Recently named among Forbes’ top 10 highest-paid women in music, Rihanna has made some more major money moves.
Launched in March 2018, the ultra-inclusive brand, just received US$50 million in additional funding from its pool of investors according to the Wall Street Journal.
The Barbadian megastar and entrepreneur has positioned her lingerie line Savage x Fenty to become the next major giant in the industry.
This extra injection of cash brings the total raised by the company to US$70 million, following a strong first year of sales.
Among the company’s investors is entertainment mogul Jay-Z, whose venture firm Marcy Venture Partners LLC helped back the label.
Applauded for its inclusive sizing and affordability, the Savage x Fenty brand is quickly dominating market share based on its extensive customer appeal.
The announcement on the increase in funding is perfectly timed with the brand set to host its second annual New York Fashion Week Show (which runs from September 5-12). Millions of fans will have access to the show starting September 20 on Amazon Prime Video.
In true Bad Gal Ri-Ri style, the lingerie line consists of 90 styles of bodysuits, corsets, rompers, jumpsuits, robes and accessories, including crops, handcuffs, satin restraints, eye masks and garters.
In May of this year, the music mogul advanced her empire by joining fashion conglomerate LVMH (home of Dior, Givenchy and Fendi) to create her own Fenty fashion house.
The partnership makes her the first black woman to launch an original line at LVMH.