Rihanna
‘s documentary on Amazon
“Diamonds” singer Rihanna is stepping down as the chief executive officer of the lingerie brand she founded five years ago.
Savage X Fenty first began as an online retailer in 2018, and quickly launched into pop-up shops selling size-inclusive lingerie, sleepwear and loungewear before opening brick-and-mortar locations throughout the country.
“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 told Vogue Business.
Forbes reported that Savage X Fenty had a $1 billion valuation in February 2021.
ROBERT DOWNEY JR. ‘RELINQUISHES CONTROL’ OF PRIZED POSSESSIONS IN NEW ‘DOWNEY’S DREAM CARS’ SHOW
Rihanna steps down as CEO of Savage X Fenty. (Kevin Mazur / Getty Images)
“This is just the beginning for us, and we’re going to continue to expand in ways that always connect with the consumer,” she added.
Rihanna, whose full name is Robyn Rihanna Fenty, will reportedly remain in a leadership position at the company as executive chair.
RIHANNA BECOMES YOUNGEST WOMAN BILLIONAIRE AFTER HITTING $1.4B NET WORTH
Former Anthropologie Group CEO, Hilarie Super, will become the new chief executive officer of the billion-dollar business effective June 26.
“I’m so grateful and excited to welcome Hillary Super as our new CEO — she is a strong leader and is focused on taking the business to an even higher level,” Rihanna said.
Super previously worked with Guess, American Eagle, Gap and Old Navy.
Rihanna is expecting her second child with partner A$AP Rocky. (James Devaney / Getty Images)
“I’m thrilled to join the Savage X Fenty family,” she told the outlet. “The brand is a major powerhouse in the lingerie and apparel industry, and its unwavering commitment to celebrating inclusivity and fearlessness is inspiring.”
It’s currently unclear why the “Umbrella” singer is taking a step back from one of her lucrative businesses.
CLICK HERE TO READ MORE ON FOX BUSINESS
The Barbados-born musician, whose personal net worth is estimated at more than $1.4 billion, is pregnant with her second child with partner A$AP Rocky.
Rihanna performed at Super Bowl LVII in February while pregnant. (Kevin Mazur / Getty Images)
They welcomed their first child together, a boy named RZA Athelston Mayers, in May 2022.
Prior to establishing her lingerie brand, Rihanna launched Fenty Beauty under LVMH’s Kendo Brand in 2017.
In 2018, the makeup brand earned Rihanna billionaire status. Forbes estimated the business was worth $2.8 billion – 50% belonging to Rihanna, the CEO.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
