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Rihanna is reportedly launching her lingerie firm on the stock market.
The 34-year-old pop star – who is thought to be worth $1.7bn after launching Fenty Beauty cosmetics company back in 2017 and Savage x Fenty the following year – is now said to be in talks to offer the public shares in the fashion company through an Initial Public Offering (IPO) which could see the value of the brand jump to over $3bn.
Bloomberg reports: “Savage X Fenty is working with banks including Goldman Sachs Group Inc. and Morgan Stanley, said the people, who asked not to be identified because the information is private. A listing could happen as soon as this year, one of the people said.”
The news of the Initial Public Offering (IPO) comes shortly after the ‘Umbrella’ hitmaker – who is expecting her first child with boyfriend and rapper A$AP Rocky – had opened a chain of physical stores for the underwear brand after the store had been online only since its inception as she noted that she wanted her customers to “come in and feel represented.”
She said: “The whole idea of the retail space is that I wanted women and men to come in and feel represented, to walk away from the experience feeling confident and that they belong. I’ve experienced being a customer and shopping in the lingerie space and have felt as if I didn’t fit the mould of the product. But Savage X Fenty is very inclusive, and I want to continue to expand on that so that our consumers can feel our commitment within the retail space.”