Popular singer and actress Selena Gomez shared how a simple piece of advice from Taylor Swift shaped her approach to building Rare Beauty, now valued at $2.7 billion.
Early Skepticism And Overcoming ‘Stay In Your Lane’ Critics
On Wednesday, at the Fortune Most Powerful Women Summit in Washington, D.C., Gomez said that early in her business journey, people doubted her abilities.
"I think a lot of people would have preconceived ideas of what I'm good at, and I should stay in my lane," she said. "But what I'm here to do is make a difference."
Gomez launched Rare Beauty in 2020, targeting Gen Z consumers and emphasizing inclusivity.
The brand's success helped Gomez become one of the youngest self-made billionaires.
Beyond profit, she created the Rare Impact Fund, donating 1% of sales to youth mental health initiatives worldwide.
"We took risks from day one, and it's part of how we created the lane that we created in the beauty industry," said Elyse Cohen, Rare Beauty's chief impact officer.
Swift's Advice Shapes Billion-Dollar Brand Strategy
Gomez credited Swift with helping her build a strong team. "She said: ‘If you're the smartest person in the room, you're in the wrong room,'" Gomez told Fortune.
She said surrounding herself with knowledgeable people allowed her to ask questions freely and grow Rare Beauty responsibly.
Mental health advocacy remains central to her mission. Gomez also co-founded Wondermind, a wellness platform, in 2021.
While the company recently faced financial challenges, she said much of the criticism was exaggerated. "Most of it is definitely fabricated, but I definitely did my part," Gomez said.
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Gomez Buys $35 Million Beverly Hills Home Amid Billionaire Success
Earlier this year, Gomez and music producer Benny Blanco bought a $35 million Beverly Hills estate, the same month they announced their engagement.
The seven-bedroom, 12-bathroom Spanish-style home, spread across two lots, included two guesthouses—one with a studio and the other with a home theater—perfectly suited for the couple.
In 2024, Gomez became one of the youngest self-made female billionaires in the U.S., with a net worth of around $1.3 billion, largely from her Rare Beauty makeup line.
She also earned from brand partnerships, acting deals, and her mental-health startup, Wondermind.
"Selena is not just a pop star," said Stacy Jones, CEO of Hollywood Branded.
"She’s a multifaceted businesswoman with diverse income streams contributing to her impressive net worth."
Brent Saunders, CEO of Bausch + Lomb and a Wondermind investor, added that Gomez shows how celebrities can combine influence with successful, purpose-driven ventures.
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