Rihanna's Savage X Fenty brand reaches $1 billion valuation

Savage X Fenty has announced that its completed raising its $115 million Series B funding round that will support the company's growth and expansion into retail.

Private equity firm L Catterton helped Savage X Fenty reach its target. As Forbes reports, LVMH, who put Rihanna's Fenty fashion line on hold last week, has a stake in L Catterton.

Rihanna launched Savage X Fenty in 2018, and last year the company experienced revenue growth of over 200%, and increased its active VIP member base by more than 150%.

LVMH and Rihanna said in a statement to WWD (via Forbes), "Following the completion of the fundraising round where L Catterton took a stake in Savage X Fenty, LVMH and Rihanna reaffirmed their ambition to concentrate on the growth and the long-term development of Fenty ecosystem focusing on cosmetics, skincare, and lingerie."

According to Forbes, Rihanna's lingerie brand has raised $185 million to date, and prior to the new Series B funding, Forbes estimated Rihanna’s stake to be worth about $80 million, which has only increased now.

Jay-Z's Marcy Venture Partners, Avenir Growth Capital and TriplePoint Ventures were among the returning investors, while Sunley House Capital, part of Advent International was a noted new investor. Savage X Fenty also clarified that Goldman Sachs only acted as "exclusive placement agent" for the Series B financing.

A skeleton crew of staff are in the process of closing up shop at Fenty's Paris headquarters, and the e-commerce site is set to go dark over the coming weeks.