The American business journal Forbes has named US singer Robyn Fenty aka Rihanna a billionaire.
According to the publication, Rihanna’s achievement was made possible by her cosmetics brand, Fenty Beauty, which she founded in 2017.
Rihanna is now the richest female musician in the world, with a net worth of $1.7 billion. She is the second richest female entertainer in the world, behind Oprah Winfrey.
The singer controls 50% of Fenty Beauty, which contributed $1.4 billion to her net worth, with the remainder coming primarily from music.
“The bulk of her fortune (an estimated $1.4 billion) comes from the value of Fenty Beauty, of which Forbes can now confirm she owns 50%,” Forbes said in its latest editorial.
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“Much of the rest lies in her stake in her lingerie company, Savage x Fenty, worth an estimated $270 million, and her earnings from her career as a chart-topping musician and actress.”
Fenty Beauty, which launched in 2017, is a 50/50 partnership with LVMH, a French luxury goods corporation controlled by Bernard Arnault, the world’s second-richest person.
Its products are available in a wide range of colours—the foundation is available in 50 shades, including harder-to-find darker shades for women of colour—and are modelled by a diverse set of people in its advertisements.
One of the brand’s distinguishing characteristics and ambitions is its commitment to diversity.
Fenty Beauty is worth a conservative $2.8 billion, according to Forbes.
Other businesses owned by the singer, such as her lingerie and perfume lines, are said to be worth millions of dollars.
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