Rihanna’s Savage x Fenty Clips Victoria’s Secret's Angels Wings
By CultureBanx Team
- Victoria’s Secrets creates VS Collective for body positivity and cultural relevance
- In 2020, Rihanna’s Savage X Fenty had 200%+ sales growth
Victoria’s Secret's angel wings have been clipped by Rihanna's Savage x Fenty, as the legacy brand attempts a more inclusive approach to culture and body positivity, forcing it to launch its VS Collective among steep competition. Savage x Fenty continues to sit squarely at the center of business and culture in the $13.1 billion U.S. women’s underwear sector, leaving Victoria's Secret hard pressed to replicate this model. As the push up bra maker continues to flail under their antiquated practices, 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: With inclusivity at the heart of her lingerie brand, Rihanna has included plus models in Savage x Fenty with shades of nudes galore since its inception, setting the business up for success. The singer and multi-faceted entrepreneur has leveraged her social media power to quickly grow the online-native brand to an annual revenue estimated at $150 million. For Victoria’s Secret, its CEO told the New York Times that scantily clad Angels are no longer “culturally relevant.”
Rhi Rih’s lingerie company has been gaining market share on Victoria’s Secret that had been suffering from declining sales. 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. Shares of Victoria’s Secret’s parent company, L Brands (LB +0.11%), have been down as much as 50% in the past two years.
Rihanna’s line may be the blow that makes Victoria’s Secret take a bow. Therefore, all leading women’s athletic wear brands like Athleta and Lululemon (LULU -2.73%) should take notice. Securing $100 million in funding to expand could give Savage x Fenty brand a valuation of $1 billion to go along with the 200%+ sales growth that the brand experienced last year. Not to mention that Rihanna is a rare case, in that the Caribbean Black woman raised $70 million from Jay-Z's Marcy Venture Partners, Avenir Growth Capital, and TriplePoint Ventures since Savage x Fenty inception in 2018.
What’s Next: Victoria’s Secretmarket share dropped from around 80% in 2016 to 65% in 2019. With it’s new more inclusive “VS Collective” of 7 notable women becoming the face for the brand including: Actress Priyanka Chopra Jonas, Soccer player Megan Rapinoe, Freestyle skier and future Olympian Eileen Gu, Model Paloma Elsesser, Model Adut Akech, Photographer Amanda de Cadenet and Valentina Sampaio they’re, hoping to regain a bigger piece of the market.
CBx Vibe: “Lingerie” Usher