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Actress, singer and entrepreneur Selena Gomez will not be selling her billion-dollar beauty brand anytime soon.
Gomez clarified in an interview this week that she has no plans to sell or take her cosmetics brand Rare Beauty public. The company is reportedly worth $2 billion.
“I honestly have no plans in that regard,” Gomez told TIME.
Gomez focuses primarily on Rare Beauty's product development and philanthropy and oversees the Rare Impact Fund, which has raised $13 million since Gomez founded the company in 2020.
She told TIME that she would be working on products for Rare “over the next few years” and that she never wanted the company to be “just about making a lot of money and that's it.”
Selena Gomez. Photo by Samir Hussein/WireImage
Gomez's comments contradict a March report that Rare Beauty was in private talks about a possible sale or IPO.
Related: Is Selena Gomez the next beauty billionaire?
Popular on social media, Rare sells a wide range of makeup, body care products and brushes for $30 or less.
A $23 liquid blush from the company went viral on TikTok in 2022 and brought in $70 million in sales that year. The company's best-sellers include tinted lip oil and matte lipstick, according to a ranking on its website.
Rare reportedly generated over $400 million in net revenue from February 2023 to February 2024.
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