Billionaire Barbadian singer and businesswoman Rihanna is stepping down as CEO of one of her companies.
Rihanna, who is very pregnant with her second child, announced that she will relinquish the title of CEO of her lingerie brand Savage X Fenty. According to Vogue, Hillary Super has been appointed to take over the role.
Super, who will step into the role on June 26, was previously CEO of Anthropologie Group. She has also worked for such major brands as Guess, American Eagle, Gap, and Old Navy.
“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 press statement. “This is just the beginning for us, and we’re going to continue to expand in ways that always connect with the consumer.”
No explanation has been given as to why Rihanna is stepping away from the role she has held since the company’s founding in 2018, but she is expected to give birth to her second child with hip-hop artist A$AP Rocky soon. They have a 13-month-old son, who was born May 13, 2022.
Rihanna, 35, will still be in leadership as executive chair.
She is the founder and co-owner of successful Fenty Beauty brand. As Finurah previously reported, the “Umbrella” singer has 50 percent ownership with French luxury goods conglomerate LVMH in Fenty Beauty, which is worth $2.8 billion.
According to previous media reports, in March 2022, rumors were circulating that Rihanna was meeting with advisers from Goldman Sachs Group Inc. and Morgan Stanley to explore the possibility of an initial public offering (IPO) for her brand, Savage X Fenty.
The potential IPO was said to have the potential to value the company at $3 billion or more.
The brand hit a $1 billion valuation in 2021 after raising its $115 million Series B funding round, Forbes reported.
The Savage X Fenty Look
The lingerie line has been a leader in size-inclusive fashion, offering a wide range of plus sizes.
Its over-the-top, cutting-edge fashion shows rival that of the famous Victoria’s Secret Fashion Show.
The brand has been looking to move beyond e-commerce, and in the past year, the lingerie brand has opened seven stores in the U.S., including in Los Angeles, Las Vegas, Houston, and Atlanta, the Daily Mail reported.