In a deal valued at up to $1 billion (£740 million), model Hailey Bieber is selling her makeup line, Rhode, to e.l.f. Beauty.
The 28-year-old, who is married to singer Justin Bieber, gave the skincare line her middle name in 2022 after co-founding it. The line includes lip and blush tints.
Its popularity on the internet has helped it grow quickly; in the 12 months ending in March, it generated over $200 million in net sales.
This year, it will be available in Sephora stores in the US and the UK.
In its announcement of the deal, buyer e.l.f. Beauty called the business “a beautiful brand that we believe is ready for rocketship growth”.
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The company is receiving $800 million in cash and stock from e.l.f., which stands for eyes, lips, and face.
Depending on future sales growth, a further $200 million payout may be possible.
Later this year is when the deal is anticipated to close.
Hailey Bieber Speaks On Selling Her Rhode Makeup Brand
The deal was the “next chapter” for the Rhode brand, according to a social media post by Ms. Bieber, who will remain with the company as chief creative officer.
Furthermore, following the sale, current executives and other co-founders will still be in charge of the company.
“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,” she said in the business announcement.
The brand has become particularly popular on social media, with viral TikToks about their pocket blush and “peptide lip treatments”.
Ms Bieber’s decision to launch a beauty line follows in the footsteps of other celebrities,
such as Rihanna, whose Fenty Beauty was worth nearly $3bn last year, according to Forbes estimates.
I guess this is another great move for the Biebers’ after Justin also recently sold off his music catalogue due to him being broke.