Despite the world having a rather negative view on a few billionaires at the moment, there is one who many can’t seem to get enough of. And that is none other than everyone’s favourite Bad Gal – Rihanna, who is now officially a billionaire.
Based on estimates by Forbes, Rihanna is now worth US$1.7 billion – placing her as the wealthiest female musician in the world, and second only to Oprah Winfrey as the richest female entertainer. However, it’s not her award-winning, chart-topping music that helped earn her billions – with her last album Anti released in 2016.
In fact, the bulk of her wealth – an estimated US$1.4 billion – comes from Fenty Beauty, the cosmetics leg of Rihanna’s brand. She owns 50% of Fenty Beauty, with the other half shared by French conglomerate LVMH. As for the rest, Rihanna has her stake in her lingerie company, Savage x Fenty to thank for, which is an estimated US$270 million.
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So how did Fenty Beauty make Rihanna the most successful beauty entrepreneur today? Well, simply put – it’s all because of Rihanna’s vision, to create a brand driven by efficacy and inclusivity.
Launched in 2017, Fenty Beauty became an instant hit with its diverse range of shades in the foundation line, which comes in 50 shades and includes uncommon darker shades for women of colour. To further amplify the voice of inclusivity, the brand also uses a diverse group of models in its advertising campaigns. Within its first full calendar year, Fenty Beauty the line brought in over US$550 million in annual revenues, beating out similar celebrity-founded brands such as Kylie Jenner’s Kylie Cosmetics.
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As for Savage x Fenty, earlier this year, the brand raised US$115 million in funding at a US$1 billion valuation, according to Forbes. It’s estimated that Rihanna owns 30% of the company, with the rest owned by TechStyle Fashion Group.
And what has she been doing with her money? Well, for starters, she put it to good use throughout the deadly Covid-19 pandemic, having donated US$5 million to the global coronavirus relief fund via her Clara Lionel Foundation. The donation was split among Direct Relief, Feeding America, Partners in Health, the World Health Organisation’s Covid-19 Solidarity Response Fund, and more. Founded by the singer-entrepreneur in 2012, the foundation also helped raise over US$5 million in 2019 to support its work in climate resilience as well as global education.