Rihanna’s Savage X Fenty Lingerie Company Raises $125 Million in Funding, Planning Store at King of Prussia Mall

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Savage X Fenty
Image via Savage X Fenty.

Right after opening the company’s first brick-and-mortar retail store, Rihanna’s Savage X Fenty lingerie company announced a new Series C funding round of $125 million led by Neuberger Berman, writes Tanya Klich for Forbes.

This brings the total venture capital funding to date to $310 million for the brand, which first debuted in 2018 with TechStyles Fashion Group, then it went separate in 2019.

The latest funding is being used to support the company’s expansion into brick-and-mortar retail, with plans to expand overseas and the launch of new product lines. The Series C announcement also coincides with the opening of Savage X Fenty’s first boutique at the Fashion Show Mall on the Las Vegas Strip.

The company is planning to open ten more stores by the end of 2022, with the next store planned for Culver City in Los Angeles. Another store is planned for the King of Prussia Mall.

“We’ll start with a limited amount of stores,” said Savage X Fenty co-president Christiane Pendarvis. “It will represent a small percentage of our business. This is about making sure we’re getting the right formula and assortment mix in stores.”

Since the business first came to market, Savage X Fenty has seen a revenue CAGR of 150% each year, according to Pendarvis. The company has come at the perfect time to capitalize on the changing market and benefits from Rihanna’s star image.

“Savage came at a time when the intimates market sector was being challenged to change, leaving this idea of sexy behind and redefining what that means,” said Jessica Ramirez, a retail research associate at Jane Hali & Associates. “Victoria’s Secret left that out of the conversation for some time, leaving it to new brands with new ideas to go after market share.”

One of the things that have set Savage X Fenty apart from other brands like Victoria’s Secret is its emphasis on inclusivity and body positivity. Bras come in over 50 sizes and sleepwear and lingerie is available in sizes XS-XXXL.

“Unlike other intimate apparel brands, Savage X Fenty fully caters to both ends of the size spectrum, from missy to plus,” says Pendarvis.

Read more about Savage X Fenty’s new store and Series C funding at Forbes.

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