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Selena Gomez’s Rare Beauty has been recognized as one of Time’s Most Influential Companies for 2024. Gomez, who founded Rare Beauty in 2020, is featured on the June cover of Time magazine, which also lists the 100 Most Influential People and Companies of the year. Rare Beauty, known for its inclusive cosmetics, is now valued at approximately $2 billion. The brand’s annual sales grew significantly, reaching $400 million for the 12 months ending in May 2024. Its popular product, Soft Pinch Liquid Blush, alone generated $70 million in sales last year.
Rare Beauty distinguishes itself in the competitive beauty market through its commitment to social impact. Its philanthropic arm, the Rare Impact Fund, has raised $13 million to expand mental health services for underserved communities, providing grants to 26 organizations across five continents. The fund aims to raise $100 million over ten years.
Gomez emphasized the importance of social impact in her business, stating that she wanted Rare Beauty to be a resource for people and contribute positively to society. Rare Beauty has also gained popularity on TikTok, driven by its mission-driven branding. There are rumors that Gomez has hired advisors to explore potential sale offers for the brand, though no confirmations have been made.
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