By CultureBanx Team
- Rihanna’s Savage x Fenty lingerie brand secured another $125M in funding
- The company plans to open 10 physical stores in 2022
Rihanna’s Savage X Fenty is entering into a major expansion season as the company secured another $125 million in funding. The capital raised could be funneled into not only an ongoing brick-and-mortar retail strategy and the European market, but also a line of athletic wear. Savage X Fenty has proved that diversity and inclusion in sizing, access, and marketing has led to an even greater goal, equity in feeling sexy.
Why This Matters: Although the brand was only launched in 2018, it’s in a position to be the global leader in the lingerie market by 2025, the same year that women’s activewear is expected to reach a $216.9 billion value. So far the total amount of money raised by the body-positive lingerie line stands at $310 million, and Savage X Fenty’s didn’t disclose a new valuation from its latest funding round.
The company plans to open 10 physical stores in 2022. Savage X Fenty debuted its first storefront in Las Vegas with a tech enabled fit experience where customers can receive a body scan with augmented reality, which then provides product recommendations.
“We wanted to be able to connect with our customers in real life and give them something they have never seen before,” Rihanna said in a statement.
Funding for lingerie juggernaut’s latest round as led by Neuberger Berman, and other investors included L Catteron, Jay-Z’s Marcy Venture Partners, and Multiply Group, contributed $25 million, as well as the Abu Dhabi Growth Fund. Previous investors Avenir Growth Capital, and TriplePoint Ventures were not mentioned in this round.
Rih Rih’s company has been gaining market share on Victoria’s Secret and experienced 200% sales growth in 2020. During the age of diversity in the industry there’s been a significant shift, with Savage X Fenty poised to become a front runner in the global lingerie market that’s expected to hit $325 billion by 2025.
For Victoria’s Secret and its 871 stores across the U.S. and Canada, comparable store sales for the third quarter of 2021 decreased 7% compared to the third quarter of 2019, down to $1.44 billion. Not to mention its net income was $75.2 million, a significant decline from $143.4 million in the corresponding period of 2020 This includes a net closure of 240 company-operated stores since 2019, that the company reported from its previous quarter.
What’s Next: Savage X Fenty will open additional stores in Los Angeles, Houston, Philadelphia and the D.C. area in early 2022. Are you all ready to start shopping for Savage x Fenty IRL (In Real Life) and its innovative approach to inclusivity when a store opens up in your neck of the woods?
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