Rihanna Is Now Officially a Billionaire
The founder of Fenty, Fenty Beauty and Savage x Fenty now joins the elusive billionaire club.
Celebrity entrepreneur Rihanna is officially a billionaire. The founder of Fenty and Fenty Beauty has a net worth of US$1.7 billion. With this new valuation, she is now the wealthiest female musician while trailing behind Oprah Winfrey as the second richest entertainer.
An estimated US$1.4 billion of her wealth is attributed to her highly successful beauty company, Fenty Beauty, which charted a new norm in the industry, according to Forbes. The celebrated brand is lauded for offering the widest selection of shades. The Pro Filt’R foundation was launched in 2017 and is now the gold standard when it comes to inclusivity across skin tones and gender in the beauty industry.
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The beauty brand was a joint venture with LVMH where both Rihanna and the French luxury conglomerate each hold a 50 per cent stake in the business. Fenty Beauty products are available online and in stores at Sephora (which is also owned by LVMH), and it was reported that the beauty line raked in more than US$550 million a year after launch. Competitors from other celebrity-fronted brands such as Kylie Jenner’s Kylie Cosmetics and Kim Kardashian West’s KKW Beauty pale in comparison to Rihanna’s brand. Forbes estimates that Fenty Beauty is worth US$2.8 billion.
The remaining of Rihanna’s fortunes stem from her fashion lines: Fenty and Savage x Fenty. The high-end fashion label Fenty was launched in 2019 with LVMH and sought to carry on the mogul’s call for inclusivity. However, the label did not perform as expected and had to be shut down — the last collection was released in November 2020.
The Victoria’s Secret Fashion Show is touted to be one of the most successful lingerie runway shows around before it stopped due to the various controversies. And in recognising the gap in the market and the shift in how women view themselves, Savage x Fenty was set up. The brand ushered in a new era for the sector and its fashion show is a star-studded affair involving celebrities and models.
The acclaimed lingerie line has managed to raise US$155 million in funding and the brand is estimated to be worth US$1 billion. Launched in 2018, it has the backing of L Catterton (Bernard Arnault is an investor) and Jay-Z’s Marcy Venture Partners. Currently, Rihanna owns 30 per cent of the shares of the brand.
Rihanna’s roaring success within the beauty and fashion industry is no doubt a celebration of her entrepreneurial spirit. Building these businesses has, however, taken her away from music. Her last album Anti was released in 2016 and many fans are hoping for her to make a comeback. Till now, the Grammy-winning singer has yet to disclose any plans regarding her music career.
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