If you’re like me, you’re probably still holding out for a Rihanna album in the near future (one can only dream right?)
But while we’ve been waiting on new music, Rihanna has been busy building something else entirely separate from her music career: a business empire (or two) that’s making history. Recently, she became the first Black woman to build two separate companies worth over $1 billion each, and while we’re happy for our good sis, it’s also completely shattered our album hopes!
That little Black girl from Barbados grew up and showed the beauty and fashion industries what they refused to see: leaving women out isn’t just wrong, it’s bad for business. Now she’s laughing all the way to the bank.
Together, Fenty Beauty and Savage X Fenty hold a combined valuation of more than $3 billion, so yes, it’s Big Rihanna from now on.
When Fenty Beauty arrived in 2017 with foundation shades crafted for a broad array of skin tones, the brand pulled in $72 million in earned media value during its opening month, and within its first 40 days, it hit $100 million in sales. By the end of 2018, Fenty Beauty had taken in nearly $573 million and the beauty industry as we know it was forever changed.
The impact was so seismic that Vogue magazine labeled it “The Fenty Effect,” which became a complete 180 of traditional industry standards, with beauty brands launching with 40 foundation shades minimum. Fenty Beauty was named one of Time magazine’s “Inventions of the Year” in December 2017, just months after launch.
Following its early performance and global expansion through a partnership with Louis Vuitton Moët Hennessy (LVMH), Fenty Beauty was valued in the billions within its first year. Rihanna had cracked the code in beauty. Lingerie was next.
By 2018, she saw that the lingerie industry was still stuck in one lane: thin and white (though if we’re being honest, they still may be stuck there). Brands like Victoria’s Secret were still doing angels and fantasy bras while real women (like the majority of women in this country who are plus size) were shopping elsewhere. Luckily, Rihanna saw the opening that she took with Fenty Beauty. The lingerie label debuted that year as a brand centered on size inclusivity and varied representation, with TechStyle Fashion Group partnering with her to launch it. The entire first collection sold out in under 30 days.
At the time, the company reported revenue growth of more than 200% and an increase in its active VIP member base of over 150%. The message was clear that women were hungry for lingerie that actually represented them.
Savage X Fenty expanded its physical retail presence and secured an additional $125 million investment from Neuberger Berman, bringing its total raised capital to $310 million, Forbes reported. Though Rihanna transitioned out of the CEO position at Savage X Fenty in 2023, she continues as executive chair while growing the Fenty portfolio with Fenty Skin and Fenty Hair.
So no, we’re not getting that album anytime soon. But watching Rihanna build two billion-dollar companies by betting on what the beauty and fashion industries kept ignoring? That might be even better.