Savage x Fenty secures £93m in new funding as it opens first store

// The Savage x Fenty lingerie brand has secured $125 million in new funding

// Following the US openings, store openings in Europe could follow at a later date.

The lingerie brand Savage x Fenty has reportedly secured investment totalling $125 million (£93.13m) in its latest funding round.

Founded by pop start Rhianna, the retailer is also opening its first physical store with the launch of a shop in Las Vegas this week.

According to a report by Forbes, the new funds are the result of a Series C funding round led by Neuberger Berman. Other participants included previous investors L Catterton, Avenir, Sunley House Capital, Advent International and Marcy Venture Partners, as well as newcomers Abu Dhabi Growth Fund, LionTree and Multiply Group.

It brings the total venture capital funding raised by Savage X Fenty to $310 million, following a $115 million Series B round in February.

Launched in 2018, Savage x Fenty is joint venture between Rhianna and TechStyle Fashion Group, the owner of Fabletics and Just Fab.

The brand is also planning to open stores in Los Angeles, Houston, Philadelphia and Arlington in the first quarter of 2022.

This month, the brand’s co-president and chief merchandising Christiane Pendarvis, told Bloomberg that “retail is an important part of our growth strategy”, due to the need for customers to test the products’ fit and comfort.

Pendarvis said that following the US openings, store openings in Europe could follow at a later date.

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