By CultureBanx Team
- Rihanna’s Savage x Fenty lingerie brand is opening up physical stores in 2022 across the U.S.
- Victoria’s Secret has closed 240 company-operated stores since 2019
Rihanna’s Savage x Fenty lingerie brand is bringing all the smoke to Victoria’s Secret (VSCO -2.58%) by moving in on what may have been its last stronghold, brick and mortar stores. The company’s Chief Marketing and Design Officer Christiane Pendarvis told Bloomberg that the brand will be opening up physical stores in 2022 across the U.S. As the legacy push up bra maker continues to flail under their antiquated practices, Rihanna’s brand is sitting 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.
Why This Matters: Rih Rih’s lingerie company has been gaining market share on Victoria’s Secret and experienced 200% sales growth last year. 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 second quarter of 2021 decreased 3% compared to the second quarter of 2019. Not to mention that Q2 sales were down 10% from $1.79 billion in the second quarter of 2019, including a net closure of 240 company-operated stores since 2019, the company reported.
In 2020, Savage x Fenty engaged Goldman Sachs to spearhead a $100 million fundraiser. Since its founding in 2018, the brand has focused on its e-commerce platform and launched a number of pop-ups in select regions. Although the brand was only launched three years ago, Savage x Fenty is 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.
What’s Next: Specific details on where the Savage X Fenty stores will be located in the U.S. have not been disclosed yet. So, will you be 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?
CBx Vibe: “Lingerie” Lizzo
