Rihanna 'slingerie brand,Savage X Fenty , is reportedly seeking to raise $100 million in funding, according to $4.- The financing may be used to expand in Europe and launch a new line of athletic wear, the Times reports.
- Launched in May 2018, Savage X Fenty has drawn praise for its attention to size, race, and gender inclusivity. The company generates roughly $150 million in revenue, according to the Times.
- In February, however, the company was the subject of a complaint with the Federal Trade Commission over its advertising practices.
Rihanna's lingerie brand, Savage X Fenty, is reportedly seeking to raise $100 million in funding in order to expand into athletic wear.
According to $4, the company has hired
The new round of funding could give Savage X Fenty a valuation of $1 billion, the Times reports.
A spokesperson for Savage X Fenty did not immediately respond to Business Insider's request for comment.
Savage X Fenty, which was founded by Rihanna in May 2018, has raised over $70 million to date, with backing from Marcy Venture Partners - Jay-Z's venture capital firm - ACME Capital, TriplePoint Ventures, and Avenir Growth Capital. The brand generates roughly $150 million in revenue but is not profitable, according to the Times.
The company's soaring success is due in part to Rihanna's celebrity, but the brand has also $4. Savage X Fenty carries lingerie in sizes up to 3X and includes "nude" color options for its apparel in a wide range of shades.
The company's annual fashion show, which is streamed on Amazon Prime Video, consistently $4 with varying body types and gender expressions, which provided a stark contrast to the mostly thin, white models cast in the now-canceled fashion show for the brand's main competition, Victoria's Secret.
But in February, Savage X Fenty was the subject of $4 filed with the Federal Trade Commission accusing the brand of "deceptive marking" after shoppers complained about its VIP membership program. The complaint alleged that Savage X Fenty had violated consumer protection regulations by promoting discounts that are only available for customers who pay a $50 monthly membership fee. A spokesperson for the brand $4 that the complaint was "based on misconceptions of our business."