Singer Rihanna has broken another special record as she becomes the first-ever woman to own a cosmetics brand worth over $1 billion.
A round of Series B funding was recently completed for Savage X Fenty, raising $115million (£82.7m). The money will support the company’s growth and further expansion into retail.
One of the investors to put money into the brand during the funding round was L Catterton, a private equity firm that fashion house LVMH has a stake in.
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The lingerie brand posted revenue growth of more than 200% last year, and “increased its active VIP member base by more than 150%,” according to a statement from the company. CultureBanx reported that Savage x Fenty is in a position to be the global lingerie market leader by 2025, the same year that women’s activewear is expected to reach a $216.9 billion value.
Rihanna’s brand has proven that diversity and inclusion in sizing, access, and marketing can lead to an even greater goal, equity in feeling sexy.
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