It's official! Rihanna has just become the wealthiest female musician in the country. Unlike her contemporaries who've gained their riches solely from album sales and touring, the mogul broke the billion dollar benchmark from the massive success of her powerhouse beauty brand Fenty Beauty.
Rihanna's not the same girl that pop princess we remember back when she first hit the scene in the early 00's. The Grammy winning artist is now a full fledged business women and her recent admission to the billionaire's club is a testament to that.
"The majority of her $1.7 billion estimated net worth is not from singing but from cosmetics," Forbes editor Kerry Dolan explained to Good Morning America, "From a super-successful cosmetics line which, when it was launched, drew lots of praise because there were something, like, more than 40 shades for all range of skin tones, which was something that at the time, not very many cosmetics lines had been that inclusive."
She currently holds a 50-50 stake in Fenty Beauty, the LVMH backed cosmetics supplier. Rihanna launched the brand back in 2017 with the goal of provide makeup products that cater to women from all walks of life. The company is said to be worth $375 million.
Another huge component of the star's massive wealth is her lingere company, Savage X Fenty. Collaborating with TechStyle Fashion Group, the brand raised $115 million in funding from private equity company L Catterton. That put Savage X Fenty's worth at $1 billion this year! As the singer currently holds a 30% ownership stake, the massive success has definitely elevated her wealth quite bit.
"In two short years, Savage X Fenty has achieved remarkable success by disrupting the intimates category," co managing partner for the L Catterton's Growth Fund Jon Owsley says in a statement, "The brand strikes a unique balance between affordability, fashion and comfort, stands deeply for inclusivity and diversity, and has differentiated itself by building an extraordinary level of affinity and unmatched customer loyalty."
Along with taking the spot as the richest female singer, she's also become the second wealthiest female entertainer. According to Forbes, who first broke the news about the singer's billion dollar milestone, she's right behind Oprah Winfrey.
Currently, she's looking to expand her brand's fragrance catalogue with the upcoming release of Fenty Parfum this month.
Sources: USA Today, Good Morning America, Forbes
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