Selena Gomez Shuts Down Rumors, Says Not Selling Rare Beauty

Actor, singer, and entrepreneur Selena Gomez is not promoting her multi-billion greenback magnificence model any time quickly.Gomez clarified in an interview this week that she was not occupied with promoting her magnificence model, Rare Beauty, or taking it public. The firm is reportedly price $2 billion.”I haven’t got any plans on that, genuinely,” Gomez instructed TIME. Gomez primarily focuses on Rare Beauty’s product growth and philanthropy, overseeing the Rare Impact Fund, which has raised $13 million since Gomez based the corporate in 2020.She instructed TIME that she shall be engaged on merchandise for Rare “for the following few years” and that she by no means wished the corporate “to be about making some huge cash and that is it.”Selena Gomez. Photo by Samir Hussein/WireImageGomez’s remarks refute a March report that Rare Beauty was in non-public talks a few attainable sale or IPO.Related: Is Selena Gomez the Next Beauty Billionaire? Rare is well-liked on social media and sells an array of $30 and underneath make-up, physique care, and brushes.A $23 liquid blush from the corporate went viral on TikTok in 2022 and introduced in $70 million in income that yr. The firm’s bestsellers embrace tinted lip oil and matte lipstick, per a rating on its web site.Rare reportedly hit greater than $400 million in web gross sales from February 2023 to February 2024.

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