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.
The World Economic Forum in Davos, a retail convention in New York and menswear shows in Paris will command the industry’s attention. Plus, what else to watch for this week.
The owner of Lanvin, Sergio Rossi and other brands is the first fashion company to list on a US exchange in a year. But the tough economy and investor skepticism about money-losing start-ups is likely to keep others from following suit.
Kanye and Adidas, Johnny Depp and Dior: celebrity marketing can be a minefield as well as a goldmine — and social media has raised the stakes.
High-end brands continue to report record sales and profits, even as mass retailers trim their outlooks for the autumn and winter. Can it last?