Rihanna’s Savage X Fenty Lingerie Brand Could Go Public This Year with value of $3,000,000,000
On Thursday, Bloomberg reported that singer and entrepreneur Rihanna is considering an initial public offering for lingerie company, Savage X Fenty. It’s believed that the IPO could value her company at $3 billion or more and further her billionaire status.
The brand is reportedly working with banks including Goldman Sachs Group and Morgan Stanley, and a listing could go public as soon as this year. Savage X Fenty raised $125 million in Series C funding in January from investors that include one of Jay-Z’s venture capital firms and a private equity firm backed by LVMH’s Bernard Arnault. Its total funding now amounts to $310 million.
Since the beginning of this year, Savage X Fenty has also been taking big steps to reach consumers in the brick-and-mortar space. The brand has two physical locations in Las Vegas and Los Angeles, with a plan to launch in cities such as Houston and Arlington.
A number of entrepreneurial ventures have catapulted Rihanna’s net worth to $1.7 billion. Besides Savage X Fenty’s launch in 2018, Rihanna’s business portfolio also includes cosmetic companies Fenty Beauty and Fenty Skin.