190516 Selena Gomez
Selena Gomez will remain involved in the company whatever the outcome Image Credit: AFP

Actress and singer Selena Gomez has hired advisers to weigh offers for her cosmetics company, Rare Beauty, according to people familiar with the matter.

Rare Beauty brought on the bankers to field interest from firms looking to invest in or acquire the company, said the people, who asked to not be identified talking about private discussions. Bankers have met with potential suitors, but Gomez has not. Either way, Gomez, 31, expects to remain involved with the business.

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Representatives for Rare Beauty and the actress, who stars in the Hulu hit Only Murders in the Building, declined to comment.

The Business of Fashion, a website that follows the industry, named Rare Beauty one of the "most sought-after M&A targets for 2024," with a valuation of $2 billion. Gomez and her team launched Rare Beauty in 2020, with a focus on liquid cosmetics that could be applied with minimal tools. The company's blush became a viral hit on TikTok the following year. Other popular products include a highlighter compact. Rare Beauty's packaging is designed to be easy to use.

The beauty arena has been hit or miss for celebrities. While Gomez, Rihanna and Hailey Bieber are among the A-listers who struck gold in the industry, others stumbled. Ariana Grande's R.E.M. Beauty and Lady Gaga's Haus Labs have both undergone revamps.

Gomez starred in the Disney Channel hit Wizards of Waverly Place before embarking on a singing career. She has 430 million followers on Instagram, which ranks her among the 10 most-followed accounts on the social-media site. She has used that audience to promote her projects, speak out about mental health and benefit other business ventures.

She co-founded Wondermind, a startup focused on improving mental health that was valued at $100 million in 2022. She has served as executive producer on shows for Netflix Inc. and Warner Bros. Discovery Inc. and formed partnerships with brands such as Puma SE.