Renowned musician and cosmetics billionaire Robyn “Rihanna” Fenty’s net worth has dropped by $300 million over the past 29 days due to a decline in the valuation of her businesses and investments in the fashion and cosmetics industries.
Rihanna, who is credited with building the billion-dollar skincare brand Fenty Beauty, is one of 100 self-made ultra-wealthy American women and ranks among the world’s 10 African-American billionaires.
The majority of her billion-dollar fortune stems from her 30-percent stake in the Savage x Fenty lingerie line, and her stake in Fenty Beauty, a fast-growing cosmetics company that sells her makeup and skincare products on Sephora shelves in the United States, Canada, Asia-Pacific, Europe, and the Middle East.
According to Forbes, Rihanna’s net worth has dropped from $1.7 billion to $1.4 billion at the time of writing this report, resulting in a $300-million loss for the African-American billionaire, who welcomed her first child in May.
The multimillion-dollar slump in her net worth can be attributed solely to her businesses and investments in the fashion and cosmetics industries, as fashion suppliers and brands continue to face significant economic and geopolitical challenges.
The drop in her net worth in June comes just a few weeks after she announced plans to launch her billion-dollar skincare brand Fenty Beauty in Africa as part of a strategic move to expand the business and capitalize on existing opportunities on the continent.
As part of the move, the skincare brand will make its debut in two of the continent’s top five wealth markets, South Africa and Nigeria, as well as other African countries such as Botswana, Ghana, Kenya, Namibia, Nigeria, South Africa, Zambia, and Zimbabwe.
Despite the recent drop in her net worth, Rihanna remains not only America’s second-wealthiest Black woman, but also one of the world’s richest people, with a fortune of $1.4 billion.
