Since launching Savage x Fenty in 2018, Rihanna has turned the clothing and lingerie brand into a billion-dollar company. But it looks like the singer plans to be less involved in the brand, as Rihanna recently announced she’s stepping down as CEO.
“It’s been beautiful to see our vision for Savage X Fenty impact the industry at such an incredible magnitude over the last five years,” Rihanna explained in a statement.
RELATED: Netflix Threatens To Cancel Harry & Meghan’s Deal If They Don’t Produce Better Content
“This is just the beginning for us, and we’re going to continue to expand in ways that always connect with the consumer,” she went on. “I’m so grateful and excited to welcome Hillary Super as our new CEO — she is a strong leader and is focused on taking the business to an even higher level.”
Rihanna revealed that she’ll be replaced by Hillary Super, former CEO at Anthropologie Group, who officially stepped into the CEO position in June 26.
“I’m thrilled to join the Savage X Fenty family,” Super told Vogue Business of her new position. “The brand is a major powerhouse in the lingerie and apparel industry, and its unwavering commitment to celebrating inclusivity and fearlessness is inspiring.”
Super joins Savage x Fenty at an exciting time for the company, as it’s expanding its direct-to-consumer format by opening retail stores. The brand reportedly plans to open 7 stores across the U.S. in the coming year.
Last year, Savage x Fenty was valued at $125 million, and these numbers are likely to increase as the company expand.
A post shared by badgalriri (@badgalriri)
The lingerie brand has helped Rihanna become one of the most powerful women in the entertainment industry. She’s reportedly worth $1.4 billion, and much of her wealth comes from Savage x Fenty as well as her makeup brand, known simply as Fenty Beauty.
Fortunately for fans, Rihanna isn’t leaving Savage x Fenty completely. Rather, she’s taken on a new position as executive chair.
It’s speculated that the change was motivated by the fact Rihanna is expecting her second child with ASAP Rocky. The couple welcomed their son, RZA, last year.
“s[They were] surprised the second pregnancy happened so fast,” a source told Us Weekly in February. “They wanted another baby and were trying, but the pregnancy came sooner than expected!”
Sources: Vogue Business, PEOPLE, Rolling Stone,
Source: Read Full Article