American business magazine Forbes, has declared renowned Rhythm and Blues R&B singer Robyn Fenty aka Rihanna a billionaire.
According to the magazine, Rihanna achieved the feat due to a cosmetic company, Fenty Beauty, which she launched in 2017.
Rihanna with a worth of $1.7 billion, is now the wealthiest female musician in the world. She trails Oprah Winfrey who is the richest female entertainer in the world.
The singer owns 50 per cent of Fenty Beauty which produced an estimated $1.4 billion of her wealth whiles the rest comes mostly from music.
The other 50 per cent of the cosmetic company is owned by French luxury goods conglomerate LVMH.
The singer’s lingerie line, Savage x Fenty, which was launched in 2018 grossed $115 million in funding.
Forbes reported that LVMH and Rihanna confirmed that they “shut down their other venture, a high-end fashion and accessories house also called Fenty, indicating that it is not everything touched by the singer that turns to gold.
Fenty which was launched in 2019, sought to extend Rihanna’s brand of inclusivity and offer styles in a range of sizes. But like many luxury fashion brands, the high-priced line suffered during the pandemic, releasing its last collection in November 2020.”