Amid rumors of her husband’s bankruptcy: Hailey Bieber sells her brand Rhode
For $1 billion
Earlier, we reported that Justin Bieber sold his music catalog to Hipgnosis Songs Capital for $200 million. In the new documentary «TMZ Investigates: What Really Happened to Justin Bieber?», available on Hulu, it is suggested that the artist was driven to this decision due to serious financial difficulties.
According to TMZ executive producer Harvey Levin, despite earning between $500 million and $1 billion over his career, Bieber was reportedly on the verge of bankruptcy in 2022, partly due to debts following the cancellation of his «Justice: World Tour».
Following this news, reports surfaced online that e.l.f. Beauty had acquired Hailey Bieber’s skincare brand Rhode in a deal valued at $1 billion. This was confirmed in an official press release by the beauty giant.
«Rhode will further expand our portfolio with a fast-growing brand that makes prestige accessible. We are excited by Rhode’s ability to break down barriers in beauty, which aligns perfectly with the e.l.f. Beauty ethos», said e.l.f. CEO Tarang Amin.
After the sale, Hailey Bieber will retain her role as founder of Rhode and also take on the positions of Creative Director and Head of Brand Innovation.
Hailey also commented on the deal on social media, calling it the «next chapter» for the brand. She emphasized that «partnering with e.l.f. Beauty is an incredible opportunity to elevate and accelerate our ability to reach more people with even more innovative products and to expand our global distribution».
«When I launched Rhode in 2022, I had big dreams for the company, and my top priority has always been to continue growing Rhode into new spaces. So today, I am incredibly excited and proud to announce that we are entering a partnership with e.l.f. Beauty to begin a new chapter in the Rhode journey. I’ve found a like-minded innovator with a vision to build a new kind of company – someone who, like me, believes in big ideas and innovation and will help us continue to grow», Hailey shared.
Launched in 2022 and named after Hailey’s middle name, Rhode has achieved impressive financial results in just two years. The company focuses on skincare, including popular blushes and lip tints. Over a 12-month period, the brand generated more than $200 million in revenue. Rhode is planning to launch in Sephora stores across North America and the UK by the end of the year.
Photo: Instagram @haileybieber
