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How Rihanna Built Fenty Beauty To $2.8 Billion Value
Source: Rihanna Fenty by SIGMA is Licensed by CC BY 3.0
Fenty Beauty was started by global sensation singer-turned-entrepreneur Rihanna. The cosmetics brand has now reached a valuation of $2.8 billion and Rihanna herself has reached billionaire status as a result of her stake in the business. In this article, we will discuss how Rihanna saw a gap in the market and filled that gap with Fenty Beauty, building it into the successful cosmetics giant it is now.
Rihanna began Fenty Beauty in a collaboration with the LVMH Group and Kendo because she saw that there were limited makeup options for women with darker skin. Fenty Beauty’s goal is to sell makeup for women everywhere. The brand was launched in 2017 and has grown exponentially to the beauty giant it is now.
In its initial launch, the line was simultaneously made available at 1,600 stores in 17 countries. The initial launch contained 91 different products including a foundation product with 40 different shades. Fenty Beauty was available at Sephora, Harvey Nichols, and the brand’s own website on its launch. The line is also cruelty-free.
Source: Fenty Beauty by Me in ME is Licensed by CC BY 2.0
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Rihanna’s celebrity definitely propelled the brand into the limelight but Fenty Beauty is definitely able to stand alone without relying on Rihanna’s fame. The brand is stocked at respected global retailers like Boots and Sephora and has created its own legacy in the way that it launched a whole collection that catered to all skin tones. It is also different from other celebrity brands in the sense that Rihanna did not simply slap her name on a few products and call it a day. She was involved in every step of the process, from packaging to formulation.
The launch of Fenty Beauty’s inclusive line was revolutionary and pushed other beauty brands to launch inclusive shade ranges and products. The brand has become more than simply a ‘celebrity makeup line’, it has set a new standard for other brands in the beauty industry to live up to.
Rihanna was able to address an underlying issue in the beauty industry that goes beyond shade ranges. The beauty industry essentially rejected anyone that did not fit the mold of Eurocentric beauty standards. Rihanna and her team rejected this and created a beauty brand that celebrates all races, religions, and genders.
The aim of Rihanna’s brand was also to inspire. After giving women of color products that they could actually use on their faces and would actually suit them, Rihanna wants these women to simply have fun and experiment with makeup. She says makeup “should never feel like a uniform”. She wants to encourage her audience to take risks and have fun with their beauty products. The launch of her black lipstick is a testament to this.
Source: Madrid by claudia.schillinger is Licensed by CC BY-ND 2.0
Fenty Beauty was named as one of Time Magazine’s Best Inventions of the Year in 2017. The magazine revealed that Fenty Beauty had raked in $72 million within a month of launching. It is clear that 5 years on, the brand is still innovating and finding new ways to make inclusive and effective products. Fenty Beauty is a brand that you must check out if you are in the market for high-quality, inclusive products.
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References:
forbes.com|lvmh.com|vogue.co.uk|glamour.com/|billboard.com
