Selena Gomez's Rare Beauty hires investment banks
Selena Gomez's Rare Beauty won't rush into future plans despite hiring investment banks.
The 'Only Murders In the Building' company has hired Goldman Sachs and Raymond James, and it's said the beauty brand is looking into potential business options.
However, Women's Wear Daily reports that the company is yet to begin a formal process to explores potential seals.
Sources added that the brand may explore an initial public offering due to its rapid growth.
It's thought Rare Beauty - which was first launched back in 2020 - saw net sales for 2023 of around $350 million.
Meanwhile, Selena has admitted she has often been stopped by fans wanting to talk about her makeup ranges rather than her music or acting projects.
She previously told WWD: "Every time I meet someone in passing, and I am completely being honest with you, it’s always about Rare Beauty. It’s actually become more about that. And it’s really nice. I’m always delighted and honoured, 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."
Selena went on to insist she is keen to listen to her customers and adapt the products to their needs. She added: "We’re constantly wanting to know how we can do more, and what our community needs.
"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."
