Rihanna is silently making it big at her Fashion/Beauty brand, “Fenty.” According to new reports by Forbes, the lingerie brand is now worth a whopping sum of $1 Billion dollars.
Just recently, Forbes published a report which detailed a fundraising round for the Fenty brand, the program which had reportedly raised a $115 million dollars for it’s retail expansion. Potential brands like Louis Vuitton, LVMH, Hennessy and Moët are stakeholders in the funding program which was anchored by a private equity firm, “L Catterton,”
During the course of the funding program, Fenty recorded a %200 revenue growth, with it’s active VIP members raised to over %150. The event which has skyrocketed the total worth of the Fenty company, with Rihanna’s initial stake of $85 million dollars.
In a recent discussion with WWD, Rihanna and LVMH issued a statement on the Savage x Fenty plans. With motives to focus more on it’s beauty theme, this collaboration will focus more on the growth of it’s cosmetics, skincare and lingeries.
“Following the completion of the fundraising round where L Catterton took a stake in Savage X Fenty, LVMH and Rihanna reaffirmed their ambition to concentrate on the growth and the long-term development of Fenty ecosystem focusing on cosmetics, skincare, and lingerie,”Rihanna and LVMH said
Sometimes last week, LVMH and Rihanna announced that they would be closing down the Fenty Fashion line after nearly two years of incorporation. This seems like a bold step to focus more on the initial theme of the compan, “Fenty Beauty.”