Selena Gomez, a multifaceted artist and entrepreneur, has significantly impacted the beauty industry through her brand, Rare Beauty. Launched in September 2020, Rare Beauty aims to challenge traditional beauty standards by promoting self-acceptance and mental health awareness. This innovative approach resonated with consumers, particularly younger demographics who seek authenticity in the brands they support. By cultivating an inclusive image and emphasizing the importance of inner beauty, Gomez has successfully positioned her brand as more than just a commercial venture; it is a movement that champions individuality and self-expression.
The financial success of Rare Beauty is evident in its rapid growth and popularity. As of 2023, reports indicate that the brand's valuation has reached over one billion dollars, propelling Gomez into billionaire status. This remarkable achievement underscores the potential for celebrity-driven brands to thrive in today's market when they align with social values and consumer expectations (Patel, 2022).
The 32-year-old actress and singer has amassed a fortune worth $1.3bn, according to Bloomberg, which added the celebrity to its billionaire index on Friday.
It said her wealth came mainly from her Rare Beauty make-up company, which she founded five years ago and retains a stake in worth more than $1bn, the publication estimated.
The brand's success has made her one of the "youngest female self-made" wealthy on the list, alongside the likes of Taylor Swift and Rihanna.
Her popularity on Instagram makes her the third most followed person, behind soccer icons Cristiano Ronaldo (638 million) and Lionel Messi (504 million), helping her rake in massive endorsements with Puma, worth a reported $30 million, and Coach, a $10 million deal.
But her following has also helped her Rare Beauty line, putting her in the celebrity-led category of makeup brands dominated by Rihanna and the Kardashians. Gomez also has reportedly reached out to investors for Rare Beauty, seeking a $2 billion valuation.
Representatives for Gomez didn’t respond to requests for comment. Bloomberg’s wealth analysis took into account the estimated value of her stake in Rare Beauty, her interest in Wondermind, the estimated value of her music album sales and properties, and earnings from streaming deals, brand partnerships, concert tickets and acting. It assumes the lowest estimated value of her stakes in businesses and is based only on assets that could be confirmed or traced from publicly disclosed figures.
In 2020, Ms Gomes revealed that she was diagnosed with bipolar disorder and later said in an interview that any deal struck with her has to have an element that's charitable or in the mental health space. She started the Rare Impact Fund to help raise $100 million to help people gain access to mental health services.
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