Rihanna is the newest Billionaire of the music industry.
According to Forbes, Robyn Fenty, better known as her stage name Rihanna, is now officially a Billionaire. This feat makes her the wealthiest female musician in the world and second only to Oprah Winfrey as the Richest Female Entertainer. The 33-year-old musician from Barbados is now worth $1.7 Billion.
When she launched her makeup line in 2017, it originally stood out for its diverse range of colors, offering foundations in a wide variety of skin tones. French luxury goods conglomerate LVMH, which also owns major fashion brands like Louis Vuitton, owns the other 50% of Fenty Beauty. The brand brought in more than $550 million in its first year, beating similar brands like Kylie Jenner’s Kylie Cosmetics, according to Forbes.
Forbes revealed that the bulk of her fortune, around $1.4 Billion, comes from her cosmetic brand Fenty Beauty. The company was launched on September 8, 2017. Forbes confirmed that Rihanna owns 50% of the stake at the brand, which is currently worth around $2.8 Billion. The other 50% of the company is owned by French Luxury goods conglomerate LVMH, which is run by Bernard Arnault, the second-richest person in the world.
Is Rihanna a self-made billionaire? It is revealed that the rest of major Rihanna fortune comes from her stake in her lingerie company, Savage x Fenty, worth an estimated $270 million. The rest of the earnings was made from her music career.
What made Rihanna a billionaire? In February, Rihanna’s Savage X Fenty raised around $115 million in funding at a $1 Billion Valuation. The brand was launched in 2018 as a joint venture with TechStyle Fashion Group, and Jay-Z’s Marcy Venture Partners investment firm also has some shares in the company.
Check out the full report here on Forbes.
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