Fenty Beauty propels Rihanna onto Sunday Times Rich List
May 13, 2020
The new Sunday Times Rich List isn't due to be released until this weekend but it's already been revealed that Rihanna is surging up the select group of ultra-wealthy UK residents. She entered the top 10 for the first time this year and is already at number three.
And the reason? Not her music output. Instead it's her business activities outside of the music sphere, particularly the launch of Fenty Beauty.
Although she hasn't released any new music for four years, the superstar has earned £351.6 million in the last year from her diverse business interests.
She's been living in London since 2018, which is how she qualifies for the list, and the Sunday Times’ sister paper the Times reported on Wednesday that she’s actually expected to become the UK's first billionaire musician with her overall wealth at present estimated at £468 million.
Rihanna launched Fenty Beauty in 2017, backed by LVMH-owned beauty incubator Kendo. And as well as the brand’s make-up offer, it’s set to launch into skincare too with the debut of Fenty Skin.
But the growing beauty offer isn’t her only non-music activity. She’s seen success with her ready-to-wear and accessories that she also markets in a deal with LVMH, and with her Savage x Fenty lingerie label. That label reportedly clinched $50 million in new funding last summer with investors including Jay-Z’s venture firm Marcy Venture Partners and growth-equity firm Avenir Growth Capital taking part.
Meanwhile Dua Lipa has joined the top 20 list of Young Music Millionaires in 11th place this time. The star has strong links with the fashion and beauty sectors and has starred in campaigns for YSL Beauty, as well as being global brand ambassador for Pepe Jeans.
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