Hint of How Rihanna Became A Billionaire
How the singer became the world’s wealthiest female musician. It wasn’t from performing, as you might have guessed.
Fenty Beauty was founded in 2017 by Robyn Fenty, better known by her stage name Rihanna, 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). Her investment in Savage x Fenty, which is worth an estimated $270 million, and her profits from her career as a chart-topping musician and actress account for the majority of the rest.
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, a 50-50 joint venture with LVMH (owned by Bernard Arnault, the world’s second-richest person), debuted in 2017 with the purpose of inclusion. Its products are available in a wide range of colors—foundation is available in 50 hues, including harder-to-find deeper shades for women of color—and are modeled by a broad set of people in its advertisements.
The goods 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.
“A lot of people thought there were no lines that catered to their skin tone out there. Shannon Coyne, cofounder of consumer products firm Bluestock Advisors, describes the spectrum as “bright, medium, medium dark, dark.” “We all know that isn’t the case. She was one of the first brands to say, “I want to communicate to everyone.”
While sales of cosmetics slowed during the epidemic, beauty industries are still worth a lot of money. Larger cosmetic conglomerates’ stocks, such as Estée Lauder and L’Oréal, have recovered, reaching all-time highs and selling at a whopping 7.5 (or more) times annual revenues. Meanwhile, independent brands like as Beautycounter and Charlotte Tilbury signed billion-dollar deals with investment groups earlier this year.
That’s fantastic news for Rihanna. Fenty Beauty is valued a conservative $2.8 billion, according to Forbes, thanks to the outstanding multiples at which beauty firms are trading. And all indications are that the corporation will continue to expand. Fenty Skin, which launched last year, had a “very promising start” and “created unparalleled buzz,” according to LVMH’s annual report for 2020, and Fenty Beauty “kept its attractiveness as a leading beauty brand.”
Rihanna’s billion-dollar brand Fenty Beauty isn’t her only one. Savage x Fenty, her lingerie company, raised $115 million in investment in February at a $1 billion valuation. Blue-chip investors like Jay-Marcy Z’s Venture Partners and private equity firm L. Catterton (in which Bernard Arnault is an investor) are among the company’s shareholders, which launched in 2018 as a joint venture with TechStyle Fashion Group. According to Forbes, Rihanna owns a 30% share in the company. According to reports, the latest amount of investment would be utilized for client acquisition and store expansion.
Rihanna isn’t known for turning everything she touches into gold. In a statement to Forbes in February, LVMH and Rihanna revealed that their other endeavor, a high-end fashion and accessories house called Fenty, had closed. Fenty was launched in 2019 with the goal of extending Rihanna’s inclusive brand and offering styles in a variety of sizes. The high-priced line, like many other luxury fashion firms, was hit hard by the pandemic and will release its final collection in November 2020.
The only gripe some fans may have about her career as a fashion and cosmetics tycoon is that she hasn’t done enough to promote women’s health. It keeps her occupied. The singer hasn’t published a new album since 2016’s Anti, which she used to do virtually every year.
That might be fine from a financial standpoint: “She’s building a brand that’s separate from herself. According to consultant Coyne, “it’s not just about Rihanna.” “Even if you don’t like her music, she’s established a distinct style in the fashion and beauty industry.”
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