Robyn Rihanna Fenty better known as Rihanna having found fame and fortune as a musician releasing eight studio albums, two compilation albums, two remix albums, one reissue, and 71 singles (including 18 as a featured artist) since 2005 has been named the wealthiest female singer by Forbes.
Having sold over 280 million records and singles, the Barbadian singer, businesswoman, fashion designer and actress made her wealth not only from music but also fashion and strategic partnerships with brands such as LVMH.
Forbes estimates the singer’s wealth to be around US$600 million, putting RiRi ahead of fellow music superstars as Madonna (US$570 million), Celine Dion (US$450 million) and Beyoncé (US$400 million).
RiRi’s partnership with French luxury goods giant LVMH birthed Fenty Beauty — which launched in September 2017 at LVMH-owned Sephora. It quickly caught on with buyers with the brand racking up a reported US$100 million in sales in just its first few weeks.
Fenty Beauty released 40 different shades of foundation in an unusual move where few set of shades were offered to satisfy a market.
Fenty Beauty has reportedly racked up US$570 million in sales after a few months, with the business worth an estimated US$3 billion for LVMH, which owns a reported 50 percent of the company to Rihanna’s estimated 15 percent.
Rihanna also co-owns the Savage X Fenty lingerie line with L.A. based fashion firm TechStyle Fashion Group and has an upcoming clothing line with LVMH, Fenty, which will produce high-end clothes, shoes, accessories and jewelry; the latter, which launched online in May, will include sizes up to 14, continuing the singer’s push for inclusiveness evidenced in the Fenty Beauty product line.
In 2012, Rihanna founded the Clara Lionel Foundation, which supports health and education efforts in impoverished communities around the world. In February 2017, she was named humanitarian of the year by Harvard University.
Rihanna told the New York Times that she wasn’t driven by money but by her work. “The money means that I can take care of my family. The money means that I can facilitate the businesses that I want to. I can create jobs for other people. My money is not for me; it’s always the thought that I can help someone else or, in the future, for if I have kids.”
Some of Rihanna’s albums include 2005’s debut album (Music of the Sun), 2016’s (Anti) and 2007’s (Good Girl Gone Bad).
By Michael Eli Dokosi/goldstreetbusiness.com