Friday, March 29, 2024

Rihanna Raises $115M for Her Lingerie Line Savage X Fenty

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*Rihanna’s lingerie line, Savage x Fenty, raised $115 million amid news that her Fenty fashion brand has parted ways with luxury giant LVMH.

Operations at Fenty have halted and the brand’s website is expected to go dark in the coming weeks, according to Forbes

Here’s more from the outlet:

Savage x Fenty launched in 2018 as a joint venture with TechStyle Fashion Group. The company has raised $185 million to date, including today’s $115 million series B. The new funds are expected to pay for its retail expansion and a possible line of athletic wear. Prior to the new funding, Forbes estimated Rihanna’s stake to be worth about $80 million.

READ MORE: Rihanna’s Fenty Partnership with Luxury Brand LVMH Comes to an End

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We previously reported, Rihanna made history in 2019 when she became the first woman to create an original brand at the famed luxury group. Her Paris-based label Fenty Maison offered ready-to-wear, shoes and accessories. 

“Everybody knows Rihanna as a wonderful singer, but through our partnership at Fenty Beauty, I discovered a true entrepreneur, a real C.E.O. and a terrific leader,” LVMH’s chairman Bernard Arnault said in the statement at the time. “She naturally finds her full place within LVMH. To support Rihanna to start up the Fenty Maison, we have built a talented and multicultural team supported by the Group resources. I am proud that LVMH is leading this venture and wish it will be a great success.”

The nine-time Grammy winner was just as thrilled about the partnership.

“Designing a line like this with LVMH is an incredibly special moment for us,” she said. “Mr. Arnault has given me a unique opportunity to develop a fashion house in the luxury sector, with no artistic limits. I couldn’t imagine a better partner both creatively and business-wise, and I’m ready for the world to see what we have built together.”

Last week it was announced that Rihanna’s collaboration with LVMH has come to an end. 

Per reports, in a statement to Women’s Wear Daily, an LVMH rep said the luxury conglomerate and the singer “have jointly made the decision to put on hold the RTW activity, based in Europe, pending better conditions.”

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