Business

Rihanna’s Savage X Fenty Lingerie Brand Considers IPO at $3B Valuation: Report

Rihanna’s lingerie brand Savage X Fenty is planning its next act — a potential IPO that would reportedly value the company at $3 billion or more.

The Body Positive lingerie line has reportedly recruited Goldman Sachs and Morgan Stanley to explore the possibility of an IPO.

A possible listing could come later this year, sources with knowledge of the matter said Bloomberg. But Savage X Fenty has yet to make a final decision on whether to go public, and the sources said the company’s plans, including the timing of a listing, could change.

Savage X Fenty did not immediately respond to a request for comment on the report.

A public offering would be another important step for Rihanna’s business career. The 34-year-old music star has increasingly shifted her focus to entrepreneurial activities in recent years.

Earlier this year, Savage X Fenty secured $125 million in new funding from investors.

Savage X Fenty models
Rihanna founded Savage X Fenty in 2018.
Brian Ah

Backers of the lingerie brand include L Catteron, the private equity firm behind Bernard Arnault, CEO of French luxury retailer LVMH; Venture Partners, a company co-founded by Shawn “Jay Z” Carter; and, among others, the Abu Dhabi-based Multiply Group.

To date, Rihanna’s brand has raised $310 million from outside investors. Rihanna, whose real name is Robyn Rihanna Fenty, founded the line in 2018 and holds a 30% stake.

Savage X Fenty opened its first retail store on the Las Vegas Strip in January — with plans to open a total of 10 stores in cities across the country by the end of 2022. The recent fundraising round as an integral part of this plan.

“We’re starting with a limited number of deals,” Savage X Fenty co-president Christiane Pendarvis told Forbes. “It’s going to be a small percentage of our business. It’s about making sure we get the right recipe and mix of ranges in stores.”

Rihanna at the Savage X Fenty launch event
Forbes named Rihanna a billionaire last year.
Kevin Mazur

Forbes reported that Rihanna was a billionaire last August with an estimated net worth of $1.7 billion.

Alongside Savage X Fenty, Rihanna co-founded Fenty Beauty, a cosmetics line created in partnership with LVMH that generated more than $550 million in sales in 2020 alone.

Another initiative, a clothing line also called Fenty, struggled to build a customer base and closed in 2021.

https://nypost.com/2022/03/11/rihannas-lingerie-brand-savage-x-fenty-mulls-ipo-at-3b-valuation-report/ Rihanna’s Savage X Fenty Lingerie Brand Considers IPO at $3B Valuation: Report

DUSTIN JONES

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