Rihanna officially becomes a billionaire- Forbes

Rihanna

American business magazine, Forbes recently declared popular US singer and entertainer, Rihanna, a billionaire.

Forbes, a global media company that focuses on business, investment, technology, entrepreneurship, leadership, and lifestyle; revealed that Rihanna achieved this feat due to her cosmetic company; Fenty Beauty, which she launched in 2017.

Rihanna is now ranked the wealthiest female musician in the world with a worth of $1.7 billion; second to Oprah Winfrey who is the richest female entertainer in the world.

The Best Selling Digital Artiste of All Time owns 50 per cent of Fenty Beauty which produced an estimated $1.4 billion of her wealth, with the rest coming from her music. Furthermore, her lingerie line, Savage x Fenty, launched in 2018, raised $115 million in funding.

However, it is not everything touched by the singer that turns to gold. During the pandemic, Forbes reported that LVMH and Rihanna confirmed that they “shut down their other venture, a high-end fashion and accessories house also called Fenty.

With the fashion house launched in 2019, Fenty sought to spread Rihanna’s brand of inclusivity and offer styles in a range of sizes. But like many luxury fashion brands, the high-priced line suffered releasing its last collection in November 2020.”