Rihanna’s lingerie company Savage X Fenty is reportedly eyeing an IPO that would value it at a whopping $3 billion, according to Bloomberg, expanding her own empire and further entrenching her status among other female entrepreneurs.
A listing could happen as soon as this year, the report added.
The fashion brand, which has expanded to brick-and-mortar with five locations throughout California and Las Vegas, raised $125 million during a January funding round. Rihanna maintains a 30% ownership stake, Forbes estimates.
Launched in 2018, Savage X Fenty — which airs an annual fashion show on Amazon Prime Video (AMZN) — has helped catapult the singer-turned-entrepreneur to billionaire-level success.
In August, Rihanna officially entered the billionaires club with a net worth of $1.7 billion. That makes her the wealthiest female musician, and second only to Oprah Winfrey, as the richest female entertainer.
Although many know Rihanna for her music — from hit singles “Umbrella” and “Where Have You Been” to “We Found Love” and “Work” — the pop star actually achieved the bulk of her income through Savage X Fenty, along with her booming cosmetics line.
Fenty Beauty, which launched in 2017, has contributed the most to the singer’s wealth — an estimated $1.4 billion, Forbes said.
The makeup company gained instant fame for its inclusivity of all skin tones, generating more than $550 million in annual revenue in its first calendar year. At the time, Fenty Beauty was one of the first (and most notable) brands to introduce a variety of foundation shades, and was especially popular among women of color.
The brand, currently sold online and at Sephora locations nationwide, is a 50-50 joint venture between Rihanna and fashion powerhouse LVMH (LVMUY) — the conglomerate behind luxury brands like Christian Dior and Louis Vuitton.
Hollywood to Wall Street
In recent years, there’s been an explosion of celebrity beauty brands with Kim Kardashian, Kylie Jenner, Jessica Alba, Lady Gaga, and Scarlett Johansson all putting their names behind big makeup and skincare lines.
However, Rihanna is the wealthiest among the A-list pack, according to Forbes.
The 34-year-old’s success speaks to the larger story of female entrepreneurs, especially within Hollywood.
Last year, Oscar-winning actress Reese Witherspoon reached an agreement to sell her production house Hello Sunshine to a Blackstone-backed media company. The New York Times said the deal valued Hello Sunshine at roughly $900 million.
Prior to that, The Honest Company (HSNT) — the lifestyle brand founded by Jessica Alba—went public on the Nasdaq in early May 2021. Shares sold for $16 in its initial public offering to close at $23 per share in its first day of trading, giving the company a market value of about $2.1 billion.
However, shares have since nosedived with the stock down 35% year-to-date. The company is now valued at just $507 million.
Most recently, Kim Kardashian made headlines after revealing her advice to women in business.
“I have the best advice for women in business,” Kardashian told Variety, using salty language to tell women to “get…up and work. “It seems like nobody wants to work these days.”
Her words sparked backlash on Twitter , with many users noting Kardashian’s privileged background.
Still, the reality TV superstar has been at the helm of several multi-million dollar businesses.
Kardashian officially made Forbes’ coveted billionaires list last April, thanks to her lucrative makeup brand KKW Beauty and loungewear company Skims, in addition to extra cash from her reality series “Keeping up with the Kardashians” and endorsement deals.
The icon’s upcoming reality series “The Kardashians” is set to debut April 14 on Hulu (DIS).
Alexandra is a Producer & Entertainment Correspondent at Yahoo Finance. Follow her on Twitter @alliecanal8193
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