Rihanna Is Officially A Billionaire And It Has Nothing To Do With Her Music

Though multi-hyphenate Rihanna was initially discovered for her musical talents, courtesy of legendary record label Def Jam, the 33-year-old entrepreneur has gone on to do many incredible things (via Biography). After a decade of releasing No. 1 hits, collecting nine Grammy Awards, and selling out the biggest music venues around the globe (via Capital Xtra), the “What’s My Name” singer branched into other sectors. Using her years of experience collaborating with fashion brands to create her own collections, creative directing for Puma, and serving as the face for top fashion house Balmain, the Barbados beauty decided to create her own brand.

In 2017, Rihanna launched Fenty Beauty in collaboration with luxury goods company, LVMH Group (via Forbes). She created the cosmetics company with the intention of making “women everywhere (feel) included.” Fenty Beauty was influential in pushing other makeup brands to create more inclusive shade ranges. The co-founder of consumer products consultancy, Bluestock Advisors, explained, “A lot of women felt there were no lines out there that catered to their skin tone. It was light, medium, medium dark, dark. We all know that’s not reality. She was one of the first brands that came out and said ‘I want to speak to all of those different people.” Thanks to her commitment to inclusivity, Rihanna has reached a billion dollar valuation.

Rihanna is taking over the beauty industry

On August 3, 2021, Forbes announced that Rihanna is currently worth $1.7 billion dollars. While Rihanna is well known for her discography, this valuation can be attributed to the massive success of Fenty Beauty. Rihanna owns 50% of Fenty Beauty, which makes up $1.4 billion dollars of her fortune. Within the cosmetic company’s first year, the line, which is available in Sephora and online, bought in over $550 million dollars. Despite the pandemic, Fenty Beauty is worth an impressive $2.8 billion dollars and is performing better than many other top beauty companies. Her skincare line, Fenty Skin, which launched in 2020, is off to a “very promising start”, according to LVMH. 

Aside from running one of the top beauty brands in the world, Rihanna runs a successful lingerie company. Savage x Fenty is also a billion-dollar brand. The designer currently owns 30% of the company, which accounts for $270 million dollars of her earnings. Thanks to her handwork and talent, Rihanna’s staggering net worth positions her as the wealthiest female musician in the world and the second richest female entertainer. Though with the direction she’s taking, Rihanna has the ability to overtake that top spot.

Source: Read Full Article