Savage x Fenty inks $50 million in new funding round
today Aug 29, 2019
The fresh funding comes from investors including Jay-Z’s venture firm Marcy Venture Partners LLC and growth-equity firm Avenir Growth Capital, the WSJ reported, bringing the brand’s total amount of backing up to about $70 million.
Officially launched in 2018, Savage x Fenty is a joint venture between the pop-star-turned-entrepreneur and Techstyle Fashion Group, a global fashion e-retailer that also has partnerships with brands like Fabletics and ShoeDazzle. The news of the brand’s latest investment comes days after Amazon announced that Savage x Fenty’s second annual runway show will stream exclusively on Amazon Prime Video.
In addition to the popular lingerie brand, Rihanna continues to helm her Fenty Beauty brand, as well as her Fenty fashion label launched earlier this year, both of which operate under different arms of French parent company LVMH.
As her business empire flourishes, the 31-year-old Bajan singer recently earned the title of richest female musician in the world, according to Forbes.
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