Home Entertainment Rihanna Has Been Named A Billionaire For The First Time by Forbes

Rihanna Has Been Named A Billionaire For The First Time by Forbes

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Robyn Fenty, best known by her stage name Rihanna, created Fenty Beauty in 2017 with the purpose of helping “women globally feel included.” Inadvertently, the beauty company has helped her become one of the world’s most distinguished titles: a billionaire.

Rihanna is now worth $1.7 billion, making her the world’s wealthiest female musician and the second-richest female entertainer after Oprah Winfrey, according to Forbes.

Her wealth, however, is not the result of her singing. The value of Fenty Beauty, of which she currently owns 50%, accounts for the majority of her fortune, which is believed to be $1.4 billion.

The majority of the remaining is accounted for by her $270 million investment in Savage x Fenty lingerie, as well as her earnings as a chart-topping musician and actor.

Rihanna, who was born in Barbados, is not the first celebrity to utilize her social media following to establish a beauty firm, but she is the most successful, with over 101 million Instagram followers and 102.5 million Twitter followers.

Fenty Beauty, her 50-50 partnership with LVMH, debuted in 2017 with the goal of inclusivity for all women worldwide. Her cosmetics are accessible in a wide range of colors—foundation is available in 50 colours, including harder-to-find darker tones for women of color – and are marketed by a diverse group of people.

According to LVMH, the line generated more than $550 million in revenue in its first full calendar year, beating rival celebrity-founded firms such as Kylie Jenner’s Kylie Cosmetics and Kim Kardashian West’s KKW Beauty.

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According to Forbes, Fenty Beauty is valued at a conservative $2.8 billion because to the high multiples at which beauty firms trade. And all signs are that the company will continue to grow.

According to LVMH’s annual report for 2020, Fenty Skin had a “very promising start” and “generated unmatched enthusiasm,” while Fenty Beauty “maintained its attractiveness as a premium cosmetics brand.”