Work! Forbes crowns Rihanna as world’s richest female musician
RiRi is proving to be a bonafide contender in the business outside of music.
She does not have to work, work, work, work, work, work, work, work anymore if she doesn’t want to. Forbes has just crowned singer and business mogul Rihanna as “The World’s Richest Female Musician.”
The Bajan beauty achieved superstar status nearly a decade ago with a string of chart-topping hits including “Umbrella,” “Rude Boy,” “We Found Love” and “Work.” However, her 15 percent stake in Fenty Beauty has helped the 31-year-old secure an estimated fortune of $600 million, putting her ahead of pop music icon Madonna ($570 million), Céline Dion ($450 million), and dare we even say, Beyoncé ($400 million), Forbes reports.
The business magazine also notes that RiRi is $400 million away from reaching billionaire status.
Fenty Beauty was launched in September 2017 under LVMH, the French luxury brand run by billionaire Bernard Arnault. The cosmetics company racked up a reported $100 million in sales in the first few weeks, and is now worth approximately $3 billion.
Part of Fenty Beauty’s massive success comes from setting itself apart from its competitors. The brand offers 50 shades of foundation, from light to deep, particularly for women of color who are largely ignored with just a handful of hues sold by other popular brands.
“It challenged the standard convention that you only needed a very defined set of shades to satisfy a market,” says Stephanie Wissink, research analyst at Jefferies to Forbes. “Not only did [Fenty Beauty] achieve meaningful sales, but it potentially changed the industry permanently.”
Fenty Beauty reportedly generated $570 million in revenue last year, after only 15 months in business.
In May, LVMH and Rihanna announced the new clothing house, Fenty, which offers high-end clothes in sizes up to U.S. 14, shoes, accessories and jewelry.
“They extended the offer to me and it was a no-brainer because LVMH is a machine,” Rihanna told The New York Times Style Magazine. “Bernard Arnault was so enthusiastic; he trusted me and my vision.”
The collection, which launched online in May, makes Rihanna the first woman to build a luxury fashion house from scratch. Fenty exists under the same umbrella as Dior and Givenchy, and is LVMH’s first new house in more than 30 years.
“What Fenty Beauty did to beauty, Fenty lifestyle is going to do to fashion,” says Wissink. “It’s going to raise the bar for what it looks like to build a brand that’s inclusive, game changing, global and iconic.”
Get that money, RiRi!