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Savage x Fenty made $150m

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Rihanna’s lingerie brand Savage X Fenty has received new funding from investors following a strong first year, bringing the total amount invested in the company to roughly $70 million, according to people familiar with the situation. The brand, a joint venture between Rihanna and venture-backed fashion platform Techstyle Fashion Group, raised capital from investors including rapper Jay-Z’s venture firm Marcy Venture Partners LLC and growth-equity firm Avenir Growth Capital. Rihanna and Techstyle also have invested in the new round. About $50 million is new and $20 million converted from earlier financing, one person said. After launching its debut collection in May 2018, Savage X Fenty has been gaining market share on Victoria’s Secret with a range of undergarments in an array of sizes and colors sold online.

The annual revenue run rate at Rihanna’s lingerie brand is approaching $150 million, people familiar with the business said. Victoria’s Secret reported $7.37 billion in sales last year. But while Savage X Fenty’s sales are growing, Victoria’s Secret’s sales are declining. In addition, customers spend more with Savage X Fenty in a year after their first purchase than with Victoria’s Secret, according to research firm Second Measure, a data provider that tracks consumer spending in the U.S. Twelve months after making their first purchase at Savage X Fenty, customers had spent an average cumulative total of $176.94, according to data from Second Measure. Victoria’s Secret customers on average spend a total of $103.57 over the same time, the data shows. 

 

competing with Transphobias Secret! why make R9 when u can make clothes? source here

rihanna-fenty-beauty-makeup-tutorial-0.gif?w=960 

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