Rihanna is now officially a billionaire – according to the estimates of the “Forbes” magazine. However, her artistic activity did not guarantee her promotion to the elite group of the rich. The increase in the wealth of one of the most famous singers of popular music is mainly due to the income obtained from the sale of cosmetics of her brand Fenty Beauty.
The value of Rihanna’s estate is currently estimated at $ 1.7 billion, Forbes lists. The magazine notes that this makes her the richest representative of the world of music in the world. Considering the entertainment industry as a whole, Rihanna is only ahead of Oprah Winfrey.
Fenty Beauty is responsible for Rihanna’s wealth
The singer’s promotion to the elite group of billionaires, however, is not responsible for the profits from her musical activity. Most of her fortune (an estimated $ 1.4 billion) comes from the Fenty Beauty brand she founded, in which Rihanna owns 50 percent. shares. The rest of the singer’s profits come from the Savage x Fenty lingerie brand and income from the music business.
The Fenty Beauty brand is a joint venture that the singer founded with the French luxury goods conglomerate LVMH (owned by Bernard Arnault, the second richest man in the world).
The singer maintains that the brand’s main advantage is that it is accessible to everyone – its products come in a wide range of colors – foundations come in 50 shades, including darker colors that are harder to find for black women.
The cosmetics industry is recovering from the crisis
As Forbes notes, after the crisis in 2020, cosmetic companies are starting to make up for losses. Shares of large cosmetic conglomerates such as Estee Lauder and L’Oreal hit record values.
This is good news for Rihanna. Fenty Beauty is currently valued at $ 2.8 billion. In its 2020 annual financial statements, LVMH stated that Fenty Skin had a “very promising start” and “generated unprecedented interest”.
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