Selena Gomez is poised to become a member of the Billionaires’ Club in Hollywood and her net worth is likely to shoot up to $800 million. For the singer, her wildly popular cosmetics and skincare company Rare Beauty has generated significant money.
According to the media reports, Selena Gomez has been generating headlines left, right, and center for a while now. The Star is a master of many talents, whether it be singing, acting, or entrepreneurship. And she now has to quickly add another highly costly achievement to her resume.
Selena Gomez is on track to become a paper billionaire shortly thanks to her flourishing beauty enterprise that extends her net worth. The extraordinary expansion of the business she started, Rare Beauty, is credited with helping her join the exclusive club of billionaire celebrities. According to projections, Rare Beauty will generate a whopping $300 million in revenue by 2023.
Selena’s beauty line stands out since Selena is the sole owner of Rare Beauty, as opposed to most celebrity makeup lines, which frequently have collaborations with larger majority-owning firms.
Selena Gomez introduced Rare Beauty in September 2022 with a goal-oriented focus. Two key missions guide the company’s operations. It seeks to provide well-liked beauty products of the highest caliber that are affordable to a wide variety of customers, offered at fair rates ranging from as little as $5 to roughly $30 at the higher end.
One percent of Rare Beauty’s sales go to the company’s internal Rare Impact Fund. The company actively plans fundraising events, one of which was remarkable, and raised $50,000 at the White House in 2022. The company has lofty goals to raise and distribute a staggering $100 million over the course of its first ten years, with 70% of the money going to groups managed by BIPOCs.
It is important to note that Selena Gomez’s successful business empire includes more than just Rare Beauty. Along with being a very popular singer and actor, she has also produced a number of episodes for well-known streaming services like Netflix and Hulu. In addition, Selena is among the most popular people on social media and has a successful connection with Puma. She has over 427 million followers on Instagram alone, making her one of the most well-known people in the world in terms of the platform.
Check out some of her Instagram stills below: