When Selena Gomez launched Rare Beauty, she drew on a piece of advice from one billionaire friend — Taylor Swift.
Speaking at the Fortune Most Powerful Women Summit on Wednesday, Gomez opened up about her friendship with the pop star and how Swift’s words have shaped her management style.
“She’s one of the most brilliant people I’ve ever met. She is very strong in her lane, and she gives great advice all the time,” Gomez said.
“I’m not sure what I would say I’ve done for her other than been there as a friend, but one thing stuck out to me, and I’ll always remember it. She said: ‘If you’re the smartest person in the room, you’re in the wrong room,'” Gomez said.
The Rare Beauty founder added that’s why she surrounds herself “with really incredible people” who believe in her and understand the company’s mission.
“There’s no dumb question. You have to learn and not be afraid of all the things that you might lose out on,” Gomez said.
When she first founded her beauty brand, Gomez said she didn’t think that most people in the industry took her seriously.
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“I think a lot of people would have preconceived ideas of what I’m good at, and I should stay in my lane, and I should do what I’m here to do,” Gomez said. “But what I’m here to do is make a difference, so I am going to keep doing it.”
Bloomberg reported in September 2024 that Gomez’s net worth had crossed $1 billion, driven mostly by Rare Beauty’s success.
She’s one of just five living musicians in the billionaire club, alongside Jay-Z, Bruce Springsteen, Rihanna, and, of course, Swift, Business Insider reported last year. As of October, Forbes estimates Swift’s net worth to be $1.6 billion.
Gomez and Swift’s friendship has been well documented over the years. The pair first crossed paths while they were each dating a Jonas Brother in their teens.
“She and I like to say the best thing we got out of those relationships was each other,” Gomez said of Swift during an August appearance on the “Therapuss with Jake Shane” podcast.
Representatives for Gomez and Swift did not immediately respond to requests for comment sent by Business Insider outside regular hours.