Rihanna resigns as CEO of lingerie brand Savage X Fenty
FILE - Rihanna attends the 2023 Costume Institute Benefit celebrating "Karl Lagerfeld: A Line of Beauty" at Metropolitan Museum of Art on May 1, 2023, in New York City. (Photo by Taylor Hill/Getty Images)
"Diamonds" singer Rihanna is stepping down as the chief executive officer of the lingerie brand she founded five years ago.
Savage X Fenty first began as an online retailer in 2018, and quickly launched into pop-up shops selling size-inclusive lingerie, sleepwear and loungewear before opening brick-and-mortar locations throughout the country.
"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 told Vogue Business.
Forbes reported that Savage X Fenty had a $1 billion valuation in February 2021.
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"This is just the beginning for us, and we’re going to continue to expand in ways that always connect with the consumer," she added.
Rihanna, whose full name is Robyn Rihanna Fenty, will reportedly remain in a leadership position at the company as executive chair.
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Former Anthropologie Group CEO, Hilarie Super, will become the new chief executive officer of the billion-dollar business effective June 26.
"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," Rihanna said.
Super previously worked with Guess, American Eagle, Gap and Old Navy.
"I’m thrilled to join the Savage X Fenty family," she told the outlet. "The brand is a major powerhouse in the lingerie and apparel industry, and its unwavering commitment to celebrating inclusivity and fearlessness is inspiring."
It's currently unclear why the "Umbrella" singer is taking a step back from one of her lucrative businesses.
The Barbados-born musician, whose personal net worth is estimated at more than $1.4 billion, is pregnant with her second child with partner A$AP Rocky.
They welcomed their first child together, a boy named RZA Athelston Mayers, in May 2022.
Prior to establishing her lingerie brand, Rihanna launched Fenty Beauty under LVMH's Kendo Brand in 2017.
In 2018, the makeup brand earned Rihanna billionaire status. Forbes estimated the business was worth $2.8 billion – 50% belonging to Rihanna, the CEO.