Selena Gomez’s makeup company Rare Beauty launched the Rare Impact Fund on her 28th birthday on Wednesday, with plans to raise $100 million to provide mental health services to undeserved communities.
Going forward with the mission-driven beauty brand’s very first sale, 1% of annual sales on Rare Beauty products, in addition to funds raised by partners, will benefit the fund, which plans to raise the $100 million goal over the next 10 years.
After reaching its goal, the Rare Impact Fund will become one of the largest known funds supporting mental health from a corporate entity. “I’m so grateful to be surrounded by a team that’s helped make the Rare Impact Fund a reality,” Gomez said in a press release. “Since the brand’s inception, we wanted back to our community and support people who needed access to mental health services. Rare Beauty is focused on helping people feel more connected to one another. The Rare Impact Fund will make a direct impact on many lives and, ultimately, a difference in the world. I’m proud of the work we’ve begun to do.”
Gomez founded Rare Beauty in February with the self-affirming mission that “being rare is about being comfortable with yourself.” The title of the makeup line nods to her third studio album Rare, which she released at the beginning of the year.
“Our goal is ambitious. We want to raise $100 million for mental health in the next 10 years,” said Scott Friedman, CEO of Rare Beauty. “With the launch of the Rare Impact Fund, we will create one of the largest philanthropic efforts focused on mental health in the world. The funds will go toward increasing access to mental health services, particularly for underserved communities.”
Rare Beauty also created the Rare Beauty Mental Health Council, which brings mental health experts from universities, organisations and companies together to guide the company’s strategy.