The global beauty industry is making billionaires out of female entrepreneurs

Makeup and skincare products continue to rank among the most contemporary essentials used by women all over the world, as they continue to explore options that would help to enhance their skins and images. 

When Forbes released its current self-made female billionaires list on June 4, 2019, it wasn’t a surprise that 11 out of the 80 listed female billionaires made their money from beauty and skincare business. 

The world richest female musician, Rihanna, made the list; and no, it wasn’t her hits in the music industry that earned the 31-year-old a whopping sum of $600 million. It was her cosmetics line, Fenty Beauty

Rihanna and other women, like Kathy Fields (worth $1.5 B), Katie Rodan ($1.5 B), Anastasia Soare ($1.2 B), Kylie Jenner ($1 B), Huda Kattan ( $610 M), Jamie Kern Lima ($440 M),  Kim Kardashian West ($370 M),  Karissa Bodnar ($275 M), Toni Ko ($270 M), are daily providing all-inclusive feminine beauty products for women. 

Why Cosmetics and Skincare products will keep making the list

The use of cosmetics and skincare products have become a global thing. Many have argued that since this industry targets women, who happen to make up most of the world’s population, it is certain that it will always cash out. 

When Rihanna launched her Fenty Beauty brand in September 2017, with a foundation spectrum that now spans 50 shades, it was reported by Forbes that she made $100 million worth of sales in the first week of its release. It amassed an estimated $570 million in revenue, last year alone and was named one of Time magazine’s Best Inventions of 2017.  

Also, there is Kylie Jenner, the 21-year-old who has successfully built her makeup line, providing women with comfort shades of lipsticks.   

It was reported that Kylie, who started out peddling $29 lip kits in 2015, sold an estimated $360 million worth of Kylie Cosmetics in 2018. In the same year, she partnered with Ulta, a beauty retailer, and made estimated sales of $55 million worth of products in just 6 weeks. 

Kylie also announced in May 2019, that she will be launching her vegan Kylie Skin line, as she further intends to dominate the aesthetics world. 

When Influence meets branding

Rihanna dominates the female branded beauty and skin care products market. Many believe that Rihanna’s Fenty beauty has been able to rise faster than others this year, due to her influence in the music industry, as many want to identify with her products. Imagine telling a friend that you bought the newest Fenty shimmer foundation, which is owned by your favorite music star. 

Imagine also, talking about acquiring Kylie Jenner’s latest nude lippy to your list. These women have been able to rise to this standard because people identify with them; they are icons to many. From Kylie Jenner, who is a popular face on the E series, “Keeping Up with the Kardashians” to Rihanna who is a music icon. 

Beauty products are the new oil money

Regardless of influence and all, beauty and skincare industries have consistently produced billionaires, and social media has helped exacerbate this.  

Even many Nigerian celebrities are venturing into the manufacturing of these products. Actresses like Oge Okoye, Juliet Ibrahim, Mercy Aigbe, and Big Brother Nigeria stars like Nina Ivy are all taking this route. 

Beauty is becoming a conscious thing more than ever before, with everyone wanting to “slay” in parties and have flawless glowing skin, it is admissible to say that people can pay any price to achieve this.   

Source: Nairametrics

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