Selena Gomez's beauty brand just made her a billionaire
JB Lacroix / Getty Images
- Selena Gomez is worth $1.3 billion, according to Bloomberg.
- Rare Beauty accounts for the vast majority of Gomez's fortune.
- Gomez has denied reports that said the brand was seeking a sale.
Selena Gomez has entered a rarefied circle for young celebrities.
The 32-year-old actor, singer, and entrepreneur is now a billionaire, according to Bloomberg, which estimates her net worth is $1.3 billion.
Though Gomez's career is multifaceted, the lion's share of her wealth — roughly $1.1 billion worth — comes from her Rare Beauty cosmetics brand, Bloomberg said.
Launched in 2020, Rare was a smash hit — its popular blush product alone is said to have brought in $70 million in revenue in 2022.
Rare is a huge source of wealth because it doesn't have a parent company or corporate partner. The brand is owned by Gomez, and it counts New Theory Ventures' Nikki Eslami and its CEO, the beauty vet Scott Friedman, as investors, according to Bloomberg.
Earlier this year, reports swirled that Gomez was seeking to sell Rare at a $2 billion valuation. But Gomez denied that a sale was imminent.
"I don't think I'm going anywhere. I am enjoying this a little too much," Gomez said in April. "I just want to continue building what we're doing."
Rare Beauty did not immediately respond to a request for comment from Business Insider.
In addition to her flourishing acting career, which includes the Hulu hit "Only Murders in the Building," Gomez is the founder of the mental-health platform Wondermind.
Gomez has signed eight-figure endorsement deals with Puma, Coach, and Louis Vuitton, according to Bloomberg.
And while she has had success in music, it's not the centerpiece of her portfolio — unlike her friend Taylor Swift, who hit billionaire status almost exclusively thanks to her music.