Those familiar with the situation say that Jay has put money into Rihanna’s company via his venture capital firm, Marcy Venture Partners LLC. Rihanna and her partner in Savage X Fenty, Techstyle Fashion Group, have also kicked in millions of their own money.
The Wall Street Journal notes that since launching its debut collection in May of 2018, Savage X Fenty has been stealing market share from Victoria’s Secret thanks to offering its items in a wide range of colors and sizes.
While the brand has a fraction of the sales of Victoria’s Secret — about $150 million versus just over $7 billion — its sales are increasing, while Victoria’s Secret’s sales are declining.
Nicole Quinn of Lightspeed Venture Partners, who’s invested in celebrity-led consumer brands, tells The Wall Street Journal that putting money in celebrity-backed brands make sense for investors because “it’s much easier to move a fan to being a user than to acquire a brand new user.”
Earlier this year, Forbes estimated Rihanna to be worth $600 million, making her the world’s richest female musician. In addition to Savage X Fenty, she also owns Fenty Beauty, and her new luxury FENTY fashion line.
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