International music sensation, Rihana has entered billionaire status and emerging as the world’s richest female musician.
According to Forbes reports, The multi-talented artist is now worth $1.7 billion, making her the second wealthiest female entertainer, after Oprah.
While Rihanna, 33, may have gotten her start in music — selling 250 million records globally — her makeup brand is what pushed her into the billionaire’s club. Fenty Beauty launched in 2017 with a message of inclusivity; the makeup brand has more than 50 shades of foundation, often modelled by a diverse group.
The brand is a 50-50 joint venture with luxury goods conglomerate, LVMH, +0.12% run by the world’s richest person, Bernard Arnault. Forbes estimates that as much as $1.4 billion of the artist’s wealth comes from Fenty Beauty.
Fenty Beauty, sold online and at Sephora (also owned by LVMH), was an instant success. LVMH reported $550 million in annual revenue during the brand’s first full calendar year in 2018.
Fenty Skin has also been a hit, despite launching in the middle of the COVID-19 pandemic. In its annual report, LVMH said the brand “generated unprecedented buzz during the pandemic” and “is off to a very promising start.”
Rihanna has also found success in the lingerie industry. Her Savage x Fenty line raised $115 million in funding with a $1 billion valuation earlier this year. The brand launched in 2018 as a joint venture between Rihanna and Techstyle Fashion Group, but quickly raised capital from investors including rapper Jay-Z’s venture firm Marcy Venture Partners LLC and Avenir Growth Capital.
Of course, the massive fan base (including her 103 million Instagram followers) that helped rocket RiRi’s businesses into the billions is sorely missing her music. After churning out eight studio albums in a decade, the Barbadian artist hasn’t released a new one since her 2016 album, Anti. Fans wonder when, if ever, the artist will drop another banger.