For Millennials. By Millennials.
With a lucrative makeup brand like Fenty Beauty, it’s no surprise that Rihanna is right behind stars like Jay-Z when it comes to money. For a long time, the singer has mainly used her social media platforms alone to advertise her products. This makes sense given that she has over 72 million followers on Instagram.
Rihanna’s Fenty Beauty
Similar to Kylie Jenner’s strategy with Kylie Cosmetics, Rihanna mainly snaps photos of herself branding her company. Her lipstick shades go wherever she goes. This is a smart move in the business world; customers associate the brand with Rihanna herself, hence increasing their loyalty towards her make-up brand.
https://www.instagram.com/p/Bw-h9o0ByDE/?utm_source=ig_embed
This low-cost business marketing tactic has helped her gain a $600 million fortune! According to Forbes, this makes her the world’s richest female musician. Meanwhile, Madonna ($570 million), Celine Dion ($450 million) and Beyoncé ($400 million) were runners-up on the annual list.
Furthermore, Forbes estimated that Rihanna owns about 15% of her company’s shares. However, this was denied by a representative of the singer. Regardless, there’s no doubt that her wealth is worth a lot. Reportedly, Fenty Beauty generated an estimated $570 million in revenue in 2018 alone. This was after a mere 15 months in business.
Rihanna’s Other Product Line
But, Fenty Beauty obviously isn’t the only source of Rihanna’s net worth. Apart from what she earns from her music and tours, she also has another product line called Savage X Fenty, a high-end lingerie brand. Moreover, just last month, she announced plans for the fashion house Fenty. Rihanna is partnering with French luxury goods company LVMH, to offer her followers both online and offline shopping for upscale clothing, shoes, jewelry and accessories.
Diversifying her brand into luxury clothes and shoes means that her company will grow immensely in the following years. Perhaps in time, she will also join Jay Z’s billionaire lane. As for now, fans are excited to see what Rihanna is going to come up with.