Rare Beauty is a cosmetics company founded by American actress and singer Selena Gomez in September 2020. Selena Gomez is the creator and owner of the brand.
The brand is owned by Gomez, and it counts New Theory Ventures' Nikki Eslami and its CEO, the beauty vet Scott Friedman, as investors, according to Bloomberg. Earlier this year, reports swirled that Gomez was seeking to sell Rare at a $2 billion valuation. But Gomez denied that a sale was imminent.
“Selena is not just a pop star,” Stacy Jones, founder and CEO of Hollywood Branded, a Los Angeles-based branding agency, told Bloomberg. Roughly 84% of Gomez's wealth—$1.1 billion—comes from a stake in her makeup brand Rare Beauty, which she founded just five years ago.
Taylor Swift comes in at number two ($1.6 billion), with Rihanna ($1.4 billion), and Selena Gomez ($1.3 billion) following suit. Madonna rounds off the top five as the first non-billionaire on the list.
Key Takeaways. Selena Gomez is now a billionaire, with an estimated net worth of $1.3 billion, according to Bloomberg. Gomez's wealth is largely due to her beauty brand, Rare Beauty, in which she has a stake worth over $1 billion.
2022's top earning beauty influencers have been revealed, with former Buzzfeed personality Safiya Nygaard taking this year's top spot from Huda Beauty entrepreneur Huda Kattan.
Related Stories. Most of Gomez's wealth (81.4 percent) can be attributed to her vegan and cruelty-free cosmetics company, which she founded in February 2019. Back in March, it was reported that Rare Beauty was valued at over $2 billion.
THE DETAILS Rare Beauty, founded by Gomez in 2020, has quickly risen to the top of the celebrity beauty market, generating an estimated $350 million in annual revenue last year.
Scott Friedman is the Chief Executive Officer of Rare Beauty. He joined Rare Beauty in January of 2019. Prior, Scott was the Chief Executive Officer for a number of companies in the beauty industry, including Bellami Hair, Nyx Cosmetics, and SoulR Products. He also served as President of Allegro Mfg.
According to reporting by Bloomberg, Selena's net worth in 2024 is $1.3 billion dollars. The majority of her net worth is estimated to come from Rare Beauty.
The Bloomberg analysis assumes Gomez holds a 51 percent majority interest based on her founding role in the company. In March, Bloomberg reported that Gomez hired advisers to weigh selling Rare Beauty at a $2 billion valuation, though she later told Time magazine that she has no plans to sell.
And in a popularity contest, Gomez takes the cup, with over 331 million followers, with Bieber at 287 million followers. However, when it comes to bank accounts, Bieber is ahead with an estimated net worth of $485 million, according to Parade, while Gomez is at $95 million.
Hailey Baldwin Bieber has made a name for herself as more than just the wife of pop superstar Justin Bieber. With a net worth of $20 million, Hailey has built an impressive career in the modeling and fashion industry, earning her a fortune in her own right.
Topline. Taylor Swift leapfrogged singer and beauty mogul Rihanna to become the world's richest female musician following the blockbuster success of her Eras Tour, as other female artists, including Madonna and Beyoncé, rank just outside the billion-dollar club.
As of 2024, five music artists have reached the billionaire status on Forbes reports: Jay-Z leading the list with US$2.5 billion, and becoming the first billionaire music artist, followed by Taylor Swift, the first billionaire with music as the primary income, and Rihanna, the first female artist to become a ...
Rare Beauty is a beauty brand created and founded by Selena Gomez. It's a brand that she had the idea to start and then pulled together a team of other industry pros.
As with many celebrity beauty brands, the business quickly captured the attention of consumers and has continued to do so, becoming one of the most viral brands in the category.
