Rihanna officially joins the billion-dollar club with $1.7 billion fortune

NEW YORK — Rihanna is formally a billionaire, in accordance with Forbes journal. According to the publication, she has an estimated web value of $1.7 billion, making her the richest singer on this planet, behind solely Oprah Winfrey, the richest girl within the leisure business.

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However, she didn’t get wealthy due to her music profession. The gross of her fortune — about $1.4 billion — comes from cosmetics firm Fenty Beauty, of which Rihanna holds 50 % in a partnership with French luxurious items conglomerate LVMH, run by Bernard Arnault, the world’s second richest particular person.

Another slice of Rihanna’s fortune — $270 million — is the results of the enterprise of her lingerie model, Savage x Fenty, and the remainder of the proceeds come from her profession as a singer and actress.

Rihanna – whose actual identify is Robyn Fenty – launched Fenty Beauty in 2017. At the time, she stated the aim was to create a beauty line that will make “women everywhere (feel) included,” and laid a base for the face in 50 completely different shades, created by an equally various group of individuals, one thing remarkable on the time.

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This led to the so-called “Fenty Effect”, during which rival manufacturers expanded their tonal traces to make-up merchandise.

Rihanna participates in promotional event of her brand Fenty in Paris Photo: MARTIN BUREAU / AFP
Rihanna participates in promotional occasion of her model Fenty in Paris Photo: MARTIN BUREAU / AFP

Available on-line and at Sephora shops, that are additionally owned by LVMH, the merchandise had been a right away success.

In 2018, the model’s first 12 months of operation, the road generated greater than $550 million in annual income, in accordance with LVMH, surpassing different manufacturers based by celebrities corresponding to Kylie Jenner’s Kylie Cosmetics; Kim Kardashian’s KKW Beauty;  and Jessica Alba’s Honest Company.

Fenty Beauty just isn’t Rihanna’s solely billion-dollar model. In February, its Savage X Fenty lingerie line grossed $115 million in a pickup, bringing the corporate’s valuation to $1 billion.

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The firm, launched in 2018 as a three way partnership with TechStyle Fashion Group, has top-notle buyers corresponding to Jay-Z’s Marcy Venture Partners and personal fairness agency L. Catterton, during which billionaire Bernard Arnault is an investor.

Rihanna holds a 30% possession stake within the firm, in accordance with Forbes estimates. Savage X Fenty’s newest spherical of financing might be used for acquisitions and retail enlargement.