.’
Savage X Fenty launched in 2018 as an online-only brand.
Pop singer Rihanna is working with advisors on taking her lingerie company Savage X Fenty public through an IPO that could value the company at $3 billion, sources say. Above, Rihanna outside a Dior show during Paris Fashion Week on March 1
The Barbadian hitmaker, 34, and LVMH paused the luxury house Fenty in February ‘pending better conditions.’ Above, Rihanna in October 2020 at a Savage X Fenty fashion show
Savage X Fenty began as an online-only store in 2018. It has now expanded to five retail locations in cities like Los Angeles and Washington, DC
Savage X Fenty is a similar inclusive offering to Rihanna’s Fenty Beauty products, above, which famously include 40 foundation shades
On a call with reporters in October, LVMH chief financial officer Jean-Jacques Guiony alluded to Fenty’s stumbles.
‘On Fenty fashion, we are obviously still in a launching phase and we have to figure out exactly what is the right offer. It’s not something that is easy. We were starting entirely from scratch,’ he said, according to The New York Times.
‘Obviously, we have the great help from Rihanna on this, but I would say it’s still a work in progress when it comes to really defining what the offer will be.’
The Barbadian singer has won nine Grammy awards and landed 14 songs atop the Billboard Hot 100 since signing with Def Jam in 2005. Her last album, Anti, was released in January 2016.
Most of her net worth, about $1.4 billion of it, comes from the value of Fenty Beauty, of which she owns 50 percent, according to Forbes.
The singer, who is expecting her first child with boyfriend A$AP Rocky, bared her growing baby bump in a snakeskin bandeau top and matching vest on Thursday
The company made a name for itself selling size-inclusive lingerie up to sizes 4XL
Savage X Fenty sells affordable lingerie and underwear for men and women in sizes ranging from extra small to 4XL – a similar inclusive offering to Rihanna’s Fenty Beauty, which famously features 40 foundation shades.
Best-sellers include a $9 lace thong and a $24.98 balconette bra.
The brand now has four locations in Los Angeles; Washington, D.C.; Las Vegas; Houston and Philadelphia, according to its website.
In September, Savage X Fenty held its third fashion show in New York City, featuring celebrities like Vanessa Hudgens and 1990s supermodel Cindy Crawford on the catwalk.
Current supermodels like Gigi Hadid and Emily Ratajkowski walked alongside Erykah Badu, Jeremy Pope, Alek Wek and others.
Behati Prinsloo, Troye Sivan and Precious Lee also hit the catwalk and Madonna’s daughter Lourdes Leon was also in attendance.
In January, Savage X Fenty raised $125 million from previous investors L Catterton, Avenir Growth Capital, Sunley House Capital Management and Jay-Z’s Marcy Venture Partners, Bloomberg reports.
Rihanna hopes to help people ‘feel represented’ in her Savage X Fenty stores.
The Love On The Brain hitmaker – who has recently been more focused on her fashion and beauty lines – wants customers to step out of her boutiques, which just opened five locations such as Los Angeles and Las Vegas, ‘feeling confident.’
For us all: Rihanna hopes to help people ‘feel represented’ in her Savage X Fenty stores, she told Refinery 29
The Love On The Brain hitmaker – who has recently been more focused on her fashion and beauty lines – wants customers to step out of her boutiques, which just opened five locations such as Los Angeles and Las Vegas, ‘feeling confident’
The siren also said she wants her fans to feel like ‘they belong.’
The 34-year-old fashion and beauty mogul told Refinery29: ‘The whole idea of the retail space is that I wanted women and men to come in and feel represented, to walk away from the experience feeling confident and that they belong.
‘I’ve experienced being a customer and shopping in the lingerie space and have felt as if I didn’t fit the mold of the product.
‘But Savage X Fenty is very inclusive, and I want to continue to expand on that so that our consumers can feel our commitment within the retail space.’
The Fenty Beauty creator modeled all the shop’s mannequins ‘off of real people’ to allow customers to ‘feel seen and sexy’.
She said: ‘You know, we actually cast all of the mannequins off of real people.
‘I wanted to make sure we included as many different body types as possible because you don’t get to see curvy women and curvy men in this aspect.’
She added it ‘was important because everyone wants to feel seen and sexy.’
Last week, the singer hilariously clapped back at an irritated fan who called her out for a delayed arrival to the Dior show during Paris Fashion Week.
Wow! The pregnant singer, 34, unapologetically responded, ‘No s**t,’ after she had her grand entrance interrupted by someone in the crowd who repeatedly called, ‘You’re late!’
She unapologetically responded, ‘No s**t,’ after she had her grand entrance interrupted by someone in the crowd who repeatedly called, ‘You’re late!’
Flanked by an entourage of security and photographers, she shrugged off the controversy as she swept her way to the front row while cradling her growing bump.
The Work songstress put on yet another eye-popping display in sexy black lingerie as she flaunted her bare stomach in racy black lingerie with a flowing mesh skirt.
Rihanna, who announced she is expecting her first child with A$AP Rocky last month, strategically used a leather trench to cover her backside.
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