During a time when several celebrity beauty brands are struggling – such as actress Drew Barrymore’s Flower Beauty closing and model Kate Moss’ Cosmoss entering liquidation – Selena Gomez’s Rare Beauty is bucking the trend.
The singer and The Only Murders in the Building actress’ business value has seemed to only skyrocket, thanks to its ‘viral’ range which spans make-up, body care and fragrance.
Rare Beauty now has an estimated valuation of US$2.7bn, according to a new report by Fortune magazine, following the publication’s Most Powerful Women Summit on 20 October, where Gomez was interviewed.
The beauty brand’s stellar growth is said to be down to its popular products, such as Soft Pinch Liquid Blush, making it one of Sephora’s top-selling brands globally.
But its success is also thanks to Gomez’s reputation as a philanthropist via the brand’s Rare Impact Fund.
The programme was founded with the aim of raising $100m over ten years to support mental health services for underserved communities in the US.
Rare Beauty also broke into the fragrance category this year with its first customisable eau de parfum, which comes with a complementary range of perfume primers.
Despite previous rumours of Rare Beauty mulling sale offers, Gomez has confirmed this is not the case.
“I am not ready,” she said at Fortune’s Most Powerful Women Summit.
“I love what we do and I do not want it to change.”
Gomez launched Rare Beauty in 2020 and the brand now has 8.4 million followers on Instagram and 4.9 million on TikTok.
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