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Selena Gomez has been making headlines left, right, and center for a while now, whether it be for her singing, acting, or entrepreneurship, the woman is a master of many talents. And now she’ll soon have to add one more very expensive feather to her had of accomplishments.
Selena Gomez to join Rihanna in billionaire club
Selena Gomez’s booming beauty empire is poised to make her a paper billionaire soon. Her entry into the celebrity billionaire club is attributed to the remarkable growth of the company she founded, Rare Beauty. Projections indicate that Rare Beauty is set to achieve a staggering revenue of at least $300 million in 2023.
What sets Selena’s Makeup brand apart is that unlike most celebrity makeup lines, which are often partnerships with larger majority-owning companies, Rare Beauty is entirely owned by Selena as its founder.
Rare Beauty was launched by Selena Gomez in September 2022 with a mission-driven focus. The company operates based on two primary missions. It aims to produce high-quality and beloved makeup products that are accessible to a wide range of consumers, offered at moderate prices ranging from as low as $5 to around $30 at the higher end.
Rare Beauty allocates 1% of its revenue to its in-house Rare Impact Fund. The company actively organizes fundraising events, including a notable one at the White House in 2022, which successfully raised $500,000. The company has ambitious plans to raise and donate a remarkable $100 million over its first decade, with 70% of the funds earmarked for BIPOC-led organizations.
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Selena Gomez’s Rare Beauty vs Rihanna’s Fenty Beauty
When Rihanna’s billionaire status was officially confirmed in August 2021, it was primarily attributed to the success of her makeup company, Fenty Beauty. The company’s estimated revenue of approximately $500 million and overall worth of $2 billion contributed significantly to Rihanna’s net worth, as she owns 50% of Fenty.
Based on the revenue, if Rare Beauty, which belongs entirely to Selena Gomez, is generating $300 million, its current estimated worth would be around $1.2 billion.
It’s worth noting that Rare Beauty is just one aspect of Selena Gomez’s thriving business empire. Apart from being a highly successful actress and singer, she has produced several shows for major streaming platforms like Netflix and Hulu. Additionally, Selena has a lucrative partnership with Puma and is one of the most followed individuals on social media. On Instagram alone, she boasts over 427 million followers, placing her among the most influential figures worldwide in terms of followers on the platform.
ALSO READ: Selena Gomez stunned after TikTok tells her she has ‘Bad Taste’ over her relationship status
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