MUSICIAN Rihanna is now officially a billionaire and the richest female musician in the world, thanks to the huge success of her Fenty Beauty line, Forbes announced.
The Umbrella hitmaker, 33, is now worth an estimated $1.7 billion, Forbes reported on Wednesday, making her the second wealthiest female entertainer on the planet behind Oprah Winfrey with $2.7 billion.
It is claimed the bulk of the popstar’s fortune ($1.4 billion) comes not from music, but from her 50 per cent stake in her acclaimed cosmetics line, Fenty Beauty – a joint venture with French luxury goods conglomerate LVMH – and worth $2.8 billion in total.
Her $270 million stake in the wildly successful Savage X Fenty lingerie line and her wealth from her 16-year recording career all make up the mogul’s mass wealth.
Rihanna founded acclaimed beauty brand Fenty Beauty back in 2017 with a desire to “make women everywhere (feel) included.”
It became a leader in providing diversity in the makeup industry when it first launched 40 shades for its foundation line
The You Da One singer first put out her makeup line at Sephora, racking up sales eclipsing $100 million over the course of its first few weeks
She said: “Make-up is there for you to have fun with. It should never feel like pressure. It should never feel like a uniform. Feel free to take chances and take risks, and dare to do something new or different.”
By the end of its first full calendar year in 2018, LVMH said the brand took home $550 million in annual revenues, trouncing celebrity cosmetics brands such as Kylie Cosmetics and KKW Beauty.
The high-end brand turned into a billion dollar business in less than four years, and with the launch of Fenty Skin last year, looks set to grow even further.
Fenty Skin had sales of $30 million in under four months on its e-store, WWD reports.
Rihanna’s Savage X Fenty lingerie line, which she has a 30 per cent stake in, is also worth $1 billion.
A second round of funding for the brand in February secured a whopping $115 million for Savage X Fenty, with L Catterton, a private equity firm that fashion house LVMH has a stake in, taking a percentage of the line. □