Savage x Fenty secures 125 million dollars in funding as it opens first store

Savage X Fenty, the inclusive lingerie brand founded by pop star Rihanna, has reportedly secured 125 million dollars in fresh funding.

It comes via a Series C funding round led by Neuberger Berman, along with participation from previous investors L Catterton, Avenir, Sunley House Capital, Advent International, and Jay Z’s Marcy Venture Partners, Forbes reports.

New investors include LionTree, Abu Dhabi Growth Fund (ADG), and Multiply Group.

It brings the total venture capital funding raised by Savage X Fenty to 310 million dollars, following a 115 million dollar Series B round in February.

Savage X Fenty was launched in 2018 as a joint venture between Rhianna and Fabletics owner TechStyle Fashion Group.

Physical store debut

The brand, which holds an annual star-studded runway show presented through Amazon Prime, announced earlier this month plans to take its first foray into physical retail, with the first store - in Las Vegas - opening this week.

In an Instagram post, Rhianna revealed the other four locations: LA, Houston, Philadelphia and Washington DC.

Also this month, the brand’s co-president and chief merchandising Christiane Pendarvis told Bloomberg that “retail is an important part of our growth strategy”, due to the need for customers to test the products’ fit and comfort.

Pendarvis said that following the US openings, store openings in Europe could follow at a later date.