Victoria’s Secret is facing a new rival with a fast-growing following and strong celebrity ties.
Savage x Fenty, the online size-inclusive lingerie brand from pop star Rihanna, has scored $115 million in Series B funding from private equity giant L Catterton. The new funding brings the brand’s valuation to more than $1 billion. The round was led by the Growth Fund of L Catterton with additional participation from existing investors Marcy Venture Partners and Avenir, as well as several new investors.
Part of the new funding will be used to help fuel Savage x Fenty’s expansion into brick-and-mortar retail. The brand launched in 2018 as a joint venture with TechStyle Fashion Group, a subscription-based fashion platform whose portfolio includes athleisure brand Fabletics.
Savage x Fenty reported revenue growth of over 200% last year and increased its active VIP base by more than 150%, according to the company.
“In two short years, Savage X Fenty has achieved remarkable success by disrupting the intimates category,” stated Jon Owsley, co-managing partner of L Catterton’s Growth Fund in a statement. “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, (co-presidents) Christiane (Pendarvis), Natalie (Guzman) and the entire Savage X Fenty team to help the company realize its full potential.”