The singer-turned-entrepreneur’s inclusive lingerie brand has hired Goldman Sachs to spearhead the raise, sources told The New York Times’ Dealbook. The funds could be used to expand into Europe and break into new categories like activewear.
The brand has been riding a wave of momentum amid a broader shakeup in the lingerie sector that has hurt long-time market leader Victoria’s Secret and opened up opportunities for newer players. Savage x Fenty was expected to hit $150 million in revenue last year, but is not yet profitable according to Dealbook.
Savage x Fenty was launched in 2018 as a joint venture between Rihanna and Techstyle Fashion Group, which also counts Kate Hudson’s Fabletics within its portfolio. To date the company has raised $70 million from backers including Jay-Z’s venture firm and Avenir Growth Capital.