French luxury conglomerate LVMH Moët Hennessy Louis Vuitton announced earnings yesterday and noted that Fenty Beauty doubled its revenue in 2022 versus the prior year. In an earnings release the company attribued the growth to “expansion of its distribution network and the success of its launches.”
While LVMH didn’t provide 2022 Fenty Beauty revenue figures, it announced the beauty brand brought in $573 million in revenue in 2018. Forbes in 2021 valued the entire operation as worth $2.8 billion, of which 50 percent belongs to CEO Robyn Rihanna Fenty.
First launched with LVMH’s beauty brand incubator Kendo in 2017, Fenty’s growth over the past several years has largely been fueled by global expansion. Comnenting on Fenty Beauty’s first forray into Asia, in 2019 Rihanna stated on social media, “When I launched @fentybeauty in 2017, it was important to me to make sure it was available globally so everyone had access to it. We are continuing to expand our Fenty Beauty family to Hong Kong, Macau, Seoul and Jeju in September!”
In March last year, Fenty Beauty launched at U.S. beauty retailer Ulta Beauty and shortly thereafter it expanded distribution to eight African countries.