The rumors aren’t true, according to Selena Gomez. She’s not eager to sell her makeup brand.In March, Bloomberg reported that Gomez’s company, Rare Beauty, had hired financial advisors to join meetings with potential investors and buyers.The report came after The Business of Fashion named Rare Beauty one of the top merger and acquisition targets in January and valued the brand at $2 billion, citing $300 million in sales last year.But during an appearance at the Time100 Summit in New York City on Wednesday, Gomez hinted at a strong future for her company — one that intrinsically involves her.”I don’t think I’m going anywhere. I am enjoying this a little too much,” she told Time senior editor Lucy Feldman. “I just want to continue building what we’re doing.”
Selena Gomez attends the Time100 Summit in New York City.
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Gomez went on to describe Rare Beauty as her “pride and joy” and said there are “so many fun things coming up.”
“I’m just looking forward to being a part of this,” she said.Rare Beauty has seen major success since launching in 2020 with TikTok-viral products and Sephora bestsellers. As Bloomberg reported last year, it “moved 3.1 million units” of its Soft Pinch Liquid Blush alone in 2022, earning the company around $70 million in revenue.The fan-favorite product is so popular that Rare Beauty launched a new version — the $26 Soft Pinch Luminous Powder Blush — in April.Rare Beauty is also known for its Rare Impact Fund, an initiative Gomez founded that’s dedicated to raising $100 million over the next 10 years to expand mental health services across the world.Other celebrity beauty brand founders have famously sold their own cosmetic lines and often earned serious cash in the process.Bobbi Brown sold her namesake beauty company to Estée Lauder in 1995 for a reported $74.5 million, and Kat Von D sold her shares of her former brand to Kendo in 2020.Though Gomez might not be planning to join them anytime soon, the possibilities — and dollars — in the future are seemingly endless.
