News — Rihanna

There so many sectors of the U.S. economy that lacks diversity. One of such sectors is the culinary industry. Black founders are scarce in the industry, which is estimated to be 5.4 billion, according to this market report.

PreMadonna Thomas has taken a giant step into the cookware industry to not only bring diversity in the sector but to also open doors for other Black women. The television personality and rapper is venturing into an industry where many of the founders are whites and can easily access capital to expand their operations.

Thomas founded the cookware brand, Premadonna’s Cookware. She was inspired to create spices and cookware lines because of the lack of products in the industry that are available at affordable prices and in great quality. 

She tells Forbes in an interview that her products also seek to improve on existing cooking appliances on the market. What makes Premadonna’s Cookware unique is its diverse product lines as many of the existing culinary brands focus on cookware, appliances, cookbooks, or seasonings.

Aside from the pressure cooker, her multi-million-dollar cookware and seasoning empire has other products such as air fryers, deep fryers, and blenders. She also offers a best-selling cookbook and seasonings which have been endorsed by celebrities like Rihanna and the Kardashians. The wife and businesswoman tells BET Style that business is doing well that on a slow day, she can expect to ship over 500 packages.

Thomas loves cooking. She comes from a cooking family and knows a lot about pots and pans. However, she did not always have time to get into the kitchen to prepare a meal. “There was nothing in the industry for me…All the pressure cookers were older and traditional. So, I came up with a digital model. I knew that people would adapt to something that was vibrant, unique, and resourceful for all types of working people,” Thomas tells Forbes.

The entrepreneur and mom says her business has thrived owing to the passion she has for what she is doing. She goes the extra mile to ensure her customers get the best. Also, she ensures rigorous testing of every product in her kitchen before launching. This has helped her detect product defects and other minor challenges that could affect trust in her products and her brand in general.

“I think that a lot of businesses make mistakes because they’re so anxious to start, and they go with the first sample they get. With my pressure cooker and air fryer, the process took almost six months, and I tested six different models before I chose which one I wanted to go with. It was more costly, but I’m here to provide the best quality,” she explains. 

Thomas grew up in poverty. She was raised by her single mother and supported by her community through childcare programs and food banks. Thus, she wants to give back to her community using her business. She is planning a free coaching and training program for Black girls interested in the culinary industry. It will feature workshops, webinars, and guest speakers from across the industry.

The release of the Fenty fashion label made Rihanna the first Black woman to create a Luxury Brand with Moët Hennessy Louis Vuitton SE (LVMH). Per WWD, the luxury fashion brand and the ‘Work’ singer are putting production on hold for her fashion line after barely two years of its launch in anticipation of better conditions.

It was the first time Chief Executive Officer of LVMH Bernard Arnault launched a brand under the parent company of Louis Vuitton from scratch since Christian Lacroix in 1987.

The luxury fashion industry was badly impacted by the coronavirus. However, the LVMH’s investment fund will continue to support the Savage x Fenty lingerie brand and the Fenty Beauty cosmetics line.

“LVMH and Rihanna reaffirm their ambition to concentrate on the growth and the long-term development of Fenty ecosystem focusing on cosmetics, skincare and lingerie,” the luxury goods company said in a statement on Wednesday.

Fashion analysts believe that the prices may have been too steep for consumers despite Rihanna’s huge following. “Celebrity-originated brands can be very popular very quickly, but their staying power is questionable,” Luca Solca, analyst at Sanford C. Bernstein, said. “The risk is that they end up being a flash in the pan.”

However, there is no other celebrity to make the Black Girl Magic spell more compelling than Robyn Rihanna Fenty who has dominated the entertainment and fashion industry for several years.

She was recently certified by Forbes as the richest female musician in the world.

Following her hit song “Work” in 2016, the famous musician has evolved into a serial entrepreneur. Her source of wealth, according to Forbes, comes from music, cosmetics and her clothing lines.

Rihanna has sold more than 60 million albums and 215 million digital tracks, according to her label, Roc Nation. This places her as the second best-selling digital artiste globally.

The Barbadian singer is regarded by Forbes as one of the most publicly charitable celebrities. She was named Harvard Humanitarian of the Year in 2017 for her work supporting education and health care in the Caribbean and developing countries.

She recently donated $5 million to various organizations assisting with coronavirus relief efforts. Other charitable works by her include giving $1 million to New York’s needy, $2.1 million to abuse victims in LA and $5 million to other charities through the Clara Lionel Foundation.

Robyn Rihanna Fenty, 32, was recently certified by Forbes as the richest female musician in the world. Her fortune adds up to $600 million, ahead of the likes of Madonna ($570 million), Céline Dion ($450 million) and Beyoncé ($400 million).

This year, she debuted on Forbes’ list of richest self-made women in America. The list, compiled annually by Forbes, details the worth of America’s most successful women entrepreneurs and executives. The Forbes list put a spotlight on the 100 richest self-made entrepreneurs, executives and entertainers in the U.S. worth a collective $90 billion. Rihanna raked 33 on the list.

Following her hit song “Work” in 2016, the famous musician has evolved into a serial entrepreneur. Her source of worth, according to Forbes, comes from music, cosmetics and her clothing lines. Rihanna has sold more than 60 million albums and 215 million digital tracks, according to her label, Roc Nation. This places her as the second best-selling digital artiste globally.

She got her music career off to a good start after she was signed by billionaire rapper Jay-Z. She became a global hit with her debut album “Pon de Replay.” In 2016, she reportedly made an estimated $22.3 million from her music as well as raking in $137 million in revenue from her “Diamond” tour.

In 2016, she partnered with French luxury goods Louis Vuitton Moet Hennessy (LVMH) run by billionaire Bernard Arnault to create a cosmetic line called Fenty Beauty, which is reportedly worth $3 billion. The cosmetic line initially sold foundation shades and later expanded to include lipstick, lip gloss, body glitter, and more.

In its first year of operation, Fenty Beauty generated more than $550 million. Forbes estimates that Rihanna has around 15% stake in LVMH. In 2019, Rihanna became the first Black woman to create a clothing brand for LVMH called Fenty and also announced new high-end clothing, shoes, and accessories.

Also, her Savage X Fenty lingerie line has an annual revenue of about US$150 million. Additionally, she earns millions of dollars from endorsement deals from brands and companies like River Island, Mac, Armani and Balmain. In 2014, she signed a $1 million endorsement deal to work as Puma’s creative director.

Aside from music and cosmetics, other big money-making moves for Rihanna is her real estate business. She buys properties and resells for a profit. She reportedly acquired a mansion in LA at $6.8 million and resold it for $7.4 million.

The Barbadian singer is regarded by Forbes as one of the most publicly charitable celebrities. She was named Harvard Humanitarian of the Year in 2017 for her work supporting education and health care in the Caribbean and developing countries.

She recently donated $5 million to various organizations assisting with coronavirus relief efforts. Other charitable works by her include giving $1 million to New York’s needy, $2.1 million to abuse victims in LA and $5 million to other charities through the Clara Lionel Foundation.