New funding for Rihanna’s Savage x Fenty lingerie line could eclipse Victoria’s Secret

When Rihanna entered the lingerie landscape with her brand Savage X Fenty, it felt revelatory, fresh and so god damn necessary. 

The Savage annual fashion show was seismic — it is no hyperbole to say that it changed the entire industry. An industry that for decades was dominated by lithe-like models with bodies that, for the majority of us, are unattainable. Whilst we could appreciate the preternatural beauty of impossibly-chiselled Victoria’s Secret angels, the lack of body diversity conjured up feelings of otherness and inadequacy.

Savage X Fenty offered a much-needed tonic, it was a show that was truly diverse in race, gender identity, body-type, and age. A show that felt curated for misfits with a desire to feel sensual.

“Lingerie is about celebrating your body and that’s what Savage is all about,” explained Rihanna in a press release. “Savage … is a representation of all and a validation that everyone is beautiful no matter what.”

Rihanna has now announced that Savage is set for an exponential expansion after landing USD $115 million in Series B funding from L Catterton, a private equity firm connected to LVMH.

The funding now brings the lingerie brands valuation to over USD $1 billion. This funding is set to bankroll brick and mortar stores for the label, which currently only operates in the digital sphere.

A press release details that Savage brand has experienced “explosive revenue growth of over 200 percent while increasing its active VIP member base by over 150 percent.”

The Savage funding arrives with news that Rihanna has decided to cease operations in another venture, her fashion house Fenty. The high fashion house launched under two years ago in a joint venture with LVMH, but decided to halt production amid the coronavirus pandemic.

“Rihanna and LVMH have jointly made the decision to put on hold the RTW activity, based in Europe, pending better conditions,” LVMH shared in a statement to WWD.

Rihanna’s total domination of the lingerie industry steamrolled after the sector leaders of yesteryear Victoria’s Secret announced that they would be closing 250 stores in the US. According to Euromonitor’s research firm, Victoria’s Secret share of the women’s underwear market declined from 34% in 2016 to 25.7% in 2019.

Whilst the Savage x Fenty brand reached glorious heighs in 2020, with a revenue increase of 200%  and membership for the “VIP” club growing 150%.

This is Rihanna’s world and we’re all just living in it.

This article originally appeared on The Industry Observer, which is now part of The Music Network.