Selena Gomez's makeup brand is worth $2 billion — but she has no plans to sell
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Amanda Krause
Apr 25, 2024, 05:12 IST
Selena Gomez attends a Rare Beauty event in Beverly Hills, California.Stefanie Keenan/Getty Images
Selena Gomez has shut down rumors that she's looking to sell her makeup brand, Rare Beauty.
The line has been valued at $2 billion and has earned more than $70 million from blush sales alone.
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The rumors aren't true, according to Selena Gomez. She's not eager to sell her makeup brand.
In March, Bloomberg reported that Gomez's company, Rare Beauty, had hired financial advisors to join meetings with potential investors and buyers.
The report came after The Business of Fashion named Rare Beauty one of the top merger and acquisition targets in January and valued the brand at $2 billion, citing $300 million in sales last year.
But during an appearance at the Time100 Summit in New York City on Wednesday, Gomez hinted at a strong future for her company — one that intrinsically involves her.
"I don't think I'm going anywhere. I am enjoying this a little too much," she told Time senior editor Lucy Feldman. "I just want to continue building what we're doing."
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Gomez went on to describe Rare Beauty as her "pride and joy" and said there are "so many fun things coming up."
"I'm just looking forward to being a part of this," she said.
Rare Beauty has seen major success since launching in 2020 with TikTok-viral products and Sephora bestsellers. As Bloomberg reported last year, it "moved 3.1 million units" of its Soft Pinch Liquid Blush alone in 2022, earning the company around $70 million in revenue.
Rare Beauty is also known for its Rare Impact Fund, an initiative Gomez founded that's dedicated to raising $100 million over the next 10 years to expand mental health services across the world.
Though Gomez might not be planning to join them anytime soon, the possibilities — and dollars — in the future are seemingly endless.
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