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Monday, June 24, 2024

Selena Gomez Shuts Down Rumors, Says Not Selling Rare Beauty

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Actor, singer, and entrepreneur Selena Gomez isn’t selling her multi-billion dollar beauty brand any time soon.

Gomez clarified in an interview this week that she was not thinking about selling her beauty brand, Rare Beauty, or taking it public. The company is reportedly worth $2 billion.

“I don’t have any plans on that, genuinely,” Gomez told TIME.

Gomez mainly focuses on Rare Beauty’s product development and philanthropy, overseeing the Rare Impact Fund, which has raised $13 million since Gomez founded the company in 2020.

She told TIME that she will be working on products for Rare “for the next few years” and that she never wanted the company “to be about making a lot of money and that’s it.”

Selena Gomez. Photo by Samir Hussein/WireImage

Gomez’s remarks refute a March report that Rare Beauty was in private talks about a possible sale or IPO.

Related: Is Selena Gomez the Next Beauty Billionaire?

Rare is popular on social media and sells an array of $30 and under makeup, body care, and brushes.

A $23 liquid blush from the company went viral on TikTok in 2022 and brought in $70 million in revenue that year. The company’s bestsellers include tinted lip oil and matte lipstick, per a ranking on its site.

Rare reportedly hit more than $400 million in net sales from February 2023 to February 2024.





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