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Rihanna is officially stepping down as the CEO of her Savage X Fenty company, in a move to further the vision and earning potential of the brand.
According to reports, the superstar singer announced that she would be leaving the role with the lingerie brand that she co-founded in 2018 with another group including luxury house LVMH effective on Monday (June 26). Hillary Super, the former CEO of Anthropologie Group will take over the reins as Rihanna will remain executive chair. Since that origin point, her valuation is set at $1.4 billion.
“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 said in a statement. “This is just the beginning for us, and we’re going to continue to expand in ways that always connect with the consumer. 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.”
“I’m thrilled to join the Savage X Fenty family,” Super said in the press release. “The brand is a major powerhouse in the lingerie and apparel industry, and its unwavering commitment to celebrating inclusivity and fearlessness is inspiring.” Prior to her being global CEO at Anthropologie, she served in leadership roles at American Eagle, Gap and Old Navy as well as Guess.
For the “Diamonds” singer, the move is another step towards realizing a stronger connection with the consumer beyond digital sales. The Savage X Fenty brand opened up brick-and-mortar locations in seven cities across the United States which include Los Angeles, Houston, Las Vegas and Atlanta, fueled by earning $125 million in investments at the beginning of last year aided by other groups including Jay-Z’s Marcy Venture Partners. Also adding to the brand’s appeal, the Valentine’s Day specials produced in conjunction with Amazon Prime have brought in more viewers and customers.
