Global pop star turned billionaire businesswoman Rihanna has announced plans to open her new skincare and beauty products line in eight African countries, including Kenya.
The Fenty Beauty and Fenty Skin cosmetics products that are backed by French luxury goods group LVMH will be launched in the African markets later this month, the Barbados-born “Diamonds” singer, whose birth name is Robyn Fenty, announced on Tuesday.
“I have been waiting for this moment. Fenty Beauty and Fenty Skin are finally dropping in Africa,” she said on her verified Twitter handle. “Botswana, Ghana, Kenya, Namibia, Nigeria, South Africa, Zambia, Zimbabwe we are coming at you on May 27,” she added.
The entry of her luxury line of cosmetics would take the war to other luxury brands seeking a piece of the fast-growing multibillion-dollar cosmetics market pie in the continent.
The beauty and personal care market in Africa is tipped to grow by $1.26 billion between 2021 and 2025, according to Datamonitor statistics.
According to the data, global sales stood at $170 billion in 2011 with the biggest gains being realised from skincare products which account for 27 to 31 percent of the global sales. Others are hair care and fragrance.
Rihanna’s beauty company, of which the Paris-based group LVMH owns the other half, is known for its broad range of 50 skin tones, including dark shades products, which were rare when it launched in 2017. This made it a leader in inclusivity in the industry catapulting the singer into huge wealth.
The singer of “Umbrella” and “Love the Way You Lie” ranks second behind American media mogul Oprah Winfrey as the richest female entertainer, due to her wildly successful ventures into fashion and beauty, Forbes said earlier.
Her $1.7 billion dollars net worth is owed to the success of her cosmetic brand Fenty Beauty, which she co-owns with LVMH.
According to Forbes, the beauty product empire generated more than $550 million in revenue in 2020.
The singer also owns a 30 percent stake in the Savage x Fenty lingerie line, which raised money at a $1 billion valuation in February last year.
In an interview with The New York Times, the singer and businesswoman, who has been declared the world’s richest female musician, said that she is still getting used to her new financial status.
“It’s tricky because it’s hard to even accept that’s where you’re at because I know where I’ve come from,” she was quoted saying.
“At the same time, it feels good to be able to inspire young women and boys, who like me, come from humble beginnings, who come from parents who are immigrants or who are immigrants themselves, to be able to do this.”
Forbes, in the latest list of international billionaires, released by the US business magazine in April, ranked the singer at 1,729.
The 36-year-old, who is currently expecting her first child, is also Barbados’ first billionaire.