Summary:
Selena Gomez's Rare Beauty has made her a billionaire, estimated at $1.3 billion by Bloomberg.
She began her career in Grand Prairie, Texas, struggling to afford auditions and casting calls.
Rare Beauty promotes mental health in the beauty industry, donating 1% of sales to the Rare Impact Fund.
The brand generated $350 million in sales last year, gaining traction during the Covid-19 pandemic.
Gomez's commitment to authenticity and quality has set her brand apart from many other celebrity ventures.
Selena Gomez's Journey to Billionaire Status
Selena Gomezâs makeup brand Rare Beauty has skyrocketed her to billionaire status, as estimated by Bloomberg. The 32-year-old star recalls her humble beginnings in Grand Prairie, Texas, where she struggled to afford plane tickets for auditions. On The Ellen DeGeneres Show in 2008, she shared her story:
"When I was 12 years old, Disney Channel had a nationwide casting search, and we could never really afford to fly out to California. So I sent in tapes, and [I] guess they liked me."
Early Career and Breakthrough
Before her Disney success, Gomez had already made her mark by appearing on Barney & Friends, where she competed against 1,400 kids. Her mother, Mandy Teefey, worked three jobs to support Gomez's early career. Eventually, her audition tapes led to her iconic role in Wizards of Waverly Place, which aired from 2007 to 2012, earning her multiple nominations for prestigious awards.
The Birth of Rare Beauty
Rare Beauty launched in 2020, during a time when Gomez was openly discussing her struggles with bipolar disorder. The brand's mission was to promote mental health within the beauty industry, encouraging users to enjoy makeup as a form of expression rather than a necessity for beauty. Gomez stated:
"I wanted people to feel like they could have fun with makeup, rather than needing it to be pretty."
Success Amid Challenges
During the Covid-19 pandemic, Rare Beauty gained popularity on TikTok, thanks to its advocacy for mental health and its affordable price range. The brand donates 1% of each sale to the Rare Impact Fund, aimed at providing mental health services to young people. Reports indicate that Rare Beauty raked in $350 million in sales last year, significantly boosting Gomezâs net worth to $1.3 billion.
The Secret to Success
Despite the pitfalls many celebrity brands face, such as poor quality and lack of authenticity, Gomez's brand thrives due to her genuine commitment to mental health. Marketing expert Omar H. Fares notes that:
"Consumers expect products to deliver on promises, and if quality is lacking, no amount of celebrity endorsement can save the brand."
Since the launch of Rare Beauty, Gomez has expressed pride in the brand's growth and its mission to promote mental health, stating:
"I think that weâve been able to do something that, at least in cosmetics, no one has ever done. That is what makes me happy every night when I go to sleep."
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