Rihanna becomes the first billionaire female artist

Rihanna becomes the first billionaire female artist

Bobyn Rihanna Fenty is best known to the world by her stage name, Rihanna. From her films to her music, and now her cosmetics company Fenty, Riri has created a space where women feel included and can accept themselves in their own skin.
Therefore, it is no surprise when her home country Barbados recognized her as a national treasure when it gained independence from the Queen of England in 2021. Indeed, Rihanna is a world icon.

The origin story
Rihanna was born on February 20, 1988 in St. Michael’s Parish, Barbados to a Barbadian father and a Guyanese mother.
Growing up, she listened to Caribbean music, including reggae, American hip-hop, and R&B. She loved to sing and started a girl group with two of her friends in high school.

His musical career
In 2004, she caught the attention of Evan Rogers, an American music producer who helped her record a demo. She signed with the Def Jam label since the demo, then managed by Jay Z.
She was signed as an aspiring singer and decided to adopt her middle name Rihanna as her professional stage name. His music career has spanned eight studio albums and two remix albums to date.

Other companies
Rihanna has not only been successful as a musician, but has also starred in several films, including Battleship (2012), This Is The End (2013) and Ocean’s 8 (2018).
She also starred in Guava Island in 2019, where she co-starred with Daniel Glover. Rihanna also voiced one of the main characters in the animated series “Home”, released in 2015.

The wealth
Fenty Beauty, Rihanna’s cosmetics line, was launched in 2017 with the sole purpose of making women everywhere feel included.
By bringing together all the women around the world (offering 40 different types of foundation), the beauty line propelled Rihanna into the world of billionaires.

How much is Rihanna worth?
Having had a successful music career, a brief acting career, and a whole line of cosmetics, the question on most readers’ minds is: how much is Rihanna worth? Forbes currently estimates Rihanna’s net worth to be $1.7 billion. This fortune makes her the richest musician in the world and the second richest female artist after Oprah, whose net worth is estimated at $2.6 billion. The majority of Rihanna’s wealth does not come from her music. About $1.4 billion of her fortune comes from the value of the cosmetics line, of which she owns 50%.

Another big chunk comes from Savage-X-Fenty, a lingerie company worth an estimated $270 million. The rest comes from her earnings as the highest earning musician, songwriter and actress.
Stay on top of the game
The fashion industry is quite fierce and staying relevant can be a monumental task. So how did Rihanna manage to stay on top of the fashion (lingerie) and cosmetics industry?
To say that Rihanna has a huge following on social media might be considered an understatement by some. She has successfully capitalized on her social media (101 million followers on Instagram and 102.5 million on Twitter) to create her beauty brand.

Rihanna has also made some smart partnerships in her business. His cosmetics business is a 50/50 joint venture with French conglomerate LVMH Moët Hennessy Louis Vuitton, led by Bernard Arnault.
The cosmetics line and partnerships with Sephora have allowed Rihanna’s business to grow significantly. Cosmetics are sold online and in Sephora stores. LVMH owns Sephora stores.
In 2018, the company was earning over $550 million in annual revenue.
Before Rihanna joined the cosmetics industry, most products came from landlines. Typically, there were products for light, dark, medium, and medium-dark skin tones.

Such fragmentation left many women feeling left out, and when the cosmetics line came out with its product line, most women and men who previously felt left out could now get products to suit every skin tone.
The pandemic may have slowed down the cosmetics industry, but things have rebounded with their rising value and trading rates hitting all-time highs. “Fenty-Skin,” a product launched in 2020, “generated unprecedented buzz,” according to LVMH.

The ripple effect was massive when the lingerie brand launched in 2018 as a joint venture with the TechStyle Fashion Group. All celebrities and models wanted to be seen in Savage lingerie. Lingerie has something for everyone, from the housewife who wants to spice it up in the bedroom to the gay man who wants to look sexy. Rihanna owns a 30% stake in this company.

The Savage brand has raised $115 million in funding starting with a $1 billion valuation. Currently, the Savage brand of super sexy lingerie, undergarments and lip gloss has five stores in malls across America and has managed to attract a large customer base due to its inclusiveness, range and variety. design.
Stores have added technology to help their customers choose the best outfit to flatter their bodies.
The technology created by Savage in partnership with Fit:Match is called Fit Xperience, a LiDAR-powered body scanning app. At least two devices in each store give customers a 3D scan of their body and use it to recommend the best-fitting outfits.

Stores also have different settings that allow shoppers to try on different outfits. Such uniqueness has allowed Rihanna’s brand to reach customers as a lingerie store and clothing store.

The Downside of Fortune
Even with the huge fanbase and influential nature, not all of his business ventures came to fruition. Rihanna and LVMH have confirmed to Forbes that one of their businesses has been closed due to the effects of the pandemic.
Rihanna’s music fans have also complained that she doesn’t release new music as often as she used to. Prior to the launch of the cosmetics and lingerie line, Rihanna released new music every year.
However, with the success of her brands, she became overwhelmed with running her businesses. Consequently, his musical career and his fans suffered. Her last album was in 2016 when she produced Anti.
Although not everyone loves Rihanna’s music, she has made a mark beyond herself. Her products and fashion sense have revolutionized the market by creating something for everyone.
It has also made people accept themselves by introducing products that do not conform to stereotypical beauty standards.
At 33, Rihanna has become a successful entrepreneur with a steady stream of income and a way to express her genius.


Comments are closed.