Singer Rihanna's lingerie company weighs IPO at $4 billion valuation

Rihanna's lingerie company, Savage X Fenty, is working with banks, and a listing could happen as soon as this year, sources say. PHOTO: REUTERS

NEW YORK (BLOOMBERG) - Singer-turned-fashion-entrepreneur Rihanna is working with advisers on an initial public offering (IPO) that could value her Savage X Fenty lingerie company at US$3 billion (S$4 billion) or more, according to people familiar with the matter.

Savage X Fenty is working with banks, including Goldman Sachs Group and Morgan Stanley, said the people, who asked not to be identified because the information is private.

A listing could happen as soon as this year, one of the people said. Savage X Fenty has not made a final decision on an IPO, and its plans, including the timing, could still change, the people said.

Representatives for Savage X Fenty, Goldman Sachs and Morgan Stanley did not immediately respond to requests for comment.

The company raised US$125 million in January in a funding round led by Neuberger Berman, with participation from previous investors L Catterton, Avenir Growth Capital, Sunley House Capital Management and American rapper Jay-Z's Marcy Venture Partners, according to data provider PitchBook.

Robyn Rihanna Fenty was born in Barbados and signed with Def Jam records in 2005, producing a string of hit-filled albums over the next decade.

Her business holdings also include Fenty Beauty, which made waves in the industry when the make-up company was launched in 2017, and Fenty Skin. These two companies, along with Savage X Fenty, aim to provide products to customers who are often overlooked by traditional brands. Fenty Beauty, for example, boasts 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, including Las Vegas and Culver City in California, on its website.

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