Gwyneth Paltrow is ''psyched'' about being criticised by Martha Stewart.

The lifestyle guru recently slammed the 'Iron Man 3' actress for her Goop brand but the 42-year-old beauty insists she isn't hurt by her comments.

Speaking at the Most Powerful Women Summit in Laguna Niguel, California, she sarcastically said: ''No one has ever said anything bad about me before, so I'm shocked and devastated. I'll try to recover.''

She then admitted: ''If I'm really honest, I'm so psyched that she sees us as competition. I'm so psyched. I really am.

''At this point in my life I don't take it personally.''

Gwyneth spoke out after Martha dismissed her ventures into the lifestyle arena, saying she is just a ''movie star''.

She said: ''She just needs to be quiet. She's a movie star.

''If she were confident in her acting, she wouldn't be trying to be Martha Stewart.''

Earlier this week, Gwyneth announced she had hired Lisa Gersh, the former CEO and president of Martha Stewart Living.

Lisa said of her appointment: ''As a fan since its launch, I've admired the inimitable voice and style Gwyneth has infused into goop, and the business she's built.

''It's rare to work with such an inspired founder and a digitally native company, a brand that thinks digitally from an organic point-of-view and successfully fuses content and revenue-generating retail.''