Pop singer Rihanna has stepped down from her position as CEO of her lingerie brand, Savage X Fenty.
On Friday, the billionaire beauty behemoth appointed Hillary Super, the former CEO of Anthropologie Group, to take her place as CEO. Rihanna has held the position since she founded Savage X Fenty in 2018.
Image Credits: CNBC
According to Vogue, the “Diamonds” singer will be in hold office as executive chair. In a statement, Rihanna said: “It’s been beautiful to see our vision for Savage X Fenty impact the industry at such an incredible magnitude over the last five years. This is just the beginning for us, and we’re going to continue to expand in ways that always connect with the consumer.”
“I’m so grateful and excited to welcome Hillary Super as our new CEO – she is a strong leader and is focused on taking the business to an even higher level.”
On the other hand, Hillary Super had earlier been in leadership roles at Guess, American Eagle, Gap, and Old Navy. “I’m thrilled to join the Savage X Fenty family,” she said. “The brand is a major powerhouse in the lingerie and apparel industry, and its unwavering commitment to celebrating inclusivity and fearlessness is inspiring.”
The move will come into effect on 26 June.
Before Savage X Fenty, Rihanna achieved billionaire status with her cosmetics company alone, Fenty Beauty. When the brand was launched in September 2017, Fenty Beauty soon garnered praise from fans for its noteworthy 40-shade foundation range. In its first year, Forbes forecasted the brand made more than $550m in annual revenue. The company itself is worth $2.8bn.
The pop singer, whose net worth is forecasted to be more than $1.4bn, has made news in the fashion industry since she started Savage X Fenty five years ago. The 35-year-old is popular for her over-the-top fashion shows, the past four of which are available to stream on Amazon Prime Video.
According to Forbes, a ranking of one through five ranks “someone who inherited some or all of his or her fortune,” while scores six through 10 “are for those who built their company or established a fortune on his or her own”.
While Fenty Beauty “comprises the majority of her fortune,” it is not Rihanna’s only source of income, as the magazine states that the nine-time Grammy winner also earns a fat amount from her music career and her lingerie brand, Savage x Fenty, which “raised money at a $1bn valuation in February 2021”. Rihanna at present has a 30 per cent stake in the company.
The singer and entrepreneur also has too much on her plate, as she’s expecting her second child with partner A$AP Rocky right now. The couple’s first child, son RZA Athelaston, was born in May 2022.
Apart from soon becoming a mother of two, Rihanna has also shared a release date for her much-anticipated ninth studio album.
“I want it to be this year,” she told British Vogue last February. “Like, honestly, it’d be ridiculous if it’s not this year. But I just want to have fun. I just want to make music and make videos.”
Rihanna’s decision to resign from her CEO position comes soon after the Savage X Fenty brand looks forward to expand beyond e-commerce, according to Vogue. Since 2022, Fenty has opened seven stores in US cities, comprising Los Angeles, Houston, Las Vegas and Atlanta.
