Kevin Mazur
Rihanna’s lingerie brand Savage X Fenty is eyeing its subsequent act – a possible preliminary public providing that might reportedly worth the corporate by $3 billion or extra.
The physique constructive lingerie line has reportedly enlisted Goldman Sachs and Morgan Stanley because it explores the potential of going public.
A possible itemizing might occur as quickly as this yr, sources with information of the matter told Bloomberg. But Savage X Fenty has but to make a ultimate choice on whether or not to go public, and the sources stated the corporate’s plans, together with the timing of a list, had been topic to vary.
Savage X Fenty didn’t instantly return a request for touch upon the report.
A public bid would mark one other main step for Rihanna’s enterprise profession. The music star, 34, has more and more shifted her focus to entrepreneurial pursuits lately.
Earlier this yr, Savage X Fenty secured $125 million in new funding from traders.
The lingerie model’s backers embody L Catteron, the non-public fairness agency backed by French luxurious retailer LVMH CEO Bernard Arnault; Venture Partners, a agency co-founded by Shawn “Jay Z” Carter; and Abu Dhabi-based Multiply Group, amongst others.
To date, Rihanna’s model has raised $310 million from outdoors traders. Rihanna, whose actual title is Robyn Rihanna Fenty, based the road in 2018 and holds a 30% possession stake.
Savage X Fenty opened its first retail retailer on the Las Vegas Strip in January – with plans to open a complete of 10 shops in cities across the nation by the top of 2022. The newest fundraising spherical as a key a part of that plan.
“We’ll start with a limited amount of stores,” Savage X Fenty co-president Christiane Pendarvis, instructed Forbes. “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.”
Forbes reported that Rihanna was a billionaire as of final August, with a private fortune estimated a $1.7 billion.
Aside from Savage X Fenty, Rihanna co-founded Fenty Beauty, a cosmetics line fashioned in collaboration with LVMH that generated greater than $550 million in income in 2020 alone.
Another initiative, a trend line additionally referred to as Fenty, struggled to construct a buyer base and shuttered in 2021.
The post Rihanna’s lingerie brand Savage X Fenty mulls IPO at $3B valuation: report first appeared on Umorr.
