Grammy Award-winning artist Rihanna has now joined the billionaire’s club thanks to, in large part, the success of her business models for her companies, Fenty Beauty and Savage x Fenty.
She has accomplished something that many businesses have found challenging: creating a diverse product line that appeals to a wide range of customers. From utilizing plus-sized models to producing gender-neutral items, consumers worldwide believe that the Fenty brand genuinely understands their desires.
Forbes estimates $1.4 billion of Rihanna’s wealth comes from the value of Fenty Beauty, a company in which she owns 50%. Rihanna’s lingerie brand, Savage x Fenty, contributed $270 million to her earnings. Rihanna created Fenty Beauty in 2017, with the intent to start a cosmetics business that would make women feel included. It was essential to her to be inclusive and to think beyond the box.
“We don’t believe in division. We do not believe in excluding anyone. That’s been our message from day one, and it’s not going to change now because everyone has that realization,” said Rihanna.
Many marketers are attempting to be more inclusive in the face of social change in the United States, particularly regarding historically underrepresented individuals.
According to an Adobe survey conducted in May 2019, 62% of US consumers indicated diversity in a brand’s advertising had at least some influence on how they perceived that brand’s products and services, with 24% indicating a “significant” impact.
According to the Pew Research Center, over half of post-millennials are racial or ethnic minorities, which makes sense for businesses to turn to diversity and inclusion models, such as the Fenty model, for long-term success rather than traditional marketing methods. The post-millennial generation is set to be the most diverse yet.