Hailey Bieber's Brand 'Rhode' Acquired by e.l.f. Beauty for $1 Billion
Hailey Bieber to Remain as Founder and Lead Creative at e.l.f. Beauty
Model Hailey Bieber (28), wife of pop star Justin Bieber, is selling her cosmetics brand, which she founded, for more than 1 trillion won.
On May 28 (local time), e.l.f. Beauty, a U.S. cosmetics company listed on the New York Stock Exchange, announced that it would acquire Bieber's cosmetics brand 'Rhode' for $1 billion (approximately 1.375 trillion won) in order to enter the skincare sector.
Tarang Amin, CEO of e.l.f. Beauty, said, "Rhode is a beautiful brand ready to take off like a rocket," adding, "With this rapidly growing brand, we will further diversify our portfolio."
e.l.f. Beauty stated that Bieber will continue to serve as the founder of Rhode and will also take on the roles of Chief Creative Officer (CCO) and head of innovation at e.l.f. Beauty, overseeing product innovation and marketing.
Bieber founded Rhode in 2022 with two others, naming it after part of her pre-marriage name (Hailey Rhode Baldwin). According to the BBC, the company gained significant popularity, mainly online. In the fiscal year ending at the end of March, the customer base doubled and the company recorded $212 million (about 291.5 billion won) in net sales. This year, Rhode also plans to expand into Sephora, the world's largest cosmetics retailer, in the United States and the United Kingdom.
U.S. business media outlet CNBC analyzed that e.l.f. Beauty is likely to target younger consumers by leveraging Bieber's online fandom.
Through a press release from e.l.f. Beauty, Bieber stated, "Since the founding of Rhode, my vision has been to create essential skincare and hybrid makeup for everyday use," and added, "This partnership with e.l.f. Beauty, achieved just three years after starting this journey, is an incredible opportunity to reach more communities and expand our global distribution network."
Bieber is the daughter of actor Stephen Baldwin, who is the brother of famous Hollywood actor Alec Baldwin. She has mainly worked as a fashion model and influencer, married Justin Bieber in 2018, and gave birth to a son in August last year.
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