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Rihanna knows how to work...work, work, work, work, work.
The Barbadian singer-turned-businesswoman's Savage X Fenty lingerie brand has secured $50 million in new funds from investors, according to a Wall Street Journal report, following a strong first year of sales.
The new funds bring the total amount invested in the company up to $70 million. Among this round's investors are Jay-Z’s venture firm Marcy Venture Partners LLC, along with growth-equity firm Avenir Growth Capital.
Savage X Fenty launched in May 2018 as a collaboration between Rihanna and Techstyle (the same company behind Kate Hudson’s Fabletics), and has since earned applause for its inclusive sizing and affordability. The funding news comes ahead of the brand's second annual New York Fashion Week show in September, which will come with an Amazon Prime stream.
Rihanna, who also owns her own Fenty Beauty brand, is currently the world's richest female musician. And her empire is growing. Earlier this summer, she announced plans to launch a Fenty luxury fashion label with LVMH Moët Hennessy Louis Vuitton, the largest global luxury group -- becoming the first woman to launch an original line at LVMH, and the first woman of color at the top of an LVMH maison.
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