Rihanna’s once-soaring business empire is encountering significant turbulence. The pop icon and entrepreneur, whose ventures revolutionized beauty and fashion inclusivity, has seen her net worth drop by $400 million over the past year — from $1.4 billion to $1 billion, according to Forbes’ 2025 list of America’s Richest Self-Made Women.
The 29% decline marks one of the steepest year-over-year drops among top female entrepreneurs, pushing Rihanna down to #35 on the Forbes list. While she remains a billionaire, analysts say the trend raises questions about the sustainability of celebrity-founded beauty brands in an increasingly competitive and cooling market.
Fenty Beauty, Rihanna’s crown jewel, is at the heart of the decline, co-owned with French luxury giant LVMH. Launched in 2017 and celebrated for its inclusive foundation range, the brand helped Rihanna become America’s youngest self-made female billionaire in 2022.
However, Forbes reports that Fenty Beauty’s sales have remained essentially flat, with 2024 net sales hovering around $450 million — short of earlier projections. Efforts to reignite growth through a mainland China expansion in April 2024 stumbled amid a sluggish economy and muted consumer confidence, despite heavy marketing through Sephora China.
Compounding the problem is market saturation. Once a booming category with 57% annual growth, the celebrity beauty sector has cooled to just 7% year-over-year. As new entrants flood the market with similar “inclusivity-first” branding, the novelty that once powered Fenty’s success has begun to fade.
Rihanna’s second major venture, Savage X Fenty, has faced its own set of challenges. The lingerie brand, once valued in the billions and reportedly eyeing a $3 billion IPO, suffered a leadership crisis in August 2024 when CEO Hillary Super abruptly resigned after just one year to join rival Victoria’s Secret in a lucrative $18 million deal.
The departure left Savage X Fenty in limbo, raising doubts among investors and delaying potential expansion plans. The brand has raised $310 million in total capital, including a $125 million funding round, but faces uncertainty about its future valuation and leadership direction.
Adding to the uncertainty, reports indicate that LVMH is considering selling its 50% stake in Fenty Beauty. The conglomerate has enlisted investment bank Evercore to explore potential buyers, with early estimates valuing the brand between $1 billion and $2 billion — a sharp decline from earlier valuations nearing $3 billion.
Analysts suggest the potential divestiture reflects a broader shift among luxury conglomerates seeking to consolidate around core, high-performing brands. If finalized, the sale could represent a pivotal moment for celebrity beauty ventures, signaling waning investor confidence in fame-driven business models.
Rihanna’s financial turbulence mirrors broader headwinds across the global beauty sector. The McKinsey State of Beauty 2025 report projects the $450 billion industry will slow to 5% annual growth through 2030. Consumers, increasingly skeptical of hype, prioritize value and authenticity over celebrity endorsements.
Still, Rihanna continues to diversify. In the past year, she has:
- Launched Fenty Hair (2024), tapping into a hair-care market expected to grow by $19.6 billion by 2027.
- Expanded into St. Lucia (July 2025) with a full product line debut.
- Introduced a Savage X Fenty bridal collection (April 2025).
These moves demonstrate Rihanna’s resilience and entrepreneurial drive, but they also highlight the high stakes of maintaining relevance in a rapidly shifting marketplace.
While Rihanna remains a billionaire for now, the outlook is mixed. Industry experts warn that her fortune, heavily tied to brand valuations rather than liquid assets, could fluctuate further if Fenty’s performance stagnates or LVMH’s exit triggers a reevaluation of the brand’s worth.
“The age of the celebrity beauty boom is fading,” said one industry analyst. “Consumers now want results, not just representation.”
For Rihanna, whose name became synonymous with empowerment and innovation, the challenge lies in proving her empire can endure beyond the glamour — and weather the realities of a maturing industry.
