Savage X Fenty, the lingerie brand founded by pop star Rihanna, has reportedly secured $125 million in new funding. Funding is provided through a Series C round of funding led by Neuberger Berman. Previous investors L Catterton, Avenir, Sunley House Capital, Advent International and Jay Z’s Marcy Venture Partners also got involved, reports Forbes. New investors include LionTree, Abu Dhabi Growth Fund (ADG) and Multiply Group.
When combined with February’s $115 million Series B funding, Savage X Fenty’s total funding increases to $310 million. Savage X Fenty was founded in 2018 as a joint venture between Rihanna and Fabletics owner TechStyle Fashion Group.
Debut with brick and mortar store
The brand, which hosts a star-studded runway show each year presented through Amazon Prime, announced plans for its first foray into brick-and-mortar retail earlier this month. The first store opens this week in Las Vegas.
In an Instagram post, Rihanna revealed the other four locations: LA, Houston, Philadelphia and Washington DC. Christiane Pendarvis, the brand’s co-president and chief merchandising, told Bloomberg in January that retail is an important part of the growth strategy, as it allows customers to test the products’ fit and comfort. Pendarvis said after the US openings, stores could also open in Europe at a later date.
This article was previously published on FashionUnited.uk. Translation and editing: Karenita Haalck.