Hailey Bieber Was Not Dissing Selena Gomez in WSJ Profile

Hailey Bieber didn't actually throw shade at Selena Gomez in the cover story for WSJ. Magazine ... 'cause we've learned she was talking about Sephora brands, NOT the singer-actress.

Here's the deal ... during an interview with the outlet, Hailey said, "I think there is space for everybody. I don't feel competitive with people that I'm not inspired by."

Many fans online -- and, admittedly, TMZ as well -- thought she was shading Gomez by calling her uninspiring ... but, our sources say that's not the truth in any way, shape or form.

Sources connected to Hailey tell TMZ ... what she said was in reference to other skincare brands -- not a particular person.

The context is right there in the article ... with the reporter asking if Bieber feels competitive about having to stand up against other Sephora brands -- and, she replied with the above quote.

Our sources note she did NOT discuss Selena in the article. The WSJ made it appear she responded to a question about Selena by saying, "It's always annoying being pitted against other people. I didn't ask for that." The sources insist that answer was not in response to anything involving Selena.

As we've said .... fans have criticized HB in the past for hating on SG, often doing exactly this -- making mountains out of mole hills that just aren't there.