Savage X Fenty announced that it has completed a $115 million Series B fundraising round to support the company’s rapid growth and upcoming expansion into retail.
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The heavily oversubscribed round was led by the Growth Fund of L Catterton, the largest global consumer-focused private equity firm, with significant participation from existing investors such as Marcy Venture Partners and Avenir, along with a number of new investors, including Sunley House Capital, Advent International’s crossover fund.
Savage X Fenty was launched in 2018 by Rihanna to celebrate fearless individuality and broaden the definition of what is beautiful. The Series B financing follows an exceptional year for Savage X Fenty in which it experienced explosive revenue growth of over 200 percent, while increasing its active VIP member base by over 150 percent. With the Series B funding, the Company plans to further invest behind customer acquisition and expand into retail.
“Lingerie is about celebrating your body and that is what Savage is all about,” explained Rihanna.
“Savage to me is such a powerful word. It is about being confident, in charge, and taking ownership of our choices. This brand is a home, a hub and a safe space for everyone – regardless of shape, size, ethnicity, gender identity or sexual orientation. It is a representation of all and a validation that everyone is beautiful no matter what,” continued Rihanna.
“As we continue to grow the brand at a remarkable pace, it is imperative that we move forward with partners who not only have a deep understanding of our business and customer base, but share our ambitious vision for Savage X Fenty and have the operational know-how to work with us to achieve it,” said Natalie Guzman and Christiane Pendarvis, Co-Presidents of Savage X Fenty.
“L Catterton is the ideal partner, and we look forward to working closely with their unparalleled team to bring the confidence and inclusivity of Savage X Fenty to more people around the world,” continued Guzman.
“In two short years, Savage X Fenty has achieved remarkable success by disrupting the intimates category,” said Jon Owsley, Co-Managing Partner of L Catterton’s Growth Fund.
“The brand strikes a unique balance between affordability, fashion, and comfort, stands deeply for inclusivity and diversity, and has differentiated itself by building an extraordinary level of affinity and unmatched customer loyalty. We believe the opportunities ahead for Savage X Fenty are enormous, and we look forward to leveraging our extensive experience in scaling digitally-native consumer brands and partnering with Rihanna, Christiane, Natalie, and the entire Savage X Fenty team to help the Company realize its full potential,” continued Owsley.
Through L Catterton, with strategic backing by LVMH, this partnership will strengthen the ties between the luxury group and Rihanna and further support growth of the Fenty ecosystem focusing on lingerie, cosmetics and skincare.
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Goldman Sachs & Co. LLC acted as exclusive placement agent for the Series B financing. Rothschild & Co served as financial advisor to Savage X Fenty joint venture partners.
In the meantime, Fenty fashion line is being suspended indefinitely.