Selena Gomez, a household name thanks to her acting and singing career, has reached an impressive new milestone. At 32 years old, Gomez has officially entered the billionaire ranks, with her fortune primarily stemming from her thriving beauty brand, Rare Beauty. According to Bloomberg, her wealth now stands at a staggering $1.3 billion, making her one of the youngest female self-made billionaires.
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How Selena Gomez built her fortune
Founded just five years ago, the brand has quickly gained a cult following, particularly on social media, where products like its liquid blush and lip tint have gone viral.
Rare Beauty has proven to be a significant contributor to her wealth, with Bloomberg estimating Gomez’s stake in the company to be worth over $1 billion. In the 12 months leading up to February, Rare Beauty reportedly generated net sales of $400 million, showcasing its dominance in the beauty market. This success places Gomez in an elite group of young women entrepreneurs, alongside music icons like Taylor Swift and Rihanna.
The rise of Rare Beauty: More than just a beauty brand
Rare Beauty isn’t just another celebrity beauty line. Gomez has built the brand on values of authenticity, inclusivity, and mental health awareness. In a market crowded with competitors, these principles have helped the brand resonate with a diverse audience, particularly young consumers who value brands with a purpose. Rare Beauty’s mission to promote self-acceptance and celebrate individuality has been a driving force behind its growth.
The company’s products, such as their viral liquid blush and lip tint, are known for their high-quality formulations and user-friendly design. Gomez’s commitment to making beauty accessible to everyone is evident in her brand’s wide range of shades and affordable price points. Rare Beauty’s innovative marketing strategies, heavily focused on social media platforms like Instagram and TikTok, have also contributed to its meteoric rise.
Additional sources of income: Endorsements and acting
While Rare Beauty has been the largest contributor to Gomez’s billionaire status, her other ventures have also played a role in building her fortune. The multi-talented star has secured endorsement deals with major brands such as Louis Vuitton, Coach, and Puma, earning tens of millions of dollars in the process.
In addition to her work in the beauty industry and endorsements, Gomez has continued her acting career. Her role in the Hulu hit Only Murders in the Building has been a standout, with the show receiving widespread acclaim and multiple award nominations.
Mental health advocacy and its connection to Rare Beauty
Mental health is a cornerstone of Rare Beauty’s identity. Gomez has used her platform not only to promote beauty products but also to foster conversations about self-care and mental health. The brand’s Rare Impact Fund is a prime example of this commitment, with a portion of all sales being donated to support mental health services, particularly for underserved communities.
This unique approach to combining beauty with advocacy has resonated with consumers and set Rare Beauty apart from its competitors. In a world where the beauty industry often promotes unrealistic standards, Gomez’s message of self-love and acceptance has made Rare Beauty a standout brand.
What’s next for Selena Gomez?
Despite her massive success, Selena Gomez has made it clear that she’s not done yet. With Rare Beauty continuing to thrive, her acting career flourishing, and her advocacy work gaining recognition, it’s clear that Gomez’s influence will only continue to grow.
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