On Monday, March 6, Fenty Beauty officially launched in Ulta stores nationwide. The recent expansion comes after the first brick-and-mortar stores of Rihanna’s Savage X Fenty brand opened their doors in Las Vegas, Los Angeles, and Houston. Stores in Philadelphia and Washington, D.C. are set to open in the coming months.
Reports are now stating that Rih is working with a team of advisors on an initial public offering (IPO), which values the lingerie brand at $3 billion. Though Savage X hasn’t made a final decision on the IPO and its adjoining plans or confirmed these rumors, the company is reportedly working with Goldman Sachs and Morgan Stanley to make the listing available on the stock market later this year.
In January 2022, the company raised $125 million in a funding round led by Neuberger Berman with participation from prior investors, L Catterton, Avenir Growth Capital, Sunley House Capital Management, and Jay-Z’s Marcy Venture Partners, as reported by Bloomberg.
Rih’s other business ventures include the aforementioned, industry-shifting Fenty Beauty, Fenty Skin, and the former high-end luxury brand, FENTY, previously under fashion conglomerate, LVMH.