Selena Gomez is about to reach new heights in her career as she is set to become a billionaire, thanks to her successful beauty line, Rare Beauty. The multi-talented singer, actress, and entrepreneur has been making headlines for her various accomplishments, and now she's on the brink of joining the elite billionaire club, alongside stars like Rihanna, Pinkvilla reports.

Rare Beauty, a makeup brand entirely owned by Selena, has been experiencing remarkable growth since its launch. Projections indicate that the company is on track to achieve a staggering revenue of at least $300 million in 2023. This outstanding performance has pushed Selena's current net worth to an impressive $800 million, making her just $200 million away from becoming a billionaire.

What sets Rare Beauty apart from many other celebrity makeup lines is that Selena Gomez has complete ownership over the brand. Her fan following has undoubtedly played a significant role in propelling the company's success, as she enjoys a massive and dedicated fan base.

Rare Beauty's products range from affordable to mid-range prices, with items priced between $5 to around $30. The brand's launch saw immediate success, earning $100 million in revenue. Since then, the company has seen a meteoric rise, reaching an astonishing $300 million in revenue.

Social Impact

Besides its commercial success, Rare Beauty also stands out for its social impact. The company allocates 1% of its revenue to the in-house Rare Impact Fund, which organizes fundraising events for various charitable causes. Notably, a fundraising event held at the White House in 2022 raised $500,000, and Rare Beauty has ambitious plans to raise and donate an impressive $100 million over its first decade, with a significant portion of the funds earmarked for BIPOC-led organizations.

As Selena Gomez celebrates her 31st birthday, her beauty empire is on the verge of making her a paper billionaire. With her continued dedication to her craft and her philanthropic efforts, Selena's future as a prominent figure in the beauty and entertainment industry looks even brighter.