Selena Gomez is reportedly considering selling her $2 billion cosmetics company.
Gomez, an actor and singer whose credits include Disney’s Wizards of Waverly Place, Spring Breakers and Neighbors 2: Sorority Rising, is behind his company Rare Beauty. An advisor was hired to solicit offers. According to Bloomberg News.
The company has brought in bank officials to consider potential offers for the company, and it was reported that Gomez, 31, is likely to remain involved in the business after the sale.
Rare Beauty is valued at $2 billion. Business of Fashion News Site It is expected to be one of the “most popular M&A targets in 2024.”
Gomez founded the company in 2020. She leverages her status as a celebrity and her hundreds of millions of social media followers to sell mascaras, liquid blushes, lip oils, eye brighteners, fragrances and mists. is completed.
The star is staffing Rare with talented beauty industry veterans, including chief product officer Joyce Kim, who previously served as an executive at L’Oréal’s Nix Professional Makeup.
Rare has been able to spread the word about its products thanks to its strong online presence. The company has millions of followers across all social media platforms, including Instagram and his TikTok.
Just because you’re a celebrity in the entertainment industry doesn’t guarantee success in the retail industry.
While Gomez, Rihanna, and Hailey Bieber have made good money in the beauty retail business, others like Kristen Bell, Ariana Grande, and Lady Gaga have struggled to replicate the same success.
Last July, Bloomberg News reported Rare Beauty generated approximately $70 million in revenue in 2022. Last summer, the company was on pace to triple its annual sales.
Gomez, who has been public about her personal struggles, has pledged to donate 1% of Rare’s sales to an internal fund to raise awareness of mental health.
The singer’s business portfolio also includes Wondermind, a startup focused on improving mental health. In 2022, the company’s valuation reached her $100 million.
Gomez is also an executive producer on several shows for Netflix and HBO Max. She also has a brand partnership deal with Puma.
The Post has reached out to Rare Beauty and Gomez for comment.
