Singer Rihanna’s fashion company is considering a $3 billion IPO
Singer and fashion entrepreneur Rihanna is working with advisors on an IPO that could increase the valuation of lingerie fashion company Savage X Fenty to at least $3 billion, said people familiar with the matter. Bloomberg. In particular, Savage X Fenty is working with banks, including Goldman Sachs and Morgan Stanley, to be able to register as soon as this year.
However, Savage X Fenty is said to have yet to make a final decision on the IPO and these plans, including the listing date, could also be changed, the sources said.
Not only a famous singer, Rihanna is also an entrepreneur. Photo: CNN
Rihanna’s company raised $125 million in January in a funding round led by Neuberger Berman that included previous investors L Catterton, Avenir Growth Capital, Sunley House Capital Management and Jay-Z’s Marcy Venture Partners, according to data provider PitchBook.
Apart from Savage X Fenty, Rihanna also owns the Fenty Beauty brand, which made waves in the beauty industry when it launched in 2017, and Fenty Skin. These two companies, along with Savage X Fenty, both aim to provide customers with products that are often overlooked by traditional brands. For example, Fenty Beauty has more than 40 basic colors, a much wider palette than usual, while Savage X offers underwear from sizes XS to 4XL.
Savage X Fenty has expanded its own network of physical stores and now has five locations, including Culver City, California and Las Vegas, according to the company’s website.
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