Selena Gomez’s Rare Beauty has hired investment banks Goldman Sachs and Raymond James, but don’t expect anything to occur anytime soon, in response to sources.

The wonder brand is known to be evaluating potential options for the business, but has not begun a proper process to explore deal options, sources said.

Industry sources also said that when it is prepared, the corporate could explore an initial public offering because it is growing so fast.

Rare Beauty’s net sales in 2023 are understood to have are available in at around $350 million.

The three-year-old brand has been a breakout success within the celebrity brand world with a method that leverages Gomez’s transparency round her struggles with mental health and focuses on a message of healthy self-esteem. 

At the top of 2023, Rare Beauty had raised $12 million of the $100 million it has committed to mental health causes over the following decade through its Rare Impact Fund, which has partnered with 25 global organizations, and provided support and resources to the brand’s Millennial and Gen Z customers. One percent of annual sales go to the fund.

“Knowing that we’re doing a crucial thing while selling these products is super rewarding,” Gomez said during an interview with WWD last 12 months.

In December, the singer, actress and entrepreneur ventured into scented body care with Find Comfort, which incorporates a body and hair fragrance mist, hand cream, body lotion and a Stop and Soothe aromatherapy pen. It was the primary enterprise beyond color cosmetics for Gomez and Rare Beauty.

Raymond James declined to comment. Goldman Sachs didn’t immediately reply to request for comment.