Fashion entrepreneur and pop singer Rihanna is working with advisers on taking her lingerie company Savage X Fenty public.
Through an initial offering that could value the company at $3 billion, sources say.
The company is working with banks like Goldman Sachs and Morgan Stanley to value its worth and gauge demand, people familiar with the matter told Bloomberg.
A listing could happen as soon as this year, but the company hasn’t made an official decision on when, or if, it will go public.
An initial public offering (IPO) involves taking a company from private to public ownership by issuing stocks to the general public. The process allows the company to raise more money and grow its footprint.
Rihanna, 34, officially became a billionaire last August – making her the richest female musician in the world and second richest female entertainer after Oprah Winfrey.
The Umbrella songstress has racked up $1.7billion throughout her decade-long career – and it mostly came from her beauty and lingerie lines – Forbes reported at the time.
It was claimed that the bulk of the popstar’s money ($1.4billion of it) comes not from her singing career, but from her 50 per cent stake in her acclaimed cosmetics line Fenty Beauty – a joint venture with French luxury goods conglomerate LVMH – which is now worth $2.8billion in total.
Between that and her $270million stake in her wildly successful Savage X Fenty lingerie line, combined with the profit she has made from her 16-year recording career as a chart-topping singer and actress, all make up the hitmaker’s massive wealth.
Barbados-born Rihanna was discovered in 2003 in her home country by American record producer Evan Rogers, who sent her demo to Def Jam Recordings.
It eventually fell into the hands of Def Jam’s president Jay-Z, who invited her to come in and perform and instantly fell in love with Rihanna – and the rest is history.
She went on to become one of the best-selling music artists of all time – having currently sold more than 250 million records worldwide for her hits like Pon de Replay, Umbrella, SOS, Unfaithful, Good Girl Gone Bad, and Don’t Stop the Music, to name a few.
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