Savage X Fenty inks $125 million investment, opens first retail store in Las Vegas
Rihanna's Savage X Fenty has reportedly raised $125 million in a Series C funding round, thanks to investments from a consortium of private equity firms, led by Neuberger Berman.
Previous investors L Catterton (a private equity firm backed by LVMH’s Bernard Arnault), Avenir, Sunley House Capital, Advent International, and Marcy Venture Partners (the VC firm co-founded by Jay-Z) also participated in the Series C round, according to a Forbes report.
The inclusive luxury lingerie company also received a new investment from LionTree, Abu Dhabi Growth Fund (ADG) and Multiply Group, according to the report.
The recent funding round comes on the back of a Series B funding round of $115 million last February, bringing Savage X Fenty's total venture capital funding to $310 million, and coincides with the brand's debut store opening in the Fashion Show Mall on the Las Vegas Strip over the week.
Following its Las Vegas debut, the brand will use the investment to further expand its physical retail presence across the U.S, having revealed earlier this month via Instagram plans for retail stores in Las Vegas, Los Angeles, Houston, Philadelphia, and Washington D.C in 2022. It has also hinted at store openings in Europe in the near future, though exact locations and dates for both U.S. and European stores have not been disclosed.
Popstar-turned-entrepreneur Rihanna founded Savage X Fenty in 2018, as an inclusive lingerie brand for all body types, with sizes ranging from XS to 4XL. In addition to Savage X Fenty, Rihanna also launched cosmetics brand, Fenty Beauty, in 2017 and Fenty Skin, an inclusive skincare offering, in July, 2020.
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