Time Magazine reveals its annual lists—the Time100 Most Influential People and Most Influential Companies. This month, the magazine features Selena Gomez, actress and founder of Rare Beauty, on its cover. Time has named Rare Beauty as Time’s Most Influential Company for 2024.
Gomez founded Rare Beauty just four years ago, and now it’s a top seller at Sephora and available in 36 countries. The brand’s annual sales grew 100% from 2021 to 2022 and then 200% the following year—and hit $400 million for the 12 months ending in May, Time reports in the Instagram post below.
Gomez is often praised for creating the Rare Impact Fund, the beauty brand’s philanthropic arm.
One percent of all product sales support the fund—and over $13 million has been raised to date. The Rare Impact Fund has given grants to 26 organizations across five continents working to improve mental health.
Beauty Packaging Magazine recognized Rare Beauty as our Beauty Company of the Year—read the interview with Joyce Kim, Chief Product Officer at Rare Beauty, as she speaks about the brand’s minimalist package design—and how involved Gomez is in every aspect of the brand, from product development to the package design.
In addition to Gomez, Time Magazine spoke to Rare Beauty’s CEO Scott Friedman about the challenges of building the brand right after Covid and managing supply-chain issues. He said things are more settled now, with investors to help envision the future. “We’re going to decide the best way to become one of the largest, if not the largest, prestige beauty brands in the world, and it’s not a rush,” he says. “We are making our decisions to grow in the long run.”
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