Rihanna’s Savage X Fenty is preparing for a massive expansion that will see the lingerie brand opening 10 store locations throughout the year. In doing so, Savage X Fenty has secured $125 million in new funding from investors.
Within the next three months, the brand hopes to open locations in Los Angeles, Houston, Philadelphia, and Virginia, with a total of 10 store openings coming across the country throughout the year. Earlier this month, Savage X Fenty opened a location on the Las Vegas Strip.
Savage X Fenty co-president Christiane Pendarvis discussed the brand's plan in a recent interview with Forbes.
“We’ll start with a limited amount of stores,” Pendarvis told the outlet. “It will represent a small percentage of our business. This is about making sure we’re getting the right formula and assortment mix in stores.
“This is an extremely curious test-and-learn year for us then you’ll see us ramp up next year,” Pendarvis added.
Investors for the new venture include Neuberger Berman, L Catteron, and Marcy Venture Partners, the firm co-founded by Jay-Z.
Becoming a primary focus for Rihanna since 2018, Savage X Fenty has rocketed her net worth to $1.7 billion.
Check out a glimpse of Savage X Fenty's store setup below.
[Via]
