Singer-turned-entrepreneur and billionaire Robyn Fenty (aka Rihanna) has stepped down from her role as chief executive officer of lingerie brand Savage x Fenty.
Fenty, who co-owns the lingerie brand with French fashion house LVMH, will step down from the role effective Monday June 26 and be replaced by the former CEO of Anthropologie Group, Hillary Super, according to Vogue Business.
Rihanna founded the brand in 2018 and has led the company since its inception. Last year, the brand opened seven stores in the United States and plans to expand its physical retail footprint even more.
“We have a highly engaged customer base with our DTC model, and also recognise that there is opportunity for us to expand further by meeting customers where they are and offering other avenues of accessibility,” the brand said in a statement.
Fenty, who derives the bulk of her self-made US$1.4 billion fortune from the value of her makeup and skincare line, Fenty Beauty, has a 30% stake in Savage x Fenty. The company was last valued at US$1 billion, which would make that stake worth an estimated US$270 million, but it’s likely worth more after the company’s Series C US$125 million capital raise in January 2022.
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Total funding in the company to date topples US$310 million, much of which has been used to support the company’s foray into brick-and-mortar retail.
“It’s been beautiful to see our vision for Savage X Fenty impact the industry at such an incredible magnitude over the last five years,” Fenty says.
“This is just the beginning for us, and we’re going to continue to expand in ways that always connect with the consumer. I’m so grateful and excited to welcome Hillary Super as our new CEO — she is a strong leader and is focused on taking the business to an even higher level.”
The global lingerie market is expected to be valued at US$114 billion by 2028, with demand in the sector being driven by new designs, fabrics and styles and an increase in disposable income among consumers, according to Bonafide Research & Marketing.
“I’m thrilled to join the Savage X Fenty family,” Super says. “The brand is a major powerhouse in the lingerie and apparel industry, and its unwavering commitment to celebrating inclusivity and fearlessness is inspiring.”
Last year, it was reported that Savage x Fenty was eyeing an initial public offer, which could value the company at US$3 billion, though the company has not confirmed if – or when – that would take place. Experts confirmed to Forbes US that if Fenty’s 30% stake in the company transferred to 30% equity at IPO, it could be worth up to US$990 million – nearly doubling her personal net worth.
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