Rihanna has made history as the first Black woman to establish two billion-dollar companies. Her brands, Fenty Beauty and Savage X Fenty, have individually surpassed a $1 billion valuation, as reported by Parade.
Collectively, these two ventures now boast a valuation exceeding $3 billion, marking a major milestone in Rihanna’s entrepreneurial journey.
Launched in 2017, Fenty Beauty immediately captured the attention of both consumers and industry experts with its foundation range, which was designed to cater to a broad array of skin tones. The immediate sell-out of the deeper tones at Sephora prompted other brands, like Make Up For Ever and L’Oréal, to launch campaigns specifically aimed at women of color.
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“Makeup is like a secret weapon. It can go from very subtle to a complete transformation,” Rihanna told Time Magazine in 2017. She said it was “important that every woman felt included” and explained that she remained closely involved in product development with Kendo, the brand’s parent company.
She added, “I love challenges. So I’m going to continue to have fun and push the boundaries in this industry.”
At the time, the magazine recognized the brand for its inclusion in the Best Inventions Hall of Fame. It was acknowledged as one of the 25 most iconic inventions the publication had featured over the previous 25 years.
Fenty Beauty achieved a valuation in the billions within its first year, according to Parade, following its initial performance and worldwide expansion through a partnership with Louis Vuitton Moët Hennessy (LVMH). LVMH has recently considered selling its stake in the brand.
Building on the success of Fenty Beauty, Rihanna launched Savage X Fenty in 2018. This lingerie company quickly gained popularity in the market, driven by its focus on size inclusivity and diverse representation. The brand’s traction was bolstered by its campaigns, product range, and annual fashion shows.
Savage X Fenty achieved a valuation exceeding $1 billion in 2021 following a $115 million Series B funding round. This milestone was accompanied by a reported revenue growth of over 200% and an active VIP member base increase of more than 150%, according to Afrotech. Before securing this funding, Rihanna’s stake in the company was estimated to be worth $85 million.
Savage X Fenty expanded its reach by opening retail stores across the U.S. Furthermore, the brand secured an additional $125 million in funding from Neuberger Berman, bringing its total venture capital funding to $310 million, as reported by Forbes.
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In 2023, Rihanna stepped down as the CEO of Savage X Fenty, though she said she was continuing in a leadership role as the executive chair, according to Vogue Business.
Commenting on the brand’s progress, she expressed her pride, stating, “It’s been beautiful to see our vision for Savage X Fenty impact the industry at such an incredible magnitude over the last five years … This is just the beginning for us.”
The mom of three has expanded her successful business empire across beauty, skincare, and fashion, encompassing her two billion-dollar companies, Fenty Beauty and Savage X Fenty. Her business portfolio also features Fenty Skin and the upcoming Fenty Hair line, as reported by AfroTech in 2024.
