Rihanna is a renowned name in the music industry.
More than 60 million albums have been sold and 215 million digital tracks have been downloaded since the official release of her debut studio album, making her the second-best-selling digital artist of all time, reported by a publication.
However, as her loyal supporters, dubbed the Navy, are well aware, Rihanna denied being known solely for her music. Rihanna joined PUMA in 2014 as creative director and revealed her 1st collection titled FENTY X PUMA in 2015, which included the Creeper shoe, which got sold out in 3 hours, reported The Footwear News.
That was the first of numerous business endeavors that grew her wealth to an unbelievable 1.7 billion dollars.
However, as initially disclosed by AfroTech, things have not always been simple.
How Rihanna Nearly Went Bankrupt
When “Umbrella” was released in 2007, Rihanna had a total value in excess of 50 million dollars. However, only two years later, the singer-turned-entrepreneur found herself insolvent. Rihanna began 2009 with 11 million dollars in cash and ended the year with 2 million dollars, according to Business Insider.
As per several other publications, Rihanna’s revenue decline was attributed to terrible information from her former accountant, whom she afterward sued for mismanaging finances, retaining an excessive amount of profits, and failure to adequately file taxes. Rihanna eventually prevailed in her litigation against Berdon LLP in 2012, receiving a 10 million dollars settlement.
That is when things began to improve.
In the year 2017, Rihanna became the first Black woman to collaborate with premium corporation LVMH, which has proven to be the best business decision she’s made thus far.
Rihanna subsequently owns a 15 percent shareholding in the 3 billion dollar company and has launched a few luxury brands under the LVMH umbrella. Rihanna founded Fenty Beauty, a trillion dollars lingerie label called Savage X Fenty, and a skincare line called Fenty Skin.
This is just the starting point of Rihanna’s path to accumulating her 1.7 billion dollars net worth.
Rihanna has a long history of successful business endeavors, as initially disclosed by AfroTech. She initially pledged 15 million dollars to Climate Justice and became a part of Jack Dorsey’s #SmallStart movement. Additionally, she invested in Partake, a food start-up. She also just ended a 125 million dollar Series C funding round for her billion-dollar Savage x Fenty brand.
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