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.
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.”
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