Rihanna becomes World’s Richest Woman Musician with a Net Worth of $1.7 Billion

Rihanna is one of the phenomenal singers and actors in the entertainment industry who has garnered immense love and appreciation for her music from all over the world. As she recently launched her beauty line and went on to make it a successful venture in four years, she has now turned into a billionaire. 

Rihanna turns into a billionaire

According to the reports by Forbes, Rihanna became the richest female musician in the world with a net worth of $1.7 Billion about four years after launching her beauty line, Fenty Beauty. Furthermore, it turned out to be a less-known fact that it was her business that became a stepping stone in her career and not her music. It was further revealed that a bulk of her fortune, about $1.4 Billion comes from her beauty line of which she owns 50 per cent. She also owns a lingerie venture that is estimated for about $270 Million along with her earnings from her music and acting career. 

The co-founder of consumer products consultancy Bluestock Advisors, Shannon Coyne said, “A lot of women felt there were no lines out there that catered to their skin tone. It was light, medium, medium dark, dark. We all know that’s not reality. She was one of the first brands that came out and said I want to speak to all of those different people. She is creating a brand outside of herself. It’s not just about Rihanna,” says consultant Coyne. “Even if you don't like her music, she’s created a real style in the fashion and beauty space.”.

Rihanna also owns a lingerie line, Savage x Fenty that recently raised $115 Million in funding at a $1 Billion valuation. It was launched in 2018 as a joint venture with TechStyle Fashion Group, which counts blue-chip investors like Jay-Z’s Marcy Venture Partners and private equity firm L. Catterton as shareholders. Rihanna possesses around a 30% ownership stake while the latest funding will reportedly be used for retail expansion and customer acquisition. 

Rihanna also owned a high street fashion and accessories brand, Fenty, that they had to shut down in November 2020 due to the pandemic. While speaking about what lingerie meant to her, she issued a statement during the launch of her venture and stated, “Lingerie is about celebrating your body and that’s what Savage is all about. Savage ... is a representation of all and a validation that everyone is beautiful no matter what.”.

IMAGE: AP