Top 100 Influential Companies of 2024 according to TIME

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You might not expect the most-followed woman on Instagram to walk through one of New York City’s major tourist spots without drawing attention. However, here she is, casually strolling through Central Park in cozy booties with a travel mug of tea, almost blending into the crowd. With only a security guard and personal assistant discreetly trailing behind, Selena Gomez appears like any other person enjoying a walk on a drizzly May morning.

It’s somewhat surprising, to say the least. Yet, she brushes it off. “I don’t really have anything impressive going on at all times,” she remarks dryly, gesturing to her relaxed attire. “Or anytime, really.”

It’s an amusing comment coming from someone who has been in the spotlight since the age of 10, achieved success as both an actor and a pop star, and now heads a business reportedly valued at $2 billion. At 31, Gomez is among the most recognizable figures globally, and yet she’s correct—as we wander along a pedestrian path, most people around us seem oblivious to her presence.

Gomez embodies an everywoman persona and demonstrates a remarkable level of public vulnerability—a type of fame that evolves alongside her fans, showcasing the journey of falling in love, making mistakes, and trying new things. Her candidness about mental health struggles has resonated deeply with millions of young individuals navigating issues like anxiety, depression, and other disorders. This authenticity has become a cornerstone of her brand, Rare Beauty, which she describes as a beauty company focused not on promoting an unattainable image but on fostering self-confidence.

While mental health and makeup might not initially seem like a natural combination, Gomez’s vision has proven successful. Rare Beauty, established less than four years ago, has become a top-selling brand at Sephora and is now available in 36 countries. Since its launch in 2020, the company has experienced remarkable growth, with annual sales increasing by 100% from 2021 to 2022 and by 200% the following year, reaching $400 million for the 12 months ending in May.

Rare Beauty’s product lineup, which includes items like liquid highlighters and body mists with names like Positive Light and Find Comfort, emphasizes inclusivity in terms of shade range and user-friendly packaging. This approach is particularly important for Gomez, who personally deals with hand tremors due to medication for lupus. Rather than focusing solely on makeup, Rare Beauty originated from Gomez’s desire to support individuals struggling with mental health issues. She launched the company with a philanthropic arm, the Rare Impact Fund, aiming to raise $100 million within its first decade. Additionally, she pledged that 1% of all product sales would be directed to this foundation. With $13 million raised to date, the Rare Impact Fund has provided grants to 26 organizations across five continents, all dedicated to enhancing mental health support and resources.

Gomez and her team have managed to achieve significant sales figures while also advocating the message that makeup is not a necessity. “I hope I don’t, and I hope Rare Beauty doesn’t, give off the vibe that you have to do anything,” she remarks. When asked about the common double standard surrounding makeup—where individuals may be judged for leaving imperfections uncovered but also criticized for wearing too much makeup—Gomez emphasizes the inconsistency. Despite her fame, she appears nearly barefaced during our conversation, wearing only some under-eye brightener. “I think it’s bullsh-t,” she bluntly states, expressing her opinion on the matter.

Being as famous as Gomez means that her personal life becomes subject to global scrutiny. Rising to prominence with Disney’s 2007–2012 series Wizards of Waverly Place, she transitioned into a successful music career and further expanded her portfolio with film and television projects like Spring Breakers and 13 Reasons Why. Throughout her career, public interest in her relationships and inner life has intensified. In 2016, during a worldwide tour for her album Revival, she abruptly withdrew, citing struggles with anxiety and depression as side effects of lupus, a condition that later led to a kidney transplant in 2017. Reflecting on her touring experiences, Gomez reveals she is “50-50” on the possibility of embarking on a major tour again. While nothing brings her more joy than spending time with her fans during performances, she acknowledges the emotional toll it takes. “It is very emotionally draining for me,” she admits. “And then you realize you’re just surrounded by a bunch of people that you’re paying.”

In April 2020, shortly before launching Rare Beauty, Gomez revealed that she had been diagnosed with bipolar disorder. In a candid interview with Rolling Stone two years later, she disclosed her struggles with suicidal ideation and her experiences at four different treatment centers. Her 2022 documentary, My Mind and Me, provided an unfiltered glimpse into her mental health journey over a span of six years, offering new insights into a narrative often overshadowed by headlines.

Gomez frequently reflects on the detrimental effects of social media on her own well-being and advocates for others to take breaks from online platforms. Despite her massive following of 427 million on Instagram, she has taken hiatuses from the platform at least five times since 2018. For a period of four years, she delegated management of her accounts to an assistant, but she has since resumed posting most of her content herself, albeit with a conscious effort not to spend too much time on the apps. She is also selective about the company she keeps in real life. “It’s a cliché, but girls can be mean,” she remarks. “There’s this strange competition to fit into the ‘cool girls’ circle, and then there’s me, just kind of… there. I don’t really know where I’m supposed to belong.” Her closest friends include a real estate agent, a producer, and a casting director. “I value having grounded individuals around me who couldn’t care less about what I do,” she adds.

Gomez frequently emphasizes the importance of nurturing genuine connections, a theme reflected in her work with Rare Beauty. She often engages in conversations with the U.S. Surgeon General, Dr. Vivek Murthy, at events, where they delve into his research on the loneliness epidemic. “It’s tough,” she acknowledges. “You could be surrounded by people and still feel utterly alone. I still grapple with that.”

She advocates for embracing one’s emotions fully. Recently, a younger friend of hers sought advice on coping with the pain of heartbreak. “You have to go through it,” Gomez counseled. “You can try to distract yourself or deny it all you want, but the pain will persist.” She believes in allowing oneself to experience those difficult emotions rather than suppressing them. “I simply allow myself to have those moments.”

I inquire whether having a partner makes navigating these intense emotions easier, especially now that she’s publicly acknowledging her relationship with producer and songwriter Benny Blanco, or if it’s inconsequential. “It’s somewhat inconsequential because he isn’t my sole source of happiness,” Gomez reflects. “I was single for five years, and I grew accustomed to it. Many people fear solitude, and for about two years, I tormented myself with the idea of being alone until I eventually embraced it.” She even devised a plan to adopt a child at 35 if she hadn’t found a partner. Then along came Blanco, whom Gomez initially viewed as a friend—she even asked him if he knew anyone he could set her up with. However, when he introduced her to his friend at a birthday gathering, she discovered her feelings for him. “It just happens when you least expect it,” she muses.

Blanco recently revealed to Howard Stern his desire to marry and start a family with Gomez. She chuckles when I mention it: “He can’t lie to save his life. If he’s asked a question, he’ll answer it.” However, Gomez, with her wealth of life experiences, has learned to be more cautious. “I know the kind of impact people can have on those I care about. Even my own fans, whom I adore and feel have shaped who I am, can say the most hurtful things to me about my life choices. But he possesses a strength that shields him from all that noise. It’s truly impressive, and I cherish every moment with him. I can’t predict the future, but I do know he’s here to stay for a while.”

Currently, she’s striving to stay grounded in the present. Acting provides her with a rare opportunity to fully immerse herself. Her film Emilia Perez debuted at the Cannes Film Festival in May, where she and her co-stars received the festival’s best actress award. She’s also nearing the end of filming the fourth season of Only Murders in the Building, an environment she describes as feeling like home. (Imagine Meryl Streep walking around set barefoot, singing! Sitting with Steve Martin, Martin Short, Streep, and guest star Eugene Levy recently made Gomez feel like she belonged. “I ask them, When did you stop caring about what people said?” she says. “And they’ll all just crack jokes that resonate with me.”)

Health-wise, she’s doing well. Her lupus is in remission, her blood pressure is good, and her kidney is functioning as it should. I inquire whether she ever feels it’s unfair—she’s 31, living with bipolar disorder and an incurable autoimmune disease, and has experienced weeks in the ICU. She responds with a touching anecdote about a boy she met during a hospital visit at 18. He wouldn’t meet her gaze until she shared that she, too, had lupus. “It was so sweet,” she recalls. “In a strange way, I turned adversity into a positive.”

Celebrity beauty brands are a dime a dozen, from Ariana Grande’s r.e.m. to Lady Gaga’s Haus Labs to Jennifer Lopez’s JLo Beauty. While creating a line of consumer products has long been a way for entertainers to diversify their income in an unpredictable industry, simply slapping a famous name on a lipstick is no longer sufficient to entice consumers. The formulas must still be top-notch, and there must be a compelling reason for the brand to exist. Kylie Jenner’s Kylie Cosmetics Lip Kits repeatedly sold out, with customers aiming to achieve her signature plumped look (she eventually revealed she has received filler). Rihanna’s Fenty Beauty, reportedly the top-selling celebrity brand with annual sales of around $600 million, stood out upon its 2017 launch by prioritizing inclusive products for darker skin tones—a value that resonated with Rihanna’s ethos.

Rare Beauty’s Soft Pinch Liquid Blush.

Gomez envisions Rare Beauty as a destination offering affordable luxury products (consider Rare’s $30 foundation compared to Fenty’s $40 or Chantecaille’s $90 product, which gained attention when used by the Euphoria makeup artist on the cast). However, she aims for customers to not only come for the products but also stay for the supportive community fostered by the brand’s affirming ethos, which highlights her own struggles. “That means a lot to the mental-health community, when someone is willing to be super honest,” says Rudi Berry, a beauty influencer who also shares about living with OCD. “When you deal with mental health issues, it can feel really isolating, like you’re the only one on earth going through it.”

Rare’s focus on mental health and its commitment to the cause through the Rare Impact Fund not only aligns with its founder’s vision but also proves to be good for business. According to a 2023 study, 80% of Gen Z and millennial consumers in the U.S. are more likely to purchase from a brand based on its mission. Additionally, another study from the same year found that Gen Z prioritizes brands focusing on mental health more than any other issue, including climate change. “We’re at a really exciting turning point in the private sector, where brands can be leveraged in a powerful and meaningful way to contribute to society,” says Elyse Cohen, Rare Beauty’s executive vice president of social impact. As president of the Rare Impact Fund, Cohen and her team identify and vet potential grantees, ranging from well-known organizations like the Trevor Project to smaller grassroots groups like the Mindful Life Project, a California nonprofit that places mental-health coaches in schools.

For Mindful Life founder JG Larochette, receiving two $150,000 grants from Rare Beauty has enabled the expansion of full-time services from 28 schools in six cities to 50 schools in 13 cities. The exposure garnered through the partnership with Rare Beauty online and at events has opened doors to more potential funding opportunities, which can be challenging for lesser-known nonprofits. “There’s a lot to be said when Selena Gomez and her team put a stamp of approval on you,” he says. Moreover, Larochette’s collaboration with Rare Beauty has provided insights into how his student population interacts with makeup: “If you look at social media, it’s about authenticity. It’s about creativity. It’s about expression. You’re beautiful as you are, and you can express yourself as you want.”

Of all the aspects of Rare Beauty, Gomez primarily focuses on the impact fund and product development. She relies on her managers, lawyer, and the company’s executives to help manage the business. “I will admit it overwhelms me sometimes. I have this weird thing in my head where if I focus on the numbers, I’ll lose whatever it is that made Rare Beauty Rare Beauty,” she says. “I never wanted it to be about making a lot of money and that’s it.”

However, the brand is indeed highly profitable. In 2023, sales of its most popular product, a $23 liquid blush, reached $70 million. Earlier this year, there were rumors about a potential sale or IPO after Bloomberg reported Gomez had brought on financial advisers. However, Gomez quickly dismisses the idea of selling. “I don’t have any plans on that, genuinely,” she says, adding that she’s currently focused on developing products for the next few years.

CEO Scott Friedman explains that it took a few years to build the company’s infrastructure, especially while navigating a COVID-19-era launch and managing supply-chain issues. Now that things have settled, they have retained investment banks to help plan for the future. “We’re going to decide what’s the best way for us to become one of the largest, if not the largest, prestige beauty brands in the world, and it’s not a rush,” he says. “We are making our decisions to grow in the long run.”

Gomez mentions that she receives more comments from strangers about Rare than anything else, and it means a lot to her that people enjoy the products for what they are, not just because she made them. “That’s what makes me most proud,” she says. “When I’m able to have something like Rare or a single that people can relate to, I get so much joy when people say, ‘Hey, that helped me through a difficult time.’”

This is what we’re talking about—the value of real connection with other people—when we run out of trail. Suddenly, we’re deposited on the street, the noise of midday Manhattan a smack in the face. The bubble has burst and Gomez is spotted by a man dressed in all black. He holds his phone up to her face and walks backward to match her stride as he films her, saying nothing.

“You don’t feel real sometimes,” Gomez says, continuing on. Half a block later, the guy is gone, and she’s back to observing the people on the street, rather than the other way around. New York is a place where a person can move freely, she notes. She can envision her 10-year-old sister being happy here, like the kids she sees walking themselves to school. “They’re completely fine on their own. They have an ownership—you have to own your life, you have to make a way for yourself,” Gomez says. “I kind of appreciate the realness.”