After five years being the CEO of her co-owned lingerie brand, the 'Diamonds' songstress is set to fill in the position as an executive chair effectively on Monday, June 26.
- Jun 24, 2023
AceShowbiz - Rihanna has appointed a new leader for Savage X Fenty. After five years being the CEO of her co-owned lingerie brand, the "Diamonds" songstress would be replaced by the new head effectively on Monday, June 26.
In an interview with Vogue Business published on Thursday, June 22, the 35-year-old artist revealed that she decided to step down as the CEO of the company. "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," she told the magazine.
"This is just the beginning for us, and we're going to continue to expand in ways that always connect with the consumer," Rihanna went on to say. About who would replace her position, she spilled, "I'm so grateful and excited to welcome Hillary Super as our new CEO."
On the reason why she appointed Hilary, the "Take a Bow" singer explained, "She is a strong leader and is focused on taking the business to an even higher level." Since June 26, the artist is set to fill in the position as an executive chair in the company.
Hilary herself has shared her thoughts on being the new CEO of the lingerie brand. "I'm thrilled to join the Savage X Fenty family," she spoke to the magazine. About the brand, she stated, "The brand is a major powerhouse in the lingerie and apparel industry, and its unwavering commitment to celebrating inclusivity and fearlessness is inspiring."
Hilary is not a newbie as a CEO. Previously, she worked as the global CEO of retailer Anthropologie Group. She had been trusted with the position at that company for four years. In addition, she had experiences in positions of leader in Guess, American Eagle, Gap and Old Navy.
Savage X Fenty itself has explained the reason behind shifting their CEO position. "We have a highly engaged customer base with our DTC model, and also recognise that there is opportunity for us to expand further by meeting customers where they are and offering other avenues of accessibility," the statement from the company read.
In addition to Rihanna, Savage X Fenty is co-owned by its investors including LVMH. In January 2022, the company started wholesale by launching seven retail locations in the United States, including Los Angeles, Houston, Las Vegas and Atlanta. That same month, it succeeded to secure $125 million in a Series C fundraising deal led by its existing investors Jay-Z's Marcy Venture Partners, L Catterton, Avenir Growth Capital as well as Sunley House Capital Management.
