Selena Gomez’s Rare Beauty won’t rush into future plans despite hiring investment banks.
The “Only Murders In the Building” star’s company has hired Goldman Sachs and Raymond James. It’s also said the beauty brand is looking into potential business options.
However, Women’s Wear Daily reports that the company has yet to begin a formal process to explore potential deals.
Sources added that the brand may explore an initial public offering due to its rapid growth. According to them, Rare Beauty — which was first launched back in 2020 — saw net sales for 2023 of around $350 million.
Meanwhile, Gomez has admitted she has often been stopped by fans wanting to talk about her makeup ranges rather than her music or acting projects.
“Every time I meet someone in passing — and I am completely being honest with you — it’s always about Rare Beauty,” she previously told WWD. “It’s actually become more about that. And it’s really nice. I’m always delighted and honored, but that’s usually what I get stopped most about. And it’s really been such a crazy experience because we’re so new.”
“I definitely get a lot of love for my blushes. So people will be very vocal about that. Or they’ll say they love the line or they love the messaging. A lot of people talk about how awesome it is that we’ve tried to make an inclusive brand. Truly for everyone,” she added.
Gomez insisted she tends to listen to her customers and adapt the products to their needs.
“We’re constantly wanting to know how we can do more and what our community needs,” she said.
“Everything we create has them in mind. So, for example, I love a really strong brow, and we launched a dual-ended product that was multifunctional with a tinted brown mascara on one end and a pencil on the other. But we noticed that the community was actually preferring one side over the other and not using both. So we decided to reformulate and come out with two great products that have been really well received,” she added.
