Rihanna Is Officially A Billionaire
Rihanna is now officially a billionaire and the richest female musician in the world, thanks to the huge success of her Fenty Beauty line.
According to Forbes, the 33-year-old “Umbrella” hitmaker, is now worth an estimated $1.7billion (£1.2billion), making her the second wealthiest female entertainer on the planet, behind Oprah Winfrey with $2.7billion (£1.9billion).
It is claimed the bulk of the popstar’s fortune ($1.4billion/£1billion) comes not from music, but from her 50 percent stake in her acclaimed cosmetics line Fenty Beauty – a joint venture with French luxury goods conglomerate LVMH – and worth $2.8billion (£2billion) in total.
Her $270million (£190million) stake in the wildly successful Savage X Fenty lingerie line and her wealth from her 16 year recording career all make up the mogul’s mass wealth.
Mogul Rihanna founded acclaimed beauty brand Fenty Beauty back in 2017 with a desire to ‘make women everywhere (feel) included’ and it became a leader in providing diversity in the makeup industry when it first launched 40 shades for its foundation line
The “You Da One” singer first put out her makeup line at Sephora, racking up sales eclipsing $100 million over the course of its first few weeks.
She said “Make-up is there for you to have fun with. It should never feel like pressure. It should never feel like a uniform. Feel free to take chances, and take risks, and dare to do something new or different.”
By the end of its first full calendar year in 2018, LVMH said the brand took home $550million (£394million) in annual revenues, trouncing celebrity cosmetics brands such as Kylie Cosmetics and KKW Beauty.
The high-end brand turned into a billion dollar business in less than four years, and with the launch of Fenty Skin last year, looks set to grow even further.
Fenty Skin had sales of $30million in under four months on its e-store, WWD reports.
Rihanna’s lingerie brand, Savage x Fenty, which launched in 2018 and is a joint venture with TechStyle Fashion Group (Rihanna has a 30% ownership stake, according to Forbes), raised $115 million in funding earlier this year bringing the brand’s valuation to over $1 billion. The plan is to use the funding to open Savage x Fenty stores.