Rihanna, United States singer has emerged the wealthiest female musician in the world with a net worth of $1.7 billion.
She comes second to Oprah Winfrey who is the richest female entertainer in the world.
According to American business magazine, Forbes, Rihanna attained this feat due to a cosmetic company, Fenty Beauty, which she launched in 2017.
The singer owns 50 per cent of Fenty Beauty which produced an estimated $1.4 billion of her wealth, with the rest coming mostly from music.
French luxury goods conglomerate LVMH controls the other 50 per cent of the cosmetic company.
Fenty Beauty isn’t Rihanna’s only billion-dollar brand. In February her lingerie line Savage x Fenty raised $115 million in funding at a $1 billion valuation. The company, launched in 2018 as a joint venture with TechStyle Fashion Group, counts blue-chip investors like Jay-Z’s Marcy Venture Partners and private equity firm L. Catterton (in which Bernard Arnault is an investor) as shareholders. Rihanna maintains a 30% ownership stake, Forbes estimates.
However, it is not everything touched by the singer that turns to gold.
In February, LVMH and Rihanna told Forbes that they had shut down their other venture, a high-end fashion and accessories house also called Fenty.
Launched in 2019, Fenty sought to extend Rihanna’s brand of inclusivity and offer styles in a range of sizes. But like many luxury fashion brands, the high-priced line suffered during the pandemic, releasing its last collection in November 2020.
