Connect with us

World Showbiz News

Rihanna Is Officially A Billionaire As Forbes Declears

Published

on

Rihanna declared a billionaire by Forbes

When Robyn Fenty, known to the world as Rihanna, launched Fenty Beauty in 2017, she sought to create a cosmetics company that made “women everywhere (feel) included.”

A perhaps unintended consequence: The beauty line has helped her enter one of the world’s most exclusive ranks: Billionaire.

Rihanna is now worth $1.7 billion, Forbes estimates—making her the wealthiest female musician in the world and second only to Oprah Winfrey as the richest female entertainer. But it’s not her music that’s made her so wealthy.

The bulk of her fortune (an estimated $1.4 billion) comes from the value of Fenty Beauty, of which Forbes can now confirm she owns 50%. Much of the rest lies in her stake in her lingerie company, Savage x Fenty, worth an estimated $270 million, and her earnings from her career as a chart-topping musician and actress.

While Barbados-born Rihanna isn’t the only celebrity to capitalize on her social media presence—she has 101 million followers on Instagram and 102.5 million on Twitter—to build a beauty brand, she is the most successful beauty entrepreneur to do so.

rihana

Fenty Beauty, which is a 50-50 joint venture with French luxury goods conglomerate LVMH (run by Bernard Arnault, the world’s second-richest person), launched in 2017 with the goal of inclusivity. Its products come in a diverse range of colours—the foundation is offered in 50 shades, including harder-to-find darker shades for women of colour—and are modelled in its advertising by an equally diverse group of people.

Available online and at Sephora stores, which are also owned by LVMH, the products were an instant success. By 2018, its first full calendar year, the line was bringing in more than $550 million in annual revenues, according to LVMH, beating out other celebrity-founded brands like Kylie Jenner’s Kylie Cosmetics, Kim Kardashian West’s KKW Beauty and Jessica Alba’s Honest Co.

“A lot of women felt there were no lines out there that catered to their skin tone. It was light, medium, medium-dark, dark,” says Shannon Coyne, co-founder of consumer products consultancy Bluestock Advisors. “We all know that’s not reality. She was one of the first brands that came out and said, ‘I want to speak to all of those different people.’”

While cosmetics sales slowed during the pandemic, beauty companies are worth as much as ever. Stocks of larger beauty conglomerates like Estée Lauder and L’Oréal have bounced back, reaching all-time highs and trading at impressive 7.5 (or more) times annual revenues.

Meanwhile, independent brands like Beautycounter and Charlotte Tilbury inked deals with investment firms earlier this year at billion-dollar valuations.

That is good news for Rihanna. Thanks to the impressive multiples at which beauty companies are trading, Fenty Beauty is worth a conservative $2.8 billion, Forbes estimates. And all signs point to the company continuing to grow.

In its annual report for 2020, LVMH said Fenty Skin, which launched last year, was off to a “very promising start” and “generated unprecedented buzz,” and that Fenty Beauty “maintained its appeal as a premier make up brand.”

Fenty Beauty isn’t Rihanna’s only billion-dollar brand. In February her lingerie line Savage x Fenty raised $115 million in funding at a $1 billion valuation. The company, which launched in 2018 as a joint venture with TechStyle Fashion Group, counts blue-chip investors like Jay-Z’s Marcy Venture Partners and private equity firm L. Catterton (in which Bernard Arnault is an investor) as shareholders.

Rihanna maintains a 30% ownership stake, Forbes estimates. The latest round of funding will reportedly be used for customer acquisition and retail expansion.

Not that everything Rihanna touches turns to gold.  In February, LVMH and Rihanna confirmed in a statement to Forbes that they had shut down their other venture, a high-end fashion and accessories house also called Fenty.

Launched in 2019, Fenty 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.

The only complaint some fans may have about her career as a fashion and beauty mogul? It keeps her busy. The singer, who used to release an album almost every year, hasn’t released a new album since 2016’s Anti.

From a financial perspective, that may be just fine: “She is creating a brand outside of herself. It’s not just about Rihanna,” says consultant Coyne. “Even if you don’t like her music, she’s created a real style in the fashion and beauty space.”

We Will Love You To Join Our Over 150k Members Instagram Family With Just One Click @gharticles

Source: GhArticles.com

READ ALSO:   R. Kelly’s Child Pornography Trial Set To Begin August 2022 In Chicago
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

World Showbiz News

KiDi Nominated For NAACP Awards

Published

on

Sia Man - Angrily Netizen Descend On Kidi For Making His Girlfriend Dump Him
Lynx Entertainment signee, KiDi has secured his first global nomination.

KiDi’s hit song ‘Touch It’ off his Golden Boy album was nominated for the 2022 National Association for the Advancement of Colored People (NACCP) Awards.

The multiple award-winning Ghanaian artiste was nominated in the Oustanding International Song category.

Other nominees in that category also include Wizkid with Essence, Fireboy with Peru, Tiwa Savage with Somebody’s Son and Omah Lay with Understand.

The NAACP awards confer honours on outstanding performances of people of colour in film, television, music and literature.

Touch It

KiDi unleashed the global chart-topping song titled ‘Touch It’ on the 6th of May, 2021 ahead of the release of his anticipated second album; ‘The Golden Boy’.

Touch It since its release has gone beyond African borders. Millions of social media users across the world, especially on TikTok, have created videos dancing to the song and created choreographies for it, among others.here

READ ALSO:   Prophet Fufeyin Gifts Wife GHC300K; She ‘Collapses’ On Their Bed In Joy In Video; Internet Reacts

In five months, ‘Touch It’ set a new record by becoming the most streamed Ghanaian song ever on Spotify.

Currently, it has 37.6 million streams on Spotify. It peaked at #11 for ‘World Digital Sales’ on the global music ranking platform, Billboard. Y

The success of the tune on TikTok is mind-blowing. ‘Touch It’ related videos on the social media platform have surpassed 250 million.

On the official UK Afrobeats chart, the song peaked at #7. A few weeks after the release of the song, it started charting in 51 countries on Spotify and 49 countries on Apple Music including India, Costa Rica, Columbia, and the Netherlands.

The music video for the monster hit currently has over 17 million on YouTube.

 

 

 

 

We Will Love You To Join Our Over 180k Members Instagram Family With Just One Click @gharticles

Source: GhArticles.com

Continue Reading

World Showbiz News

Grammy Awards Rescheduled For April 3

Published

on

Full List Of 22' Grammy Award Nominations
The Grammy Awards will take place at the MGM Grand Garden Arena in Las Vegas on April 3, the Recording Academy has confirmed. The CMT Awards, originally scheduled for that day at the venue, will be moved to a later date.

Trevor Noah, long-running host of “The Daily Show” and host of the 2021 Grammys, will return as master of ceremonies.

According to the announcement, additional details about the dates and locations of other official Grammy Week events, including the Premiere Ceremony, the MusiCares Person of the Year benefit concert (this year honouring Joni Mitchell) and the Clive Davis Pre-Grammy Gala (honouring Sony Music chief Rob Stringer) will be announced soon.

While the 2022 Grammy Awards had been moving full speed ahead to take place on January 31 before a full audience at its traditional venue, the Crypto.com Arena (formerly known as the Staples Center) in Los Angeles, the recent Covid-19 surge has caused the postponement or cancellation of multiple events across the country.

Thus, the Grammys were officially postponed on January 5. Sources tell Variety that enough artists and executives voiced reluctance about appearing to convince the Academy to postpone the show.

As Variety noted, the 17,000-seat MGM Grand Garden Arena is in many ways the most practical option. It was only two months ago that this arena hosted the Latin Grammys, so its benefits are well-known to the Academy.

Besides being familiar, it also has the benefit of being largely dark, since so much traffic has been siphoned off by the shiny new object that is the T-Mobile Arena. The MGM’s website shows no public events booked there between a John Mayer concert on March 11 and Nick Cannon more than two months later on June 25.

READ ALSO:   Makola Fire: SDK Has A Big Question For Ghanaian Political Leaders

Last year’s show — which ironically was also scheduled for Jan. 31 — was moved up six weeks to March 14, after a holiday-season virus spike in Southern California. .

Ultimately, the 2021 Grammys took place in a scaled-down, tasteful setting at the Los Angeles Convention Center before small, rotating groups of nominees that changed every 45 minutes.

It featured a combination of live and pre-recorded performances from Taylor Swift, BTS, Harry Styles, Billie Eilish, Bad Bunny, Silk Sonic, Megan Thee Stallion and Cardi B and more, and received largely positive reviews.

Most Grammy Week events were cancelled, although MusiCares presented a scaled-down virtual show and the Clive party took place in two, five-hour-long instalments, with the legendary executive interviewing such luminaries as Mitchell and Bruce Springsteen while showing classic clips of his favourite live performances across the decades.

Sources tell Variety that the Academy and CBS are hoping for a full show with a live audience; the Grammys generate millions of dollars in revenue, and obviously drew in just a fraction of a normal year’s amount in 2021.

The 2022 Grammy nominee list is led by Jon Batiste with 11 nods, followed by Justin Bieber, Doja Cat and H.E.R. with eight apiece. Billie Eilish and Olivia Rodrigo followed with seven nominations each. Jesse Collins, Raj Kapoor and Ben Winston will serve as executive producers, with Kapoor taking over for Winston this year as showrunner. Jeannae Rouzan Clay joins the team as co-executive producer. Hamish Hamilton will return as director.

 

 

 

 

We Will Love You To Join Our Over 180k Members Instagram Family With Just One Click @gharticles

Source: GhArticles.com

Continue Reading

World Showbiz News

JUST IN: Rapper Vic Mensa Arrested In US After Returning Home From Ghana

Published

on

JUST IN: Rapper Vic Mensa Arrested In US After Returning Home From Ghana

Information gathered by GhArticles.com indicates that Grammy award winner, Vic Mensa has been arrested by Custom Agents for allegedly returning with a stash of mushrooms.

The rapper was taken into custody Saturday at Dulles International Airport outside D.C. … where he’d just returned from Ghana.

According to TMZ’s law enforcement sources, Vic Mensa was pulled aside for a secondary search, and that’s when agents found what they believe are shrooms.

The feds are still testing the substance they allegedly found to confirm if it is what they think it is.

READ ALSO:   I Don’t Even Have Panties To Wear – Beverly Afaglo Speaks After Fire Destroyed Her House [Video]

Vic was booked for felony narcotics possession because Psilocybin (the scientific name for shrooms) remains a Schedule I substance under federal law.

The Chicago-born and raised artist had been traveling around Africa for a couple of weeks to encourage tourism.

We Will Love You To Join Our Over 180k Members Instagram Family With Just One Click @gharticles

Source: GhArticles.com

Continue Reading

Trending