The singer debuted Fenty Beauty in 2017 and since then has launched a lingerie line, skincare brand and more.
According to a new report from Forbes, Rihanna‘s Fenty success has officially propelled the superstar singer-entrepreneur to billionaire status.
While it’s been over five years since the last Rihanna album, the multi-hyphenate certainly has been busy. From her Fenty Beauty cosmetics line that launched in 2017 to her Savage X Fenty lingerie line that debuted in 2018 to Fenty Skin, which dropped last summer, the singer’s Fenty brand has expanded into a bonafide empire.
A pop star does not just turn into a mogul overnight, however. Forbes details just how the “Umbrella” singer went from music sensation to billionaire.
Rihanna celebrates the launch of FENTY at Bergdorf Goodman at Bergdorf Goodman last February in New York City. (Photo by Dimitrios Kambouris/Getty Images for Bergdorf Goodman)
Per the latest report, Rihanna is now estimated to be worth $1.7 billion, which makes her the wealthiest female musician in the world, placing her behind Oprah Winfrey as the second wealthiest female entertainer. As previously stated, it’s been years since Rihanna officially dropped her own music, making most her fortune from her Fenty ventures — $1.4 billion to be exact.
Forbes reports Rihanna owns 50% of Fenty Beauty, and she also has a stake in Savage X Fenty, which is worth $270 million. The rest of her earnings come from her music and acting career. Forbes also recognizes her as the most successful person to launch a beauty brand, with her 101 million Instagram followers certainly helping.
Rihanna paints a face at the Fenty Beauty by Rihanna anniversary event at Sephora Pitt Street store in October 2018 in Sydney, Australia. (Photo by Caroline McCredie/Getty Images for Fenty Beauty by Rihanna)
Fenty Beauty’s aim has always been to be inclusive, offering products and shades for all different skin types and colors. In 2018, the freshman beauty brand beat out titans in the industry like Kylie Cosmetics and Kim Kardashian West‘s KKW Beauty.
Fenty Skin only continued the success she built with Fenty Beauty, launching in 2020 to a “very promising start,” generating “unprecedented buzz,” even during the pandemic.
As theGrio previously reported, Rihanna did have a minor setback in February with LVMH, a luxury Fenty brand offering high-end fashion and accessories.
A view of Fenty Beauty products backstage during Rihanna’s Savage X Fenty Show Vol. 2, presented by Amazon Prime Video at the Los Angeles Convention Center and broadcast in October 2020. (Photo by Jerritt Clark/Getty Images for Savage X Fenty Show Vol. 2 Presented by Amazon Prime Video)
A statement released at the time read, “Following the completion of a fundraising round where L Catterton has taken a stake into Savage X Fenty, LVMH and Rihanna reaffirm their ambition to concentrate on the growth and the long-term development of Fenty ecosystem focusing on cosmetics, skincare and lingerie … in the meantime, Rihanna and LVMH have jointly made the decision to put on hold the RTW [ready-to-wear] activity, based in Europe, pending better conditions.”
If today’s report is any indication, however, Rihanna is doing just fine.
“She is creating a brand outside of herself. It’s not just about Rihanna,” Shannon Coyne, cofounder of consumer products consultancy Bluestock Advisors, told Forbes. “Even if you don’t like her music, she’s created a real style in the fashion and beauty space.”
Have you subscribed to theGrio’s podcast, “Dear Culture?” Download our newest episodes now!
TheGrio is now on Apple TV, Amazon Fire and Roku. Download theGrio today!
The post Rihanna’s Fenty success propels her to billionaire status, Forbes says appeared first on TheGrio.