Selena Gomez’s Rare Beauty has been crowned one of Time’s Most Influential Companies for 2024.
The celebrity beauty brand founder is on the June cover of the magazine, which features Time’s list of 100 Most Influential People and Most Influential Companies this year.
Singer and actress Gomez founded Rare Beauty in 2020, offering a range of inclusive cosmetics, and it is now reportedly worth US$2bn.
The brand’s annual sales grew 100% from 2021 to 2022, and 200% in 2023, hitting $400m for the 12 months ending May, reported Time.
Sales of Rare Beauty’s most popular product, Soft Pinch Liquid Blush, also reached $70m last year, added the publication.
Rare Beauty stood out in the beauty market due to its commitment to social impact.
The business’s philanthropic arm, the Rare Impact Fund, has raised $13m to support and expand mental health services for underserved communities.
The initiative has given grants to 26 organisations across five continents and aims to raise $100m over ten years.
“At the beginning, when I first created Rare Beauty, I was not sure if I was going to be excited about doing something unless it incorporated giving back in some way,” Gomez told Time magazine.
“So, before the make-up products even happened, I wanted the brand to be some sort of resource for people as well.
“Because, I feel like if I am here, I might as well do as much good as I can.”
Rare Beauty has even been named one of the most popular celebrity-owned beauty brands on TikTok thanks to its mission-driven branding.
It is also rumoured that Gomez has hired advisors to assess sale offers for the brand, but nothing has been confirmed.
Time magazine’s full list of 100 Most Influential People and Most Influential Companies will be released later today.
Read more:
- Rare Beauty expands beyond make-up with debut scented body care range
- Hailey Bieber and Kim Kardashian crowned beauty’s top influencers
- Why L’Oréal Paris and Rare Beauty are winning at influencer marketing
