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According to American business magazine Forbes, Rihanna is now worth $1.7 billion – making her the wealthiest female musician in the world and second only to TV personality Oprah Winfrey as the richest female entertainer.
Although Barbados-born singer is one of the most successful musicians in the world, her music fortune adds just a tiny portion to her new wealth. Forbes said 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%.
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It said the rest comes from Savage x Fenty (her lingerie company), worth an estimated $270 million, and her earnings from her career as a chart-topping musician and actress.
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Rihanna’s combined 203.5 million Instagram and Twitter followers played a huge role in projecting her brand.
Fenty Beauty, which is a 50-50 joint venture with French luxury goods conglomerate LVMH, launched in 2017 with the goal of inclusivity. Its products come in a diverse range of colours – the foundation is offered in 50 shades, including harder-to-find darker shades for women of colour – and are modelled in its advertising by an equally diverse group of people, reports Forbes.
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Rihanna gives fans a sneak peek at her FENTY collection
Aside from Fenty Beauty, the “Umbrella” has another billion-dollar brand. In February this year, her lingerie line Savage x Fenty raised $115 million in funding at a $1 billion valuation.
Launched in 2018 as a joint venture with TechStyle Fashion Group, Savage x Fenty counts blue-chip investors like Jay-Z’s Marcy Venture Partners and private equity firm L. Catterton as shareholders. Rihanna maintains a 30% ownership stake, Forbes estimates.
The latest round of funding will reportedly be used for customer acquisition and retail expansion.