Rihanna—the pop star-turned-beauty mogul—is launching a new hair care product line, she announced Tuesday, the latest expansion to the beauty brand that made Rihanna a billionaire.
The hair care market is expected to grow by nearly $20 billion over the next three years, market researchers said.
Invision
Key Takeaways
- Fenty Hair—an addition to the Fenty Beauty line—will release on June 13 with a “flexible line of products” that are “designed to strengthen and repair all types of hair,” though she did not specify what products would be offered, Rihanna wrote on Instagram.
- The global hair care market is expected to grow by $19.6 billion to $107.5 billion from 2022 to 2027, with social media advertising and influencers largely contributing to the growth as consumers become increasingly interested in hair repair products, according to the market research firm Technavio.
- Rihanna’s Fenty Beauty focuses its advertising on social media, including increased spending for ads on Facebook, Instagram and TikTok in recent years, according to Sensor Tower data.
Forbes Valuation
Rihanna has a net worth of $1.4 billion, making her the 23rd wealthiest self-made woman in the U.S., according to our latest estimates.
Key Background
Rihanna, 36, largely owes her billionaire status to her beauty and clothing lines. She launched Fenty Beauty in partnership with the French luxury goods conglomerate LVMH in 2017, owning an estimated 50% of the company as of 2021. The cosmetics brand launched the skincare line Fenty Skin in 2020 and the perfume brand Fenty Fragrance a year later.
Rihanna’s brands have largely targeted more diverse audiences and women of color, in addition to some products for men. Rihanna also owns 28% of lingerie company Savage x Fenty. Beyond those business ventures, Rihanna has won nine Grammy Awards and has sold over 250 million records. She has the third-most No. 1 songs on the U.S. Billboard Hot 100 across her career, including “We Found Love,” “Work” and “Needed Me.”
What To Watch For
Rihanna—who last released an album in 2016—indicated earlier this year she would be releasing a new album, saying it would be “amazing,” though “that is the only reason it’s not out yet.” Last year, Rihanna said she wanted the release to “be this year.”
