Subscribe to our Newsletter!
Join the Black Business Boost mailing list of more than 39,000 subscribers to stay up to date with the latest news and information.
The Bad girl RiRi continues flexing her boss moves. Everyone already knows that Savage X Fenty has made Rihanna a billionaire. But what you may not know, is that she is showing no signs of slowing down. According to Bloomberg, the beauty mogul is planning to bring her lingerie line to brick and mortar stores sometime in the upcoming year. Up until now, the brand has been strictly online. But now, the lingerie brand is slated to go head to head in competition with Victoria’s Secret. The last real stronghold the company has on the lingerie market is its retail locations.
“Retail is an important part of our growth strategy. You’ll absolutely see some stores in 2022,” said Christiane Pendarvis, the co-president and chief merchandising and design officer at Savage X Fenty told Bloomberg. “Because fit and comfort are so important, there are just customers who don’t feel comfortable purchasing online.”
Rihanna's lingerie company has been gaining market share on Victoria’s Secret. They experienced 200% sales growth last year. During the age of diversity in the industry there’s been a significant shift, with Savage X Fenty poised to become a front runner in the global lingerie market that’s expected to hit $325 billion by 2025. For Victoria's Secret and its 871 stores across the U.S. and Canada, comparable store sales for the second quarter of 2021 decreased 3% compared to the second quarter of 2019. Not to mention that Q2 sales were down 10% from $1.79 billion in the second quarter of 2019, including a net closure of 240 company-operated stores since 2019, the company reported.
Rihanna set to open Savage X Fenty stores in 2022.
Market share for Victoria's Secret dropped from around 80% in 2016 to 65% in 2019. This left a huge opening for Savage x Fenty to come in and take charge. With it’s new more inclusive “VS Collective” of 7 notable women becoming the face for the brand. Actress Priyanka Chopra Jonas, Soccer player Megan Rapinoe, Freestyle skier and future Olympian Eileen Gu, Model Paloma Elsesser, Model Adut Akech, Photographer Amanda de Cadenet and Valentina Sampaio are the women at the forefront of the initiative. With this move, they are hoping to regain a bigger piece of the market.
Earlier this summer, it was reported that Rihanna’s wealth grew so much that Forbes announced that she was officially a billionaire. The singer and entrepreneur is reportedly worth $1.7 billion, according to estimates by Forbes. Rihanna’s total net worth make her the wealthiest female musician. She is second only to the queen of entertainment, Oprah Winfrey, as the richest female entertainer. Not just Black female, but out of ALL female entertainers.
Since its founding in 2018, the brand has focused on its e-commerce platform. There has also been a number of pop-ups in select regions. Inclusivity is at the heart of her lingerie brand. Rihanna has always included plus sized models in Savage X Fenty. And also with shades of nudes galore since its inception.
“All aim to provide products to customers who are often overlooked by traditional bands. Fenty Beauty, boasts 40-plus foundation shades — a much wider palette than the norm — while Savage X features sixes from XS to 4XL.”
Specific details on where the Savage X Fenty stores will be located in the U.S. have not been disclosed yet.
Subscribe to our Newsletter!
Join the Black Business Boost mailing list of more than 11,000 subscribers to stay up to date with the latest news and information.