After dominating charts in the music category and awards in the acting category, Selena Gomez stepped down to the makeup zone, competing with brands like Kylie Beauty, Fenty and Haus Labs. Despite it being a competitive genre, Gomez’s Rare Beauty managed to become her biggest and most successful career move, enhancing her net worth to hundreds of millions.
The brand, which is loved by everyone, mostly for its message, and quality of products, might switch hands in 2024 as the actress is looking out for a potential sale of the company. Here’s why Gomez might sell Rare Beauty.
Related: How Selena Gomez’s Rare Beauty Became One Of The Most Successful Celebrity-Owned Brands
Rare Beauty’s Success Story
Selena Gomez launched the brand in 2020, and since then, it has become a $2 billion worth of empire, thanks to its aesthetically pleasing packaging, inclusivity, Gomez’s message of mental health, and the wonderful shades and products. Authenticity is the driving force behind Rare Beauty’s explosive ascent. Gomez had an idea for a beauty collection that embraced uniqueness rather than covering it up. This vision was reflected in the wide selection of products offered by Rare Beauty, which catered to all skin types and tones.
The brand struck a strong chord with its audience by candidly talking about self-acceptance, body positivity, and mental wellness. In a world where artificial tweaks and filters are commonplace, Rare Beauty stood out as an advocate for the beauty of authenticity. It also contributed a part of its sales to mental health resources and different other kinds of charity. For a brand to grow much in a mere two years was close to impossible but Gomez, somehow, did it.
Recently, the brand has also introduced a new line of body care, and fans were anticipating that Gomez would soon introduce skincare too. That seems a little improbable, as of now, as reports suggest that she is actually looking for potential sales.
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Why Is Selena Gomez Selling Rare Beauty?
According to Bloomberg, Selena Gomez has enlisted advisors to look into proposals for her business, Rare Beauty. Though the news has not been confirmed by any other sources or Gomez herself, further confirmation is awaited.
The 31-year-old is expected to stay active with the company even after its sale, according to reports, but the company has hired bankers to evaluate possible offers. The Business of Fashion considers Rare Beauty to be one of the “most sought-after M&A targets for 2024.”
If sold, there are high chances that the brand will lose its charm and value, most of which is associated with Gomez herself who is in charge of everything that the brand does and seems pretty involved with it.
As of now, everyone is awaiting Gomez’s confirmation.
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