The well-known singer, Rihanna has officially achieved billionaire status.
According to the financial magazine Forbes. The Barbadian singer who is now worth $1.7B, joins the billionaire league following the success of her cosmetic company, Fenty.
It is also mentioned that she is now the world’s richest female musician, and the second wealthiest female entertainer, Oprah remains the first.
“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 stated
“Much of the rest lies in her stakein 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, is a 50-50 joint venture with French luxury goods conglomerate LVMH (run by Bernard Arnault, the world’s second-richest person), and was established in 2017.
Its products come in a diverse range of colors—foundation is offered in 50 shades, including harder-to-find darker shades for women of color—and are modeled in its advertising by an equally diverse group of people.
One of the brand’s unique features and goals is its passion for inclusivity.
Forbes also reported that Fenty Beauty has an estimated worth of $2.8 billion.