May 19, 2022

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Rihanna’s Journey to Forbes Billionaires List is about more than just music

Rihanna's Journey to Forbes Billionaires List is about more than just music

Rihanna makes her debut Forbes list of billionaires in the world.

The singer turned entrepreneur, ranked 1,729 (out of 2,668) with a net worth of $1.7 billion, achieved the title of billionaire for the first time in August. She is the first female billionaire in her native Barbados.

The annual report, which features musicians Jay-Z ($1.4 billion) and Kanye West ($2 billion), along with creators and artists Kim Kardashian ($1.8 billion), Steven Spielberg ($3.7 billion), Tyler Perry ($1 billion) and newcomer. Peter Jackson ($1.5 billion), credits the success of Rihanna’s cosmetics line Fenty Beauty, along with her lingerie company Savage X Fenty.

It is said that Savage X Fenty Looking forward to the IPO That would put it at $3 billion, according to Bloomberg. List could occur as soon as this year.

The four-year-old fashion brand, which has expanded to five locations across California and Las Vegas, has raised $125 million in the financing round in January. Rihanna retains 30% ownership stake, Forbes Estimates.

Rihanna records a video during the premiere of Rihanna’s Savage X Fenty Show Vol. The third event in New York City, US, September 22, 2021. REUTERS/Stephen Yang

Although many know Rihanna about her music — from the singles “Umbrella” and “Where Have You been” to “We Found Love” and “Work” — the pop star has already made the bulk of her income through Savage X Fenty Along with her thriving cosmetics line.

Forbes magazine said that Fenty Beauty, launched in 2017, contributed the most to the singer’s fortune – an estimated $1.4 billion.

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The makeup company gained instant fame for its inclusion of all skin tones, generating more than $550 million in annual revenue in its first calendar year. At the time, Fenty Beauty was one of the first (and most famous) brands to offer a variety of shades of foundation, and they were especially popular with women of color.

The brand is currently sold online and at Sephora locations nationwide, and is a 50-50 joint venture between Rihanna and fashion company LVMH (for my mouth) – the group behind luxury brands such as Christian Dior and Louis Vuitton.

Hollywood to Wall Street

In recent years, there has been an explosion of famous beauty brands with Kim kardashianAnd the Kylie JennerAnd the Jessica AlbaAnd the Lady GagaAnd the Scarlett Johansson They all put their names behind their makeup and skincare lines.

However, Rihanna is the richest among the group A, according to Forbes magazine.

The success of the 34-year-old speaks to the bigger story of women entrepreneurs, especially within Hollywood.

Last year, Academy Award-winning actress Reese Witherspoon reached an agreement to sell her production house Hello Sunshine to a Blackstone-backed media company. New York times He said the deal values ​​Hello Sunshine at about $900 million.

Prior to that, The Honest Company (HSNT) – the lifestyle brand founded by Jessica Alba – went public on the Nasdaq in early May 2021. Stocks It sold for $16 in its initial public offering to close at $23 a share on the first day of tradingThis gives the company a market value of about $2.1 billion.

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However, the shares have since declined with the stock down 42% year-to-date. The company is now valued at just under $432 million.

CULVER CITY, CA - NOVEMBER 14: Actress Reese Witherspoon (left) and Head of Party member Jessica Alba attend the 2015 Baby2Baby Gala presented by MarulaOil & Kayne Capital Advisors honoring Kerry Washington at 3LABS on November 14, 2015 in Culver City, California.  (Photo by Stephanie Keenan/Getty Images for Baby2Baby)

CULVER CITY, CA – NOVEMBER 14: Actress Reese Witherspoon (left) and Head of Party member Jessica Alba attend the 2015 Baby2Baby Gala presented by MarulaOil & Kayne Capital Advisors honoring Kerry Washington at 3LABS on November 14, 2015 in Culver City, California. (Photo by Stephanie Keenan/Getty Images for Baby2Baby)

Recently, Kim Kardashian made headlines after revealing her advice to women in business.

“I have the best advice for women in business,” Kardashian said. diverseusing salty language to tell women to “get up and work. It seems like no one wants to work these days.”

Her words sparked a backlash on Twitter, with many users pointing to Kardashian’s signature background.

Still, the reality TV star was on top Several multi-million dollar companies.

Kardashian, who jumped 1,000 spots on this year’s billionaire list compared to last year, was officially declared billionaire This past April, lucrative makeup brand KKW Beauty and loungewear thanks to Skims, plus extra money from its reality series “Keeping up with the Kardashians” and endorsement deals.

Her current net worth is $1.8 billion, according to Forbes magazine.

The icon’s upcoming reality series, “The Kardashians,” begins April 14 on Hulu (dis).

Alexandra is the Senior Entertainment and Food Correspondent at Yahoo Finance. Follow her on Twitter aliecanal8193

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