When Rihanna entered the business world, her fame in the entertainment industry may have been an edge however, that wasn’t it. Rihanna’s makeup and skincare brand: Fenty Beauty wasn’t the first cosmetics brand, but it quickly became a leading brand in the industry after it launched. In terms of revenue and recognition, Fenty Beauty has been a hit since its introduction in 2017. How did Rihanna go from music star to fashion mogul with an incredibly successful Fenty brand we know today?
Here are a few business lessons from Fenty.
Partnerships are great. If you want to go fast, go alone. If you want to go far, go together. This saying reflects significantly on Fenty’s move to partner with LVMH. Partnering with LVMH ( Moet Hennessy Louis Vuitton), a conglomerate specializing in luxury goods, gave Fenty an edge in sales and marketing. Immediate global distribution was made possible through the influence of LVMH.
A Distinct Brand Identity. From a customer’s view, Fenty’s brand voice is clear- inclusion and make-up as a form of self-expression. And it consistently pushes this in its ads, communications, and engagements.
A Unique Selling Point: There have been cosmetics before Fenty but these brands did not cater to every skin shade. Fenty saw that as an opportunity to be inclusive. It launched over 40 shades of foundation powder in a bid to ensure that every woman finds her right match. For the woman whose skin tone is hardly categorized, there is a Fenty for her.
Build leverage: Rihanna started her career in music and later moved into the fashion business. She launched her lingerie line afterward. It is okay to build trust in one area and then leverage that to introduce other products into the market.
Would you implement any of these tactics in your business?