US singer, Robyn Fenty aka Rihanna, has been declared a billionaire by American enterprise journal, Forbes.
The journal acknowledged that Rihanna attained the feat because of a beauty firm, Fenty Magnificence, which she launched in 2017.
With a value of $1.7 billion, Rihanna is now the wealthiest feminine musician on this planet. She comes second to Oprah Winfrey who’s the richest feminine entertainer on this planet.
The singer owns 50 per cent of Fenty Magnificence which produced an estimated $1.4 billion of her wealth, with the remaining coming principally from music.
The opposite 50 per cent of the beauty firm is managed by French luxurious items conglomerate LVMH.
Her lingerie line, Savage x Fenty, which was launched in 2018 raised $115 million in funding.
Nonetheless, it isn’t every little thing touched by the singer that turns to gold.
Forbes reported that LVMH and Rihanna confirmed that they “shut down their different enterprise, a high-end trend and equipment home additionally known as Fenty. Launched in 2019, Fenty sought to increase Rihanna’s model of inclusivity and supply types in a variety of sizes. However like many luxurious trend manufacturers, the high-priced line suffered in the course of the pandemic, releasing its final assortment in November 2020.”
