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Rihanna’s lingerie brand Savage X Fenty is eyeing its next act – a potential initial public offering that would reportedly value the company by $3 billion or more.
The body positive lingerie line has reportedly enlisted Goldman Sachs and Morgan Stanley as it explores the possibility of going public.
A potential listing could happen as soon as this year, sources with knowledge of the matter told Bloomberg. But Savage X Fenty has yet to make a final decision on whether to go public, and the sources said the company’s plans, including the timing of a listing, were subject to change.
Savage X Fenty did not immediately return a request for comment on the report.
A public bid would mark another major step for Rihanna’s business career. The music star, 34, has increasingly shifted her focus to entrepreneurial pursuits in recent years.
Earlier this year, Savage X Fenty secured $125 million in new funding from investors.
The lingerie brand’s backers include L Catteron, the private equity firm backed by French luxury retailer LVMH CEO Bernard Arnault; Venture Partners, a firm co-founded by Shawn “Jay Z” Carter; and Abu Dhabi-based Multiply Group, among others.
To date, Rihanna’s brand has raised $310 million from outside investors. Rihanna, whose real name is Robyn Rihanna Fenty, founded the line in 2018 and holds a 30% ownership stake.
Savage X Fenty opened its first retail store on the Las Vegas Strip in January – with plans to open a total of 10 stores in cities around the country by the end of 2022. The latest fundraising round as a key part of that plan.
“We’ll start with a limited amount of stores,” Savage X Fenty co-president Christiane Pendarvis, told 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 last August, with a personal fortune estimated a $1.7 billion.
Aside from Savage X Fenty, Rihanna co-founded Fenty Beauty, a cosmetics line formed in collaboration with LVMH that generated more than $550 million in revenue in 2020 alone.
Another initiative, a fashion line also called Fenty, struggled to build a customer base and shuttered in 2021.
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