Selena Gomez‘s cosmetics line, Rare Beauty, has been wildly successful, but now there are reports that she’s considering selling the company.
Bloomberg cites people familiar with the situation as saying that Selena has hired bankers to consider offers from firms who either want to invest in Rare Beauty or acquire the company outright. According to Bloomberg, the bankers have met with potential buyers, but Selena hasn’t — at least, not yet.
Fans who may be alarmed at this news should be comforted by the fact that, according to Bloomberg, Selena plans to remain involved with Rare Beauty if she does sell the company. Reps for both the company and Selena declined to comment, Bloomberg reports.
The website The Business of Fashion said that Rare Beauty, launched in 2020, is valued at $2 billion and is one of the “most sought-after [mergers and acquisition] targets for 2024.”
One thing that makes Rare Beauty stand out in a sea of celebrity beauty brands is its commitment to reducing the stigma around mental health. Its Rare Impact Fund has pledged to raise $100 million over the next decade to expand access to mental health services and education globally. One percent of all sales are donated to the fund as part of the initiative.
Copyright © 2024, ABC Audio. All rights reserved.