How the singer grew to become the richest feminine musician on the earth. Trace: It wasn’t from doing.
by Madeline Berg
When Robyn Fenty, known to the planet as Rihanna, launched Fenty Beauty in 2017, she sought to generate a cosmetics firm that made “women all over the place (experience) included.” A possibly unintended consequence: The splendor line has aided her enter one particular of the world’s most special ranks: Billionaire.
Rihanna is now worth $1.7 billion, Forbes estimates—making her the wealthiest feminine musician in the globe and 2nd only to Oprah Winfrey as the richest woman entertainer. But it is not her audio which is manufactured her so wealthy. The bulk of her fortune (an believed $1.4 billion) comes from the price of Fenty Beauty, of which Forbes can now verify she owns 50%. A great deal of the relaxation lies in her stake in her lingerie firm, Savage x Fenty, worth an estimated $270 million, and her earnings from her vocation as a chart-topping musician and actress.
Whilst Barbados-born Rihanna isn’t the only celeb to capitalize on her social media presence—she has 101 million followers on Instagram and 102.5 million on Twitter—to establish a splendor manufacturer, she is the most successful attractiveness entrepreneur to do so. Fenty Magnificence, which is a 50-50 joint venture with French luxurious goods conglomerate LVMH (run by Bernard Arnault, the world’s second-richest person), introduced in 2017 with the intention of inclusivity. Its products and solutions occur in a diverse assortment of colors—foundation is offered in 50 shades, including more difficult-to-uncover darker shades for gals of color—and are modeled in its marketing by an equally numerous team of men and women.
Offered on the internet and at Sephora stores, which are also owned by LVMH, the products ended up an quick results. By 2018, its initially entire calendar 12 months, the line was bringing in far more than $550 million in once-a-year revenues, in accordance to LVMH, beating out other movie star-founded brands like Kylie Jenner’s Kylie Cosmetics, Kim Kardashian West’s KKW Splendor and Jessica Alba’s Honest Co.
“A lot of gals felt there have been no traces out there that catered to their pores and skin tone. It was light, medium, medium dim, darkish,” states Shannon Coyne, cofounder of client items consultancy Bluestock Advisors. “We all know that’s not truth. She was one of the initially makes that came out and stated, ‘I want to communicate to all of those diverse persons.’”
Whilst cosmetics gross sales slowed all through the pandemic, elegance corporations are really worth as substantially as ever. Stocks of larger sized splendor conglomerates like Estée Lauder and L’Oréal have bounced back, achieving all-time highs and investing at impressive 7.5 (or a lot more) moments annual revenues. Meanwhile, unbiased brand names like Beautycounter and Charlotte Tilbury inked offers with expense corporations before this yr at billion-greenback valuations.
That is fantastic news for Rihanna. Many thanks to the impressive multiples at which magnificence businesses are trading, Fenty Magnificence is value a conservative $2.8 billion, Forbes estimates. And all signals level to the corporation continuing to grow. In its yearly report for 2020, LVMH mentioned Fenty Pores and skin, which introduced last 12 months, was off to a “very promising start” and “generated unprecedented buzz,” and that Fenty Natural beauty “maintained its enchantment as a premier make-up brand.”
Fenty Beauty isn’t Rihanna’s only billion-dollar brand. In February her lingerie line Savage x Fenty elevated $115 million in funding at a $1 billion valuation. The firm, which launched in 2018 as a joint enterprise with TechStyle Style Group, counts blue-chip traders like Jay-Z’s Marcy Undertaking Partners and personal equity company L. Catterton (in which Bernard Arnault is an investor) as shareholders. Rihanna maintains a 30% possession stake, Forbes estimates. The most up-to-date spherical of funding will reportedly be utilised for client acquisition and retail growth.
Not that every thing Rihanna touches turns to gold. In February, LVMH and Rihanna confirmed in a assertion to Forbes that they experienced shut down their other venture, a superior-end style and equipment house also identified as Fenty. Released in 2019, Fenty sought to increase Rihanna’s manufacturer of inclusivity and provide models in a vary of sizes. But like numerous luxurious style brand names, the superior-priced line experienced all through the pandemic, releasing its final selection in November 2020.
The only complaint some supporters might have about her vocation as a fashion and attractiveness mogul? It keeps her occupied. The singer, who employed to release an album almost each 12 months, has not launched a new album due to the fact 2016’s Anti.
From a fiscal standpoint, that may well be just fantastic: “She is generating a manufacturer exterior of herself. It’s not just about Rihanna,” suggests marketing consultant Coyne. “Even if you really don’t like her songs, she’s designed a real model in the style and elegance room.”
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