Savage X Fenty

Apparel/lingerieUSA

New to Unitard

✂️ Markdown

Peak $1 BillionToday

~-61%

from peak

🦄
Became a unicorn
~2021
📈
Peak valuation
$1 Billion ’21
💔
Became a Unitard
~2023
💸
Last valuation
~$390M

Current status

PitchBook est. $390M (Dec 2025)

The rise & fall

6 moments · 2017–2025

The key moments, with employee sentiment along the way.

2017

Founded with Rihanna at the center

Rihanna and TechStyle Fashion Group build a size-inclusive lingerie brand around the star's name and reach.

Wikipedia

2021

The peak: $1B on the Series B$1B

A $115M round led by L Catterton values the membership-driven brand at $1B.

Reuters

2023

The DTC reset hits lingerie

Valuations compress across direct-to-consumer as operational stumbles pile up; estimates cut Savage X Fenty by roughly 60%.

CNBC

2023

Slips out of the club

PitchBook's model puts Rihanna's brand at about $390M (end of 2025), well below the $1B mark.

PitchBook

2023–25

From the inside · Glassdoor reviews, 2023–25

Glassdoor reviews from the markdown stretch describe morale sliding through repeated layoff rounds — longtime employees counted three to five in as many years — alongside heavy turnover at the top: reviewers described frequent leadership reshuffles, frozen promotions, paused raises and constantly shifting priorities as teams ran lean.

Today

Still private — the funds keep marking

Neuberger Berman Long Short Fund marks it at $11.82/share · as of Jan 2026

SEC NPORT-P

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

Savage X Fenty is Rihanna's US lingerie and apparel brand, which reached a ~$1B valuation around 2021 on rapid subscription-driven growth. As DTC valuations compressed and the company faced operational challenges, third-party estimates (PitchBook) put its value at about $390M at the end of 2025, roughly 61% below peak and well under unicorn status.

Mutual-fund markdowns

5 funds · SEC NPORT-P

How U.S. mutual funds fair-value this still-private company in their quarterly SEC filings.

Per-share mark from peak

+0%

Neuberger Berman Long Short Fund · Preferred

$11.82 → $11.82

as of Jan 2026

Fund	Class	$/sh	From peak	As of
Neuberger Berman Long Short Fund	Preferred	$11.82	+0%	Jan 2026
Neuberger Berman Next Generation Connectivity Fund Inc.	Preferred	$11.82	+0%	Oct 2025
Neuberger Next Generation Connectivity Fund Inc.	Preferred	$2.41	-80%	Apr 2026
Neuberger Large Cap Growth Fund	Preferred	$2.41	-80%	Feb 2026
Neuberger Long Short Fund	Preferred	$2.41	-80%	Apr 2026

Source: SEC EDGAR Form NPORT-P (Level-3 fair-value marks). Per-share marks reflect the fund’s own valuation of a specific share class and aren’t a company-wide valuation. Last refreshed Jun 2026.

Source: PitchBook model estimate as of Dec 31, 2025 (CNBC's fallen-unicorn table, Jun 2026), not a priced round

Founder