Savage X Fenty considers IPO, valuation could be $3bn
Rihanna's Savage X Fenty is considering an initial public offering and is in talks with financial advisors, sources told news outlets on Friday, as the inclusive lingerie brand eyes a $3 billion valuation.
The singer-turned-fashion-entrepreneur and her Savage X Fenty team are working with banks including Goldman Sachs and Morgan Stanley, said the people, with an IPO potentially taking place later this year setting it up for a valuation of $3 billion, U.S. media reported.
Exact timing and date details were subject to change, the sources added.
At the time of reporting, both Savage X Fenty and the advisors reportedly involved declined to comment on the news.
The IPO news comes as Savage X Fenty embarks on a physical retail rollout across its native U.S. In early January, Rihanna revealed location details for five upcoming Savage X Fenty store openings in 2022, including Las Vegas, Los Angeles, Houston, Philadelphia, and Washington D.C.
Later that month, the company bowed its first retail location in Las Vegas, within the Fashion Show Mall, coinciding with the news it had raised another $125 million in a funding round led by Neuberger Berman with participation from previous investors L Catterton, Avenir Growth Capital, Sunley House Capital Management and Jay-Z’s Marcy Venture Partners.
The January funding round comes on the back on a Series B funding round of $115 million last February, bringing Savage X Fenty's total venture capital funding to $310 million.
The company has also earmarked retail expansion plans for Europe, in addition to its outlets in the U.S.
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