Rihanna, the singer of hits like Umbrella and We Found Love, has been named the world’s richest female musician and is now worth a billion dollars.
Robyn Fenty, better known by her stage name Rihanna, launched Fenty Beauty in 2017 , with the goal of making “women worldwide (feel) included.” Unintentionally, the beauty brand has assisted her in achieving one of the world’s most prestigious titles: billionaire.
According to Forbes, Rihanna is now worth $1.7 billion, making her the world’s wealthiest female artist and second only to Oprah Winfrey as the richest female entertainment. But it isn’t her music that has made her so prosperous. The value of Fenty Beauty, of which she now owns 50%, accounts for the majority of her riches (an estimated $1.4 billion).
The singer, who has called makeup her “weapon of choice for self-expression” since she was a child, said she was inspired to launch her own line because existing brands didn’t offer enough items for various skin types and tones. When it originally debuted, the brand offered 40 distinct tones of foundation to “make skin seem like skin,” but that number has now grown to 50.
While Rihanna, who was born in Barbados, isn’t the first celebrity to use her social media following to launch a beauty company (she has 101 million Instagram followers and 102.5 million on Twitter), she is the most successful. Fenty Beauty is a 50/50 joint venture between Fenty and LVMH, a French luxury goods business led by Bernard Arnault, the world’s second richest man.
The products were an instant hit when they were made available online and in Sephora stores, which are also owned by LVMH. According to LVMH, the line brought in more than $550 million in yearly revenue in its first full calendar year, outperforming rival celebrity-founded businesses including Kylie Jenner’s Kylie Cosmetics, Kim Kardashian West’s KKW Beauty, and Jessica Alba’s Honest Co.
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