Forbes today released its ranking of America’s most successful self-made women, and Rodan+Fields founders Kathy Fields and Katie Rodan made the list.
In its sixth annual list, Forbes shone a spotlight on the richest self-made entrepreneurs, executives and entertainers is, which is up to 97 from 80 last year. The women on this year’s list are worth a collective $90 billion and have started or helped expand companies that do everything from build rockets to create snowboards to make Covid-19 tests.
Although the pandemic has hurt the sales of beauty brands, Fields and Rodan landed at No. 22 in the ranking with $800 million each. (Fortunes were calculated using stock prices from September 11, 2020.)
In the article, Forbes offered the following insight on the two women and their company:
- Rodan and Fields co-created the acne treatment Proactiv and launched skin-care company Rodan+Fields. In 2016, the two dermatologists sold their Proactiv royalties to a joint venture between Guthy Renker and Nestle, which markets the product.
- In May 2018, private equity firm TPG spent $1 billion to buy a 25% stake in Rodan+Fields.
- Revenues of Rodan+Fields, a multilevel marketing firm with 300,000 consultants, fell from $1.6 billion in 2018 to around $1.3 billion in 2019.
- The drop in Rodan + Fields’ revenue and lower market values for direct selling firms in skin care led Forbes to cut the estimated firm value by 50%.