Throughout the music industry, Rihanna is a well-known name.
Several publications have stated that since the official release of her debut studio album, she has sold more than 60 million records and downloaded 215 million digital songs, making her the second-best-selling digital artist of all time in terms of album sales and track downloads.
However, as her devoted fans, called the Navy, are well aware, Rihanna has always maintained that she is just renowned for her music career. According to The Footwear News, Rihanna joined PUMA in 2014 as creative director and debuted her first collection, named FENTY X PUMA, in 2015. The collection includes the Creeper sneaker, which was sold out in three hours, according to the publication.
That was the first of countless business ventures that resulted in her accumulating an incredible 1.7 billion dollars in fortune.
The situation has not always been straightforward, as AfroTech revealed in its original disclosure.
How Rihanna Nearly Went Bankrupt
Immediately following the launch of “Umbrella” in 2007, the singer’s overall net worth had surpassed $50 million USD. Although the singer-turned-entrepreneur had been successful for two years, she found herself destitute. It was reported by Business Insider that Rihanna started the year with 11 million dollars in cash and concluded the year with 2 million dollars in cash.
Numerous other newspapers have said that Rihanna’s revenue fall was caused by inaccurate data provided by her previous accountant, whom she later sued for mismanaging her finances, hoarding an excessive amount of money, and failing to properly submit tax returns. Rihanna was finally successful in her lawsuit against Berdon LLP in 2012, collecting a ten-million-dollar settlement for her troubles.
That was the point at which things started to look up.
In the year 2017, Rihanna made history by becoming the first Black woman to partner with luxury firm LVMH, which has proven to be the smartest commercial choice she’s ever made.
LVMH is owned by Rihanna, who has a 15 percent stake in the $3 billion corporations and has established a number of premium brands under its banner. Besides Fenty Beauty, Rihanna has a trillion-dollar lingerie brand called Savage X Fenty and a skincare line called Fenty Skin. Rihanna is also a singer and songwriter.
Nevertheless, this is only the beginning of Rihanna’s journey to amassing her 1.7 billion-dollar net worth.
As reported by AfroTech at the beginning of this article, Rihanna has a lengthy history of successful commercial ventures. She first promised 15 million dollars to Climate Justice and became a member of Jack Dorsey’s #SmallStart campaign, which was founded by the Twitter founder. In addition, she made an investment in Partake, a food-related start-up. Aside from that, she has recently completed a 125 million dollar Series C investment round for her billion-dollar Savage x Fenty fashion line.