Rihanna can take a bow, pour it up and celebrate however she'd like since her Savage x Fenty lingerie brand is now worth $1 billion.
Forbes reported that a round of Series B funding raised $115 million for the company's upcoming expansion into retail, led by private equity firm L Catterton, in which LVMH Moët Hennessy Louis Vuitton has a stake. Savage x Fenty saw 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. Prior to the latest funding round, Rihanna's estimated stake in the company was $85 million.
"Following the completion of the fundraising round where L Catterton took a stake in Savage X Fenty, LVMH and Rihanna reaffirmed their ambition to concentrate on the growth and the long-term development of Fenty ecosystem focusing on cosmetics, skincare, and lingerie," Rihanna and LVMH said in a joint statement to WWD.