On Wednesday, the Bieber family had much to celebrate, as model and businesswoman Hailey achieved a significant financial milestone. Her beauty product brand, Rhode, launched in 2022, has been acquired by e.l.f. for approximately $1 billion via Men’s Journal.
The Wall Street Journal says that e.l.f. will pay Rhode $800 million at closing. However, they could pay another $200 million depending on how much Rhode grows over the next two years.
Hailey reflected on the acquisition in an Instagram post, and Justin shared her message in a post of his own on Wednesday.
“I found a like-minded disruptor with a vision to be a different kind of company that believes in big ideas and innovation in the same way that I do and will help us continue to grow the brand,” Hailey said in her post.
“I feel invigorated, excited and more ready than ever to step into an even bigger role as Chief Creative Officer, and Head of Innovation of rhode as well as strategic advisor to e.l.f. Beauty.”
She thanked her team and fans of the brand for putting Rhode in a position to negotiate the acquisition, and announced that “this is only the beginning.”
“We are excited by rhode’s ability to break beauty barriers, fully aligning with e.l.f. Beauty’s vision to create a different kind of company,” said e.l.f. chairman and CEO Tarang Amin.
“Rhode is a beautiful brand that we believe is ready for rocketship growth.”
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