I don't believe Fenty Beauty has been discussed on Hacker News before seeing as how it's a line of cosmetics, so maybe you could expand on what you know about its history that others may not have been following in as much detail?
In 2017, Fenty Beauty found an underserved market (dark-skinned women and high-quality makeup) and made a killing selling them what they wanted. If you relied solely on history and stereotypes, you would believe nobody could make $500 million dollars that way.