September 5, 2019
Rihanna Secures Additional $50 Million Funding for Savage X Fenty Brand
We haven’t heard any new music from Rihanna in quite some time but don’t think that means she isn’t creating. The Bajan singer has secured $50 million in new funds from investors for her celebrity fashion line, Savage X Fenty.
According to The Wall Street Journal, her fashion line received monies from Jay-Z and his venture firm, Marcy Venture Partners L.L.C., as well as funding from Avenir Growth Capital. This latest round of finances brings the total amount to $70 million from investors. The Journal cited Savage X Fenty’s strong performance in its freshman year: annual revenues are projected to hit $150 million and average annual customer spend is beating market leader Victoria’s Secret.
Savage X Fenty started in May 2018 as a joint venture between Rihanna and Techstyle Fashion Group; although this wasn’t her first endeavor—she launched her Fenty Beauty cosmetics sometime in 2017 to immediate success. And this past June, she made an announcement that she will collaborate with LVMH Moët Hennessy Louis Vuitton to produce a Fenty luxury fashion label as well.
It was also announced recently that Amazon Prime Video will be streaming the premiere of Rihanna’s Savage X Fenty Show. That will take place Sept. 20, featuring her new Fall/Winter 2019 lingerie collection. The Savage X Fenty special will show the audience the behind the scenes of the making of the show and will be “a one-of-a-kind event blending music, fashion, and culture” with surprises and guest performances, according to a press release. It will be archived on Amazon Prime Video so customers can relive the experience over and over again.
With all the business moves she has made, will she ever have the urge or desire to record anymore? Apparently, all she does is “work, work, work, work, work.”