The vast bulk of Gomez’s wealth is tied to Rare Beauty, which has become a hit with influencers and makeup-obsessed teens. Its annual revenue was $350 million in 2023, according to the publication.
Here’s an in depth look at the beauty brand’s rapid journey to success.
Unique Beauty Rare Beauty launched in September 2020, exclusively through its official website and in Sephora stores in North America.
As with many celebrity beauty brands, the business quickly captured the attention of consumers and has continued to do so, becoming one of the most viral brands in the category.
Its early success was not only driven by its association with Gomez but also by its refreshing approach to beauty.
Gomez created Rare Beauty to challenge the beauty myth of physical perfection. Using makeup as a means of “owning what makes you rare” and celebrating what makes people unique is the whole point. The US-based brand aims to create a “safe and welcoming space” in the beauty industry that supports mental wellbeing across age, gender, sexuality, race, and physical or mental ability.
“These products aren’t about being someone else, it’s about being who you are, whether that’s rocking a full face of bold makeup or barely any makeup at all,” said Gomez at the time of its launch.
“Makeup is something to enjoy, it’s not something you need. I want every person to feel beautiful exactly as they are.”
Rare Beauty set out to transform the beauty industry into a place for self-love, self-expression, and empowerment through the use of social media, authenticity, and Gomez’s vision. Social media has played a particularly large role in the success of the business, with many viral moments on platforms such as TikTok and Instagram further increasing brand awareness and product sales. With founder-led content, makeup tutorials, and product reviews – all in keeping with the brand’s overarching inclusive ethos – Rare Beauty has built a loyal community of makeup enthusiasts and self-expression advocates.
space nk
In 2022, the brand launched in the UK and Ireland, exclusively in-store and online at Space NK. Following sell-out success at the British retailer, it later expanded to Sephora UK.
Priced at £45 and under, Rare Beauty’s products fit alongside the likes of MAC Cosmetics, Benefit, Clinique and NARS, but has been winning over customers with its sleek brand image and viral product portfolio.
From a bestselling Soft Pinch Liquid Blush and Positive Light Liquid Luminizer to a Warm Wishes Effortless Bronzer Stick, the brand’s products are often in high demand, especially as dewy makeup continues to trend across social media.
