Rihanna's Savage X Fenty Is Preparing for IPO
Rihanna is expanding her lingerie empire. The musician-turned-entrepreneur is reportedly considering an initial public offering (IPO) of Savage X Fenty, valued at $3 billion USD or more.
According to Bloomberg, the brand is currently working with Goldman Sachs and Morgan Stanley on the listing, which could happen as soon as this year. A source shared that the IPO has yet to be confirmed and the schedule is subject to change.
The news comes after Savage X Fenty raised $125 million USD earlier this year in a funding round led by Neuberger Berman, for the label's first brick-and-mortar stores in the U.S. The company's co-presidents Natalie Guzman and Christiane Pendarvis previously told Forbes that Savage X Fenty has seen a revenue compound annual growth rate of 150% every year since launching in 2018. Through its focus on diversity highlighted through its campaigns and buzzy shows, the label overtook Victoria's Secret as the leading lingerie brand.
Shannon Coyne, the co-founder of the consulting firm Bluestock Advisors, shared with Forbes that the IPO could help Savage X Fenty take the top spot in the industry. "She can take that top spot, but she will need a lot of volume to sell that much and a lot of distribution. An IPO can accelerate her retail and continue to cement her place."
Stay tuned as we learn more about the potential IPO.
