5 billionaires leading change in the beauty industry

The beauty industry is undergoing a wave of transformation, driven by rising challengers and long-established giants evolving to keep pace.

Brands are redefining consumer experiences, rolling out innovative products, and stretching the limits of creativity.

Leading this shift are several notable billionaires, as highlighted by Tatler Asia, whose influence is shaping the industry’s future.

Rihanna – Fenty Beauty

Barbadian singer Rihanna (Robyn Rihanna Fenty) arrives at the Fenty Beauty And Fenty Skin Celebration Hosted By Rihanna event held at Goya Studios on Feb. 11, 2022 in Hollywood, Los Angeles, California, United States. Photo by NurPhoto via Reuters

The Barbados-born singer and actress turned entrepreneur built most of her US$1 billion fortune not from music but from her beauty and fashion ventures.

After launching fragrances that saw strong early success, she partnered with global fashion houses before making her biggest move in 2017 with Fenty Beauty, which she co-founded with LVMH. While she initially held a 15% stake, she has since expanded her ownership to 50%.

From the outset, Fenty set out to champion inclusivity, offering products for a wide range of skin tones. Its release of foundations and concealers with 40 shades sparked an industry-wide shift, prompting other brands to follow suit. This marked a turning point in an industry that had long overlooked women of color, according to Business Insider.

Within a year, the firm’s annual revenue had already surpassed $550 million. Riding on that success, Rihanna rolled out Savage X Fenty in 2018, a lingerie line promoting confidence and body positivity, and later expanded into skincare with Fenty Skin and haircare with Fenty Hair.

Her fortune stands at an estimated US$1 billion, per Forbes.

Françoise Bettencourt Meyers – L’Oréal

Francoise Bettencourt Meyers, the heiress to the L’Oréal cosmetic fortune and the world’s richest woman. Photo by Reuters

Heiress to the French cosmetics giant L’Oréal, Françoise Bettencourt Meyers is known for keeping a low profile, rarely appearing at glamorous events except those tied directly to the company, according to El País.

She previously served as the company’s vice-chairman before retiring from the position in April.

Beyond her influence on the company’s push toward personalized beauty technologies and sustainability, Bettencourt Meyers has made a lasting impact through her philanthropy and intellectual pursuits.

Through the Bettencourt Schueller Foundation, which she leads, hundreds of millions have been directed toward scientific research and the preservation of cultural heritage, including major contributions to the restoration of Notre-Dame Cathedral.

In late 2023, she became the first woman to reach centibillionaire status with a fortune exceeding $100 billion, though her wealth fell sharply the following year as cosmetics sales in China declined.

She is currently the world’s second-richest woman with a net worth of $94.2 billion.

Suh Kyung-bae – Amorepacific

Suh Kyung-bae, chairman and CEO of Amorepacific. Photo courtesy of the company

Suh Kyung-bae, chairman and CEO of Amorepacific, is credited with driving the worldwide rise of Korean beauty. He took charge of the company in 1997 and has since led an ambitious expansion, building a portfolio that includes well-known brands such as Sulwhasoo, Laneige, and Innisfree.

His strategy blends technological innovation with biological research and balances Eastern and Western beauty traditions, creating products suited for diverse markets.

Under his leadership, Amorepacific has achieved consistent international growth and secured its reputation as one of the world’s most innovative companies.

His net worth is estimated at $1.4 billion.

Kim Byung Hoon – APR

Kim Byung Hoon, CEO and founder of APR. Photo from Kim Byung Hoon's Instagram/@byunghoon_victor_kim

Kim Byung Hoon, whose fortune is estimated at $1.3 billion, is South Korea’s youngest skincare billionaire in 2025 through his 31% stake in APR, a company he founded in 2014.

The firm began with cosmetics but made a breakthrough in 2021 with at-home facial devices designed to deliver spa-like treatments.

Rather than relying on duty-free sales or a China-focused strategy, APR distinguished itself with TikTok-driven marketing and sleek, technology-oriented products.

As Korean beauty gained global popularity, APR’s flagship brand Medicube started drawing attention from international celebrities. In 2023, Hailey Bieber posted about using Medicube’s gel mask and later endorsed the Age-R Booster-H device, giving the brand a major lift.

That momentum carried into 2024, when the firm launched high-profile campaigns featuring Kylie and Kendall Jenner as well as Khloe Kardashian.

This year, APR’s stock has surged, making it South Korea’s largest beauty company by market value and surpassing long-time leader Amorepacific, Bloomberg reported.

Kim has said his goal is to establish APR as the most innovative company in the beauty sector.

"We believe our innovative technology created a difference," Kim said in emailed comments cited by Forbes last year.

Hou Juncheng – Proya

Hou Juncheng, founder and chairman of Proya Cosmetics. Photo courtesy of the company

Hou Juncheng established Proya in 2006 in China’s Zhejiang Province after years of experience distributing domestic cosmetic labels such as "Yue-Sai" during the 1990s.

By leveraging e-commerce, livestreaming, and social media, Proya quickly built a strong following among younger consumers. Most of its revenue comes from the flagship "Proya" line, which is particularly popular with Chinese women aged 18 to 24 in small and mid-sized cities.

Last year, the company’s revenue exceeded 10 billion yuan (US$1.4 billion), marking the first time a homegrown Chinese beauty brand reached that milestone.

Under Hou’s leadership, Proya has invested heavily in research and development, resulting in 256 patents.

Hou also led the "Oriental Grasse" initiative, creating a modern cosmetics hub spanning Hangzhou and Huzhou.

Looking ahead, he seeks to open an innovation center in Paris and pursue acquisitions to strengthen Proya’s global presence. Hou has a net worth of $1.7 billion.