Singer Rihanna's lingerie company considering IPO at $4 billion valuation
NEW YORK - Pop star and fashion entrepreneur Rihanna's Savage X Fenty lingerie company is preparing for an initial public offering (IPO) that could value it at US$3 billion (S$4 billion) or more, it was reported on Friday (March 11).
Savage X Fenty is working with banks, including Goldman Sachs Group and Morgan Stanley, according to a Bloomberg report carried by various publications, quoting people familiar with the matter, who asked not to be identified because the information is private.
A listing could happen this year, though Savage X Fenty had not made a final decision on an IPO or its timing, the sources indicated.
The company raised US$125 million in January in a funding round with participation from a number of investors, including American rapper Jay-Z's Marcy Venture Partners.
Rihanna, who was born in Barbados, has produced a string of hit-filled albums. She was among the stars who attended the recent Paris Fashion Week.
Her business holdings also include Fenty Beauty and Fenty Skin. These companies, along with Savage X Fenty, aim to provide products to customers who are often overlooked by other brands. Fenty Beauty offers 40-plus foundation shades - a much wider palette than the norm - while Savage X features sizes from XS to 4XL.
Savage X Fenty has been expanding with its own bricks-and-mortar stores and now lists five locations in the US on its website.