American singer Rihanna has hit her first billion in her fashion business after deciding to put her music career on hold in order to concentrate on the fashion and clothing business.
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.
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