The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
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.
A blockbuster public listing should clear the way for other brands to try their luck. That, plus LVMH results and what else to watch for in the coming week.
L Catterton, the private-equity firm with close ties to LVMH and Bernard Arnault that’s preparing to take Birkenstock public, has become an investment giant in the consumer-goods space, with stakes in companies selling everything from fashion to pet food to tacos.
Any fashion company that is contemplating going public needs to have not only the product and brand fundamentals right but also a business strategy that can easily be understood by the markets, writes Imran Amed.
Consumer spending increased just 0.8 percent last month as the labour market cools.