Rare Beauty

Last updated

Rare Beauty LLC
Rare Beauty
Company type Private
IndustryCosmetics
FoundedSeptember 3, 2020;4 years ago (2020-09-03)
Founder Selena Gomez
Headquarters222 N Pacific Coast Hwy,
El Segundo, California
,
United States
Area served
Worldwide
Key people
  • Selena Gomez (Founder)
  • Scott Friedman (CEO)
  • Jason Slays (Model)
  • Nikki Eslami
Products Cosmetics
RevenueUS$ 350 million (2023) [1] [2] [3]
Owner Selena Gomez
Website rarebeauty.com

Rare Beauty is an American cosmetics company founded and owned by Selena Gomez. The brand was inspired by her third studio album, Rare (2020). Rare Beauty launched on September 3, 2020, exclusively through their official website and in Sephora stores in North America. [4] Since then, it has been made available to countries in Europe, Asia, and the Middle East. The company aims to "break down unrealistic standards of perfection" by promoting inclusivity and addressing mental health initiatives and education. [5] [6] One percent of all sales are donated to the Rare Beauty Impact Fund, a part of their "commitment to give people access to the resources they need to support their mental health." [7]

Contents

The current valuation of Rare Beauty is over US$2 billion, as of 2024. [2] [3] In 2023, the estimated revenue for the line reached US$350 million, up approximately 50 percent from 2022. [2] [8] Rare Beauty crossed US$400 million in net sales in the 12 months ending in February 2024. [9] The brand is one of the best-selling brands at Sephora, [10] and the fastest-growing celebrity beauty brand on social media. [11]

Rare Beauty was named as Time 's most influential company of 2024. [12] [13] In September 2024, it was reported that Gomez had become a billionaire, with an estimated net worth of $1.3 billion; [14] Bloomberg News estimated that roughly 81% of it originated from Rare Beauty. [15] Bloomberg also stated that at age 32, she had become "one of the country's youngest female self-made billionaires". [16]

History

Gomez, founder and CEO of Rare Beauty Selena Gomez at 27th Critics Choice Red Carpet (0'59).jpg
Gomez, founder and CEO of Rare Beauty

Rare Beauty was founded on February 22, 2019, by American singer and actress Selena Gomez. [17] On February 4, 2020, she formally announced her company on social media. [18] In its accompanying video, Gomez revealed that she had been working on the cosmetics line for the last two years and that she had "found the right partners and the right team — we now have 28 amazing people that are working for the brand." On the new venture, Gomez explained that Rare Beauty would encompass an entire lifestyle and that it "isn’t about how other people see you — it’s about how you see yourself. I want us all to stop comparing ourselves to each other and to start embracing our uniqueness. You are not defined by a photo, a like, or a comment.” [19] In an interview with Allure, Gomez stated that "beauty doesn’t have to be defined by a like or a comment, or your body. We were always under the notion that this would also be about mental health and creating a safe place for people to connect." [20] She also emphasized that her "main purpose when I started Rare Beauty was to break down the unrealistic standards of beauty we see in society today," motivated by the "pressure on us to be “perfect.” [21]

In August 2020, Gomez revealed on Instagram that Rare Beauty would be launching on September 3 on its official website and in Sephora stores across North America. [22] [23] Its original included 48 shades of foundation, matte lip creams, eyebrow definers, liquid blush, and lip balms. [24] The cruelty-free and vegan products were packaged with recyclable materials certified by the Forest Stewardship Council (FSC) and were printed with water-based ink. [25] As the company grew, Rare Beauty expanded its markets to the Middle East, Europe, and Southeast Asia. [26] [27] In February 2022, the company launched in the United Kingdom exclusively through Space.NK. [28] [29] Going viral on TikTok, the Rare Beauty blush has made a significant impact on the brands imaging, with some saying the product is "too pigmented." [30]

Rare Impact Fund

As part of her commitment to mental health awareness and education, Gomez created the Rare Impact Fund to help "young people gain access to mental health resources" and is committed to raising US$100 million over the next ten years. [31] To achieve that goal, a percentage of all Rare Beauty sales, along with "philanthropic foundations, corporate partners, and individuals in our community" will be donated towards the fund. [32] In its first year, the non-profit affiliate provided $1.2 million in grants to eight mental health and education-focused organizations, including the Yale Center for Emotional Intelligence and Didi Hirsch Mental Health Services. [33] For Mental Health Awareness Month, Rare Beauty launched its first GoFundMe campaign and pledged to match $200,000 of donations. The company also launched an education and advocacy initiative called Mental Health 101, which is "dedicated to supporting mental health education and encouraging financial support for more mental health services in educational services." [34] [35]

In honor of World Mental Health Day, Gomez announced that Sephora donated 100 Percent* of the sales of Rare Beauty by Selena Gomez products to the Rare Impact Foundation for Mental Health services within 24 hours. [36] [37]

1st Rare Impact Foundation Benefit

1st Rare Impact Foundation Benefit: A Night of Radiance & Reflection in Los Angeles
GenreFundraising gala
Date(s)October 4, 2023
Location(s)Nya Studios
Los Angeles, California, U.S.
CountryUnited States
Years active2023 [38]
Founder Selena Gomez
Most recentOctober 4, 2023 (2023-10-04)
Organized byRare Impact Foundation
Website rareimpactfund.org

On October 4, 2023, Gomez held her first the inaugural Rare Impact Foundation Benefit: A Night of Radiance & Reflection in Los Angeles. [38] The charity event supported the Rare Impact Foundation's mission to raise money to reduce mental health-related stigma and expand access to mental health services and education for young people around the world. [39] [38] Many celebrities attended this charity event, and Martin Short served as emcee for the evening, and H.E.R. also had a special performance and a Marshmello DJ set. [38]

Inclusivity

Rare Beauty aims to be inclusive [40] by offering a diverse range of 48 foundation and concealer shades. [41] The packaging is also made to be easy to use by people with disabilities with a sphere shape at the top of the applicators which prove to be disability-friendly. [42] [43]

Products

In December 2023, Rare Beauty launched The Find Comfort Body Collection includes four products: The Find Comfort Hydrating Body Lotion, Hydrating Hand Cream, Body & Hair Fragrance Mist and Stop & Soothe Aromatherapy Pen. [44]

Sales

The current value of Rare Beauty is over US$2 billion, as of 2024. [2] [3] In 2023, the estimated revenue for the line reached US$300 million, up approximately 50 percent from 2022. [2] [45] Rare Beauty crossed US$400 million in net sales in the 12 months ending in February 2024. [9]

According to a Bloomberg report, the brand's star product is the best-selling liquid blush, the product retails for US$23, which in 2022 sold over 3.1 million units. [46] [11] Rare Beauty has already sold US$70 million worth of liquid blush in 2022 alone, and expects to triple the company's overall sales from last year. [46] [11] Additionally, Rare Beauty is the fastest-growing celebrity beauty brand on social media. [11] The company gained 400,000 TikTok followers and more than 600,000 Instagram followers in February 2023. [11] The brand has more than 6.4 million followers on Instagram, [47] and more than 3.4 million on TikTok. [48]

In 2023, Rare Beauty launched its Soft Pinch Tinted Lip Oils, they sold out within 12 hours on RareBeauty.com, generating a wait-list of more than 20,000 customers. [49]

As of 2023, Rare Beauty emerged as the top index brand on TikTok and Instagram, with a combined media impact value of US$313,198,657 on the two platforms alone. [50] In 2023, Rare Beauty made a reported $350 million in sales according to Business of Fashion. [51]

Awards and nominations

AwardYear [a] Recipient(s) and nominee(s)CategoryResultRef.
Allure Best of Beauty Awards 2021Rare Beauty by Selena GomezBest New Brand [b] Won [52]
Best Cream BlushWon [53]
2022Best Blush [b] Won [54]
Best Mascara [b] Won
Best Blush (Liquid)Won [55]
2023Best Blush [b] Won [56]
Best Highlighter [b] Won
Best Mascara [b] Nominated [57]
Best Powder HighlighterWon [58]
Anthem Awards 2024Diversity, Equity & InclusionPending [59]
Beautycon's The Beauties Awards [c] 2023Brand of the YearWon [61]
CEW Beauty Awards 2021Face Product [d] Nominated [62]
2023Best New Face Makeup – Prestige [e] Won [63]
Cosmopolitan Beauty Awards (UK) 2022Best Bronzer [f] Won [64]
Best Lip Liner [g] Won [65]
2023Best Gel Eyeliner [h] Won [66]
Cosmopolitan Holy Grail Beauty Awards 2021Best BlushWon [67]
2022Best Liquid LipstickWon [68]
2023Best HighlighterWon [69]
Cosmopolitan Readers’ Choice Beauty Awards 2022Best HighlighterWon [70]
Best MascaraNominated [71]
Best BlushNominated
Best Lip BalmNominated
2023Best Celebrity BrandNominated [72]
Best Setting PowderNominated
Best BronzerWon
Best BlushWon
Best HighlighterNominated
Elle Beauty Awards 2023Best Foundation and Blush [i] Nominated [73]
The Highlighter [j] Won [74]
Glamour Beauty Awards 2021Best Makeup Products of the Year [k] Won [75]
2022Best Lipstick [l] Won [76]
Best PowderWon [77]
Best Breakthrough [m] Won [78]
2023Best Highlighter [n] Won [79]
Best Lipstick [n] Won
Best Highlighter [o] Won [80]
Best Blush [o] Won
Best Highlighter [n] Won [81]
Best Lip Gloss [n] Won
Harper's Bazaar Awards 2022Best Blush [p] Won [82]
Best Fake Flush [q] Won [83]
Best Blush - Cream [r] Won [84]
2023Best Liquid Liner [s] Won [85]
Best Highlighter [r] Won [86]
Best Concealer for Under Eye [r] Won
InStyle Awards 2021Best Concealer [t] Nominated [87]
Favorite Celebrity Brand [t] Nominated
2023Best Highlighter [u] Won [88]
Marie Claire's Beauty Game-Changers Awards 2023MakeupWon [89]
National Council for Mental Wellbeing 2023Mental Health First Aid Impact Award – Partnership of the YearWon [90]
People's Beauty Awards 2023Best Powder HighlighterWon [91]
PETA's Libby Awards 2020Heroes — Favorite Vegan Makeup LineWon [92]
2022Lifestyle — Favorite New Vegan Beauty ProductNominated [93]
Prevention Beauty Awards 2022Best Skin TintWon [94]
Real Simple Smart Beauty 2021Best Beauty ProductsWon [95]
Shape Beauty Awards 2022Best BlushWon [96]
Shop Today Beauty Awards [v] 2023Best Cream LipstickWon [98]
Best Curling MascaraWon [99]
Stylist Best Beauty Awards 2023Best Pencil EyelinerWon [100]
The Beauty Awards (Canada) [w] 2022Makeup — Best HighlighterWon [102]
2023Makeup — Best Lip OilWon [103]
The New Zealand Herald 2022The FlirtWon [104]
The Sunday Times' Style Beauty Awards 2022Best Celebrity BrandNominated [105]
2023Runner-up [106]
Best Complexion Make-upRunner-up [107]
Vogue Beauty Awards 2023Celebrity or Influencer Beauty Mogul [x] Won [108]
Best Highlighter [y] Won [109]
Webby Awards 2021Rare Beauty by Selena Gomez — Makeup Made to Feel Good InFashion & Beauty — Social [z] Won [110]
2022Rare Beauty by Selena GomezFashion & Beauty — General Social [z] Won [111]
2023Community Engagement — Features (Social)Nominated [112]
Fashion & Beauty — General Social (Social)Won [113]
Won [z] [114]
WWD Beauty Inc Awards 2020Startup of the YearWon [115]

Rare Impact by Rare Beauty Awards

AwardYearRecipient(s) and nominee(s)CategoryResultRef.
Halo Awards [aa] 2022Rare Impact – Mental Health 101 – Rare BeautyBest Health Initiative (Physical or Mental Health)Nominated [117]
Shorty Awards [ab] 2022Your Words Matter from Rare Impact by Rare BeautyBest in Mental HealthNominated [118]
Rare Impact by Rare Beauty - Mental Health Awareness Month 2022Best in Corporate Social ResponsibilityNominated

Other accolades

Listicles

Name of publisher, name of listicle, year(s) listed, and placement result
PublisherListicleYear(s)ResultRef.
Glamour 31 Best Female-owned Beauty Brands2023Placed [119]
Fast Company 165 Brands That Matter In 20232023Placed [120]

Notes

  1. ↑ Indicates the year of ceremony. Each year is linked to the article about the awards held that year, wherever possible.
  2. 1 2 3 4 5 6 Allure Readers' Choice Awards
  3. ↑ Beautycon is an annual beauty festival. [60]
  4. ↑ CEW Beauty Creators Awards
  5. ↑ CEW Beauty Awards (UK)
  6. ↑ Cosmopolitan Summer Beauty Award
  7. ↑ Cosmopolitan Winter Beauty Award
  8. ↑ Cosmopolitan Winter Beauty Award
  9. ↑ Elle Italia Beauty Awards
  10. ↑ Elle UK's Future of Beauty Awards
  11. ↑ Glamour Russia Best of Beauty Award
  12. ↑ Readers' Choice Award
  13. ↑ Glamour Beauty Power List Award
  14. 1 2 3 4 Glamour Beauty & Wellness Awards
  15. 1 2 Glamour Beauty Power List Awards
  16. ↑ Harper's Bazaar Malaysia Beauty Award
  17. ↑ Harper's Bazaar Skincare Award
  18. 1 2 3 Bazaar Beauty Award (Singapore)
  19. ↑ Bazaar Best of Beauty Awards (UK)
  20. 1 2 InStyle Readers' Choice Awards
  21. ↑ InStyle Best Beauty Buys
  22. ↑ "NBCUniversal News Group has launched its first-ever Shop TODAY Beauty Awards." [97]
  23. ↑ The Beauty Awards are "a collaboration between three iconic Canadian magazine brands", Fashion, Chatelaine and Châtelaine, to honor the best beauty product. [101]
  24. ↑ Vogue British Beauty Awards
  25. ↑ Vogue Thailand Beauty Awards
  26. 1 2 3 People's Voice winner
  27. ↑ The Halo Awards honor the best corporate social impact initiatives. [116]
  28. ↑ Shorty Impact Awards

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  5. ↑ Aziz, Afdhel. "Rare Beauty Launches Mental Health 101 Campaign To Help Gen-Z Get Access To Health For All". Forbes. Retrieved December 28, 2022.
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  7. ↑ "Rare Impact Fund". Rare Beauty. Retrieved December 28, 2022.
  8. ↑ ""I tried Rare Beauty's new body care range – here's what I thought…"". Cosmopolitan. February 2, 2024. Retrieved February 14, 2024.
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  32. ↑ "Selena Gomez's Rare Beauty to Raise $100 Million for Mental Health Initiatives". Harper's BAZAAR. July 23, 2020. Retrieved December 28, 2022.
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  45. ↑ ""I tried Rare Beauty's new body care range – here's what I thought…"". Cosmopolitan. February 2, 2024. Retrieved February 14, 2024.
  46. 1 2 Ceron, Ella (July 20, 2023). "Selena Gomez Sells $70 Million of Blush a Year as Brand Booms". Bloomberg . Retrieved September 11, 2023.
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  48. ↑ "Rare Beauty" . Retrieved September 11, 2023– via TikTok.
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  50. ↑ "Rare Beauty and Makeup by Mario outperform on TikTok". Vogue Business . October 24, 2023. Archived from the original on October 29, 2023. Retrieved November 11, 2023.
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  52. ↑ "These Are the Winners of Our Allure Readers' Choice Awards for 2021". Allure . Archived from the original on December 11, 2021. Retrieved February 1, 2022.
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