Posted: 2024-5-29
Rare Beauty, the cosmetics brand founded by singer and actress Selena Gomez, has swiftly become the fastest-growing beauty brand on platforms like TikTok, Instagram, and other social media. Astonishingly, it has even outpaced Fenty Beauty, the brand established by Rihanna, to become the go-to beauty line for post-2000 generations in the U.S. Since its inception in 2020, Rare Beauty’s revenue soared past $500 million by 2022, signaling its remarkable success.
Selena Gomez launched Rare Beauty with a unique motivation. In 2020, she disclosed her diagnosis of bipolar disorder, which inspired her to create a beauty brand with mental health at its core. Gomez aimed to establish a safe space where people could appreciate beauty without being consumed by it, encouraging everyone to embrace their unique beauty and authenticity.
Rare Beauty’s product range includes face makeup, lip products, eye makeup, and various tools, all priced between $10 and $30. The product names are imbued with positive energy, featuring lip glosses named Hope, Happy, and Joy, and standout products like the “Positive Light Liquid Luminizer.” Beyond cosmetics, Gomez also founded the nonprofit Rare Impact Fund, committing 1% of Rare Beauty’s revenue to mental health initiatives, with a goal of raising $100 million over 10 years. The brand’s official website also provides a mental health helpline for those in crisis.
Key to Rare Beauty’s success is Joyce Kim, the brand’s CEO, who previously held a senior executive role at NYX, a subsidiary of L’Oréal. According to Piper Sandler, an investment bank’s third-party evaluation, Rare Beauty has surpassed Maybelline, L’Oréal, and even Rihanna’s Fenty Beauty, becoming the second most favored beauty brand among Gen Z in the U.S.
Experts suggest that if Rare Beauty were to be acquired, it could represent the fastest-growing market share in beauty history—a true “zero to billions” success story, marking an unprecedented achievement in the industry.
Several factors contribute to Rare Beauty’s phenomenal success:
Authenticity and Mental Health Focus: Rare Beauty’s emphasis on mental well-being resonates deeply with today’s youth, who value brands that prioritize authenticity and social responsibility. Gomez’s openness about her mental health struggles has helped build a brand identity that is genuine and relatable.
Inclusive Product Range: The brand’s inclusive approach, offering a diverse range of shades and products designed for all skin types and tones, appeals to a broad audience. This inclusivity is crucial in an industry where representation matters.
Positive Messaging: The positive and uplifting names of Rare Beauty’s products foster a sense of well-being and empowerment, aligning perfectly with the brand’s mission to promote self-acceptance and mental health.
Effective Social Media Strategy: Rare Beauty has mastered the use of social media, particularly TikTok and Instagram, to engage with a younger audience. The brand’s strong online presence and savvy use of influencers have significantly boosted its visibility and popularity.
Strong Leadership: With Joyce Kim at the helm, Rare Beauty benefits from her extensive industry experience and strategic vision, ensuring that the brand stays ahead of market trends and consumer demands.
Rare Beauty’s success story is a testament to the power of combining authentic storytelling with strategic business practices. As the brand continues to grow, it sets a new standard for how beauty brands can thrive by championing mental health, inclusivity, and positive messaging.
