Supermodel turned beauty mogul and star wife, Hailey Bieber, has sold her namesake skincare and cosmetics brand, Rhode, to e.l.f. cosmetics, in a new deal, worth up to $1 billion.
To Read Lifestyle Stories in Urdu – Click Here
As reported by foreign media, supermodel, socialite and entrepreneur Hailey Baldwin, 28, who is married to Canadian pop star Justin Bieber, and founded a skin care brand after her middle name, Rhode, in 2022, marked a major milestone in her entrepreneurial journey, as she entered in a billion-dollar acquisition deal with American company, e.l.f. (eyes.lips.face) cosmetics.
Rhode is ‘a beautiful brand that we believe is ready for rocketship growth’, stated the acquiring company, best known for its affordability and internet-viral dupes, in the announcement.
According to the details, the $1 billion deal comprises a $600 million cash payment and $200 million in shares of e.l.f. stock to Rhode’s existing equity holders. Moreover, as a part of the acquisition, a $200 million earn-out would be payable over the next three years, based on hitting performance goals.
Additionally, in the deal, Bieber, 28, will continue to stay with her brand as chief creative officer as well as head of innovation, to oversee creative, product innovation, and marketing, whereas she will serve as strategic beauty advisor to both e.l.f. cosmetics and Rhode.
View this post on Instagram
Speaking about the business deal, she said, “I always had big dreams for the company, and the most important thing to me is to keep bringing rhode to more spaces, places, and faces globally. Our partnership with e.l.f. Beauty marks an incredible opportunity to elevate and accelerate our ability to reach more of our community with even more innovative products and widen our distribution globally.”
It is worth noting here that Bieber’s namesake brand, which was launched three years ago with skincare essentials but quickly expanded into viral products like her pocket blushes and peptide lip tints, reported more than $200m in net sales of the last fiscal year, ending this March.
Also Read: Hailey Bieber takes inspiration from Ariana Grande to deal with trolls
