09.09.24
Rare Beauty founder and actress, Selena Gomez, has reached billionaire status and has been added to Bloomberg’s Billionaires Index. According to Bloomberg, she holds an estimated net worth of $1.3 billion.
Most of Gomez’s fortune comes from Rare Beauty, which was this year’s Beauty Packaging’s Company of the Year.
Bloomberg estimated that Gomez has a 51% majority interest stake in Rare Beauty, worth over $1.1 billion.
Rare Beauty has been recognized by Time Magazine as its Most Influential Company of 2024.
In 2023, Rare Beauty reached an annual revenue of $350 million. Its hero product, the liquid blush, sold 3.1 million units in 2022.
Since its inception five years ago, Rare Beauty has made numerous strides in becoming a well-known brand.
The brand has developed a strong presence on social media with 7.6 million followers on Instagram and 4.1 million on TikTok.
One thing that makes the brand stand out is the Rare Beauty Fund, which was founded by Gomez to support mental health organizations. In partnership with Sephora, the brand donated 100% of product sales in October 2023 to the fund in honor of World Mental Health Day.
Also in 2023, the brand expanded into body care with a Find Comfort Body Collection, featuring a fragrance mist, lotion, cream, and aromatherapy pen.
Earlier in 2024, the brand received the Leaping Bunny Certification, and to celebrate Rare Beauty released two limited-edition dog toys, designed after its blush and mascara packaging.
In March of this year, Gomez was reported to have hired investment bankers in consideration of selling Rare Beauty. However, in a Time interview, she denied these plans, confirming her continued ownership of the company.
Rare Beauty Ticks All the Boxes for Today’s Consumer
Most of Gomez’s fortune comes from Rare Beauty, which was this year’s Beauty Packaging’s Company of the Year.
Bloomberg estimated that Gomez has a 51% majority interest stake in Rare Beauty, worth over $1.1 billion.
Rare Beauty has been recognized by Time Magazine as its Most Influential Company of 2024.
In 2023, Rare Beauty reached an annual revenue of $350 million. Its hero product, the liquid blush, sold 3.1 million units in 2022.
Since its inception five years ago, Rare Beauty has made numerous strides in becoming a well-known brand.
The brand has developed a strong presence on social media with 7.6 million followers on Instagram and 4.1 million on TikTok.
One thing that makes the brand stand out is the Rare Beauty Fund, which was founded by Gomez to support mental health organizations. In partnership with Sephora, the brand donated 100% of product sales in October 2023 to the fund in honor of World Mental Health Day.
Also in 2023, the brand expanded into body care with a Find Comfort Body Collection, featuring a fragrance mist, lotion, cream, and aromatherapy pen.
Earlier in 2024, the brand received the Leaping Bunny Certification, and to celebrate Rare Beauty released two limited-edition dog toys, designed after its blush and mascara packaging.
In March of this year, Gomez was reported to have hired investment bankers in consideration of selling Rare Beauty. However, in a Time interview, she denied these plans, confirming her continued ownership of the company.
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