Fenty Beauty, Rare Beauty and Rhode are the reference points every artist's team brings up. Each was built differently, and the differences matter more than the headlines.
Key takeaways
- Rihanna built Fenty Beauty with a large partner that funded and operated it; she kept a substantial stake.
- Selena Gomez kept control of Rare Beauty and tied it to a cause she cares about.
- Hailey Bieber built Rhode around a narrow product line and her own daily use, then sold to a strategic buyer.
- The common thread is not the cap table. It is founders who treated the brand as their own work.
How was Fenty Beauty structured?
Fenty Beauty launched in 2017 as a joint venture with Kendo, the brand incubator inside LVMH. Kendo brought formulation, manufacturing, retail access and capital. Rihanna brought the vision, including the 40-shade foundation range that defined the launch, and her audience.
Rihanna is widely reported to hold about half of the company. She gave up the other half, and with it full control, in exchange for not having to fund or build the operating company herself. That trade is the template most artist partnerships still follow.
How was Rare Beauty different?
Selena Gomez launched Rare Beauty in 2020 and kept control. The brand was built around mental health and self-acceptance, themes she had spoken about publicly for years, and it committed a share of sales to the Rare Impact Fund.
That cause was not a marketing add-on. It is the reason the brand reads as hers. Press reports in 2024 put Rare Beauty's value in the billions and named it as the main source of her wealth.
And Rhode?
Hailey Bieber launched Rhode in 2022 with a short list of products she used herself, priced accessibly. In 2025, e.l.f. Beauty agreed to acquire Rhode in a deal reported at up to $1 billion, with Hailey Bieber continuing in a creative and strategic role.
Rhode shows a second path: build tightly, prove the product, and sell to a strategic buyer, instead of holding forever.
What did each founder give up?
Rihanna gave up half the company and full control in return for an operating partner. Selena Gomez kept control and took on more of the building herself. Hailey Bieber kept focus by staying small, then traded ownership for a large exit.
There is no free version. The choice is between control, speed and capital, and every founder chose two of the three.
What is the lesson for an artist weighing a brand?
The structure matters less than the founder's real involvement. All three brands work because the founder treated the product as her own work, not as an endorsement with a different contract. A cap table cannot create that. It can only reward it.
Frequently asked questions
Does Rihanna own Fenty Beauty?
Rihanna co-owns Fenty Beauty with LVMH's Kendo incubator; her stake is widely reported at about half of the company.
Who owns Rare Beauty?
Selena Gomez founded Rare Beauty in 2020 and has kept control of the company.
Who bought Rhode?
e.l.f. Beauty agreed in 2025 to acquire Rhode in a deal reported at up to $1 billion, with Hailey Bieber staying involved.