Forbes has officially declared popular singer, Rihanna a billionaire making her the richest female musician on the planet.
Forbes estimates that the 33-year-old singer and businesswoman is now the wealthiest female musician in the world with a fortune worth $1.7 billion. That makes her second only to Oprah Winfrey for the world’s richest female entertainer.
While music is what made her famous, Fenty Beauty is what made her rich, the magazine says. She owns 50 percent of the company, which expanded to skincare in 2020.
Born, Robyn Fenty, the singer launched Fenty Beauty in 2017 in partnership with luxury goods conglomerate LVMH. The brand’s launch focused on inclusivity with a then-unprecedented 40 shades of foundation, which prompted the “Fenty Effect” in which other brands expanded their shade ranges for complexion products.
Forbes estimates $1.4 billion of her worth comes from Fenty Beauty and $270 million coming from her lingerie brand Savage X Fenty — the business magazine said the rest of the $1.7 billion is sprinkled in from the star’s music and acting career.
Earlier this year, Rihanna and LVMH “jointly made the decision to put on hold the ready-to-wear activity, based in Europe, pending better conditions,” according to an emailed statement from LVMH at the time.
Rihanna’s Fenty Beauty company is further expanding by entering the fragrance industry. The brand announced last week it would be launching Fenty Parfum, a unisex scent inspired and created by Riri herself, in August.
AFRICA DAILY NEWS, NEW YORK
