Rihanna is reportedly considering an IPO for her Savage X Fenty brand, according to a Bloomberg report that cited people familiar with the matter.
The IPO, which would reportedly value the singer and entrepreneur’s lingerie business at $3 billion or more, could happen as early as this year, though no final decisions have been made yet, Bloomberg reported.
FN has reached out to Savage X Fenty for a comment.
The news of the potential IPO comes as Savage X Fenty commences its first-ever physical store expansion. Rihanna announced in January that brand will open stores in five cities: Las Vegas, Los Angeles, Houston, Philadelphia, and Washington D.C.
In a September interview with Bloomberg, Savage X Fenty’s chief marketing and design officer, Christiane Pendarvis, said that the brand would open its own stores in 2022 throughout the U.S., with plans to open up stores in Europe in the future.
After a round of Series B funding in February, Rihanna’s Savage X Fenty brand hit a $1 billion valuation. In August, Forbes reported that Rihanna was worth an estimated $1.7 billion. In addition to its planned store expansion, Savage X Fenty operates a robust digital business via its website.
Savage X Fenty has found a niche in the lingerie market by taking a different approach to appeal to intimate wear consumers. Savage X Fenty has become widely known for its body positive marketing, fashion shows and size and gender inclusivity.
Meanwhile, Victoria’s Secret has faced years of criticism for its sensual messaging and limited size offerings. Recently, however, the brand has taken steps to improve its image among consumers. Just last month, Victoria’s Secret hired its first model with down syndrome to launch the brand’s new campaign for the Love Cloud Collection.
Beyond Savage X Fenty, Rihanna’s business portfolio also includes her two beauty brands, Fenty Beauty and Fenty Skin.
