Rihanna is now currently worth $1.7 billion
US singer, Robyn Rihanna Fenty, known mononymously as Rihanna, has been named a billionaire by Forbes, an American business magazine.
According to the publication, Robyn Fenty achieved the achievement thanks to her cosmetics firm, Fenty Beauty, which she founded in 2017. She wanted to start a cosmetics company that made women from all walks of life (feel) included.
Rihanna is currently the world’s wealthiest female musician, with a net worth of $1.7 billion. She is only second to Oprah Winfrey, the world’s richest female entertainer.
The singer owns 50% of Fenty Beauty, which contributed $1.4 billion to her net worth, with the rest coming primarily from her singing career.
LVMH, a French luxury goods conglomerate, owns the remaining 50% of the cosmetics company.
Savage x Fenty, her lingerie company, has garnered $115 million in investment since its inception in 2018. Blue-chip investors such as Jay-Marcy Z’s Venture Partners and private equity firm L. Catterton (in which Bernard Arnault is an investor) as shareholders. According to Forbes, Rihanna owns a 30% share of the company. As per reports, the latest amount of investment would be utilized for client acquisition and store expansion.
Not everything touched by the singer, however, turns to gold.
Forbes reported that LVMH and Rihanna confirmed that they “shut down another joint venture, a high-end fashion, and accessories house called Fenty. Fenty was launched in 2019 to expand Rihanna’s brand inclusiveness and provide Styles in various sizes. But like many luxury fashion brands, the high-priced product line suffered during the pandemic, and the last collection was released in November 2020.”
What are the only complaints that some fans might have about her career as a fashion and beauty mogul? This keeps her busy. This singer who used to release albums almost every year has never released a new album since “Anti” in 2016.
From a financial point of view, this may be okay: “She is creating a brand other than herself. This is not just about Rihanna,” said Coyne, a consultant. “Even if you don’t like her music, she has created a real style in the field of fashion and beauty.”