Global pop star and billionaire businesswoman Rihanna has announced plans to launch her new skincare and beauty product line in eight African countries, including Kenya.
Cosmetic products Fenty Beauty and Fenty Skin are backed by French Luxury goods group LVMH will launch in African markets later this month, the Barbados-born “Diamonds” singer, whose birth name is Robyn Fenty, announced on Tuesday.
” I’ve 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’re coming to you guys on May 27th,” she added.
Entering her luxury cosmetics line would take the war to other luxury brands who want a slice of the fast-growing, multi-billion dollar cosmetics market pie on the continent.
The beauty and personal care market in Africa is expected to grow by US$1.26 billion between 2021 and 2025, according to Datamonitor statistics .
According to the data, global sales were US$170 billion in 2011, with the largest profits coming from skin care products, which account for 27 to 31 percent of global sales. Others are hair care and fragrance.
Rihanna’s beauty company, of which Parisian group LVMH owns the other half, is known for its wide range of 50 skin tones, including products with darker shades that were rare than it came onto the market in 2017. This made it an inclusion leader in the industry, catapulting the singer to massive fortunes.
The singer of “Umbrella” and “Love the Way You Lie” ranks behind American media mogul Oprah Winfrey as the richest female entertainer due to her wildly successful ventures in fashion and beauty, Forbes previously said.
Her net worth is $1.7 billion This is on attributed to the success of her cosmetics brand Fenty Beauty, which she co-owns with LVMH.
According to Forbes, the beauty products empire generated more than $550 million in sales in 2020.
The singer also owns a 30 percent stake in lingerie line Savage x Fenty, which raised $1 billion in February last year.
In an interview with The New York Times, the singer and businesswoman who became the world’s richest musician cleared, said she’s still adjusting to her new financial status.
“It’s difficult because it’s hard to even accept where you are because I know where I’m from,” she was quoted as saying.
“At the same time, it feels good to be able to inspire young people – women and boys who, like me, come from humble backgrounds, who come from parents who are immigrants or who are immigrants themselves, to to be able to do that.”
Forbes, in the latest list of international billionaires, published by US business magazine in April, ranked the singer 1,729.
The 36-year-old , who is expecting her first child, is also Barbados’ first billionaire.