Selena Gomez has officially joined the elite ranks of billionaires, with her net worth now estimated to be $1.3 billion dollars. Much of her newfound wealth stems from the overwhelming success of her cosmetics company, Rare Beauty, which has become a major player in the beauty industry. Selena Gomez’s journey from Disney Channel star to global businesswoman is remarkable, and her success in diversifying her career into entrepreneurship is what has propelled her into billionaire status.
Selena Gomez’s rise to fame began on Disney Channel, where she starred in Wizards of Waverly Place from 2007 to 2012, earning approximately $3 million for her role. While acting was her early claim to fame, her musical career also took off, allowing her to reach a broader audience. By 2017, she had sold over 22 million singles worldwide. However, Selena Gomez has strategically distanced herself from relying solely on music as a primary source of income. Despite this, her career in the entertainment industry has still brought in millions over the years. For example, her two-year deal with Puma in 2017 earned her $30 million.
In addition to acting and music, Selena Gomez has successfully leveraged her massive social media following, with 430 million Instagram followers, to land lucrative brand deals. In 2016, she signed a $10 million deal with Coach, and shortly after, she partnered with Louis Vuitton for another $10 million .
The most significant factor in Selena Gomez’s leap into billionaire territory is Rare Beauty. Launched in 2020, the makeup brand quickly gained popularity for its inclusive products, with the company now valued at over $1 billion. Rare Beauty’s success has helped Selena Gomez amass most of her current wealth. The company’s mission of promoting self-acceptance and mental health has resonated with fans and consumers, allowing it to stand out in the highly competitive beauty industry.
Rare Beauty’s popularity has grown rapidly, largely thanks to Selena Gomez’s influence and her keen business strategy. In 2023 alone, the brand generated nearly $400 million in sales. With such a dominant presence in the market, it’s clear that Rare Beauty has been instrumental in catapulting Selena Gomez to billionaire status.
Selena Gomez isn’t the first celebrity to achieve success by transitioning into the beauty and fashion industries. This trend has been growing over the past decade, with many high-profile figures using their fame to launch highly successful brands. Some of the biggest names in fashion and beauty have built multi-million and even billion-dollar empires by leveraging their popularity and influence.
One of the most prominent examples is Rihanna, whose Fenty Beauty brand launched in 2017. Rihanna’s goal was to create a beauty line that catered to all skin tones, which resonated with consumers. By 2022, Fenty Beauty was valued at $2.8 billion, with Rihanna herself reaching billionaire status thanks largely to her ownership stake. Rihanna’s business portfolio also includes Savage X Fenty, a lingerie line that is reportedly valued at over $3 billion, further solidifying her presence as a force in the fashion and beauty world.
Similarly, Kim Kardashian has become a powerhouse in the beauty and fashion industries. Her shapewear brand Skims, launched in 2019, quickly became a global sensation. The company was valued at $4 billion in 2023, highlighting the brand’s rapid growth. Kim Kardashian’s beauty brand KKW Beauty, launched in 2017, provides another huge revenue stream. In 2020 she sold a 20% stake to Coty for $200 million dollars, which gave the company a $1 billion dollar valuation. Kim Kardashian’s approach, much like Selena Gomez and Rihanna, has been to capitalize on her enormous social media following while creating products that resonate with her audience.
Kylie Jenner is another celebrity, and baby sister to Kim Kardashian, whose beauty brand has made a significant financial impact. Kylie Jenner launched Kylie Cosmetics in 2015, and within just a few years, it became a multi-million-dollar empire. In 2019, Kylie Jenner sold 51% of Kylie Cosmetics to Coty for $600 million, which valued the company at $1.2 billion. Though her billionaire status has been debated due to some discrepancies in reported earnings, Kylie Jenner remains one of the youngest and most successful self-made beauty entrepreneurs.
Jessica Alba also made waves in the consumer products world with The Honest Company, a clean beauty and household goods brand. Launched in 2011, the company focused on non-toxic, eco-friendly products. In 2021, The Honest Company went public, and while its market valuation has fluctuated, it was initially valued at $1.44 billion. Jessica Alba’s stake in the company has significantly contributed to her estimated $200 million net worth.
Even stars like Lady Gaga and Pharrell Williams have ventured into the beauty space. Lady Gaga’s Haus Laboratories, launched in 2019, has made waves for its cruelty-free, vegan beauty products. In 2020 Pharrell Williams launched Humanrace, a skincare line focused on inclusivity and sustainability. Though these brands have yet to hit billion-dollar valuations, they demonstrate how the beauty industry has become a lucrative avenue for celebrities beyond their primary careers.
These celebrity-driven brands thrive on the combination of strong personal branding, massive fan followings, and products that resonate with consumers on a deeper level. Whether it’s inclusivity, sustainability, or quality, stars like Selena Gomez, Rihanna, and Kim Kardashian have mastered the art of combining social influence with entrepreneurial ventures. In Selena Gomez’s case, Rare Beauty’s focus on inclusivity and mental health has been key to its success, proving that a strong mission can drive financial returns.
Selena Gomez’s transition from entertainment to business mogul with Rare Beauty marks a pivotal moment in her career. The brand’s success has not only made her one of the most successful celebrities in the beauty industry but has also set her up for a continued legacy of wealth and influence. Rare Beauty’s inclusive ethos and Gomez’s focus on promoting mental health have resonated deeply with consumers, positioning the brand for even greater success in the future.
Selena Gomez’s entry into the billionaire club is a testament to her ability to diversify her income streams and create a lasting impact beyond the entertainment industry. As she continues to grow her empire, it’s clear that her business acumen and cultural influence will keep her at the forefront of both the beauty and entertainment worlds.
