This celebrity-owned beauty brand is the most influential company in the world!

Time Magazine has once again unveiled its highly anticipated annual compilations, featuring the Time100 most influential people and most influential companies. The cover of this month’s edition features none other than Selena Gomez, the multi-talented actress and visionary behind Rare Beauty. To add to the accolades, Time has awarded Rare Beauty the prestigious title of Time’s Most Influential Company for the year 2024.

Rare Beauty’s journey, from its founding just four years ago to its current status as the top-selling brand at Sephora with a global presence in 36 countries, has been nothing short of remarkable. According to Time, the brand’s meteoric rise is underlined by staggering statistics: Annual sales increased an impressive 100% between 2021 and 2022, followed by a monumental 200% increase the following year, culminating in a staggering $400 million in sales for the 12-month period ending in May.

In addition to its commercial success, Rare Beauty stands out for its commitment to social impact, exemplified by the creation of the Rare Impact Fund, the brand’s philanthropic arm. With one percent of all product sales dedicated to the fund, over $13 million has been raised to date, supporting a wide range of 26 organizations on five continents committed to advancing mental health initiatives .

The significance of Rare Beauty’s achievements has not gone unnoticed in industry circles. Beauty Packaging Magazine crowned Rare Beauty Beauty Company of the Year as proof of its innovative approach. In an exclusive interview with Joyce Kim, Chief Product Officer of Rare Beauty, insights into the brand’s ethos, including its minimalist packaging design, are revealed. Kim also sheds light on Gomez’s hands-on involvement in all facets of the brand, highlighting her passion for ensuring excellence, from product development to packaging aesthetics.

In an in-depth article, Time Magazine takes a closer look at the rise of Rare Beauty and speaks with CEO Scott Friedman about the enormous hurdles faced in guiding the brand through the challenges posed by the Covid era and navigating the complex supply chain dynamics. However, Friedman exudes confidence in the brand’s direction, pointing to newfound stability and the strategic support of investors ready to chart its future course. Emphasizing a deliberate, long-term growth strategy, he affirms: “We are not rushing. We are meticulously charting our path to become one of the leading, if not the leading, prestigious beauty brands in the world.”

The story of Rare Beauty, as chronicled by Time Magazine, not only celebrates his commercial triumphs, but also underlines his unwavering commitment to social responsibility and his relentless pursuit of excellence in the beauty industry.

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