Selena Gomez, a multi-faceted talent who has made her mark as an actress, singer, songwriter, and producer, is now on the brink of joining the exclusive club of musicians with a billion-dollar net worth. The significant contributor to this financial milestone is her cosmetics company, Rare Beauty, launched in 2020.
Gomez's net worth in 2023 has reportedly reached an impressive $800 million, according to Celebrity Net Worth. Industry insiders predict that she could ascend to the billionaires' list within the next few months, thanks to her diverse business ventures.
Apart from her successful career in the entertainment industry, Gomez has made strategic moves in the business world. She is known as an investor and co-owner of Serendipity, an ice cream brand, and co-founder of the startup, Wondermind, a mental fitness company.
However, it's Rare Beauty that has made the most significant impact on her finances. The cosmetic line, which was exclusively launched at Sephora in September 2020, generated $100 million in revenue in 2022 alone. It is projected to rake in $300 million this year. As of now, Rare Beauty's net worth stands at a staggering $1.2 billion, contributing significantly to Gomez's personal net worth.
Gomez has also ensured that her business aligns with her philanthropic endeavors. Rare Beauty donates one percent of its total sales to its philanthropic fund, demonstrating her commitment to giving back to the community.
In addition to her business ventures, Gomez has secured lucrative deals over the years. In 2017, she inked a $30 million deal with Puma, becoming the brand's face. She expressed her excitement about the collaboration, stating, "Puma has changed the game when it comes to the mash-up of athletic wear and fashion."
Furthermore, Gomez secured a $10 million deal with Coach while also monetizing her Instagram page through sponsored posts. As her empire continues to grow, the singer-entrepreneur is poised to reach new heights in her career, potentially becoming the next musician to achieve a billion-dollar net worth.