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I fully admit that, for years now, I?ve believed the celebrity beauty/makeup/skincare industry is oversaturated, overhyped and overvalued. Kylie Jenner and Rihanna were the pioneers of ?beauty start-ups which turned into massive companies,? and all of the other ladies have been trying to copy them for the past decade. But while I?m a curmudgeon on these ventures, the actual beauty industry is bullish on these celebrity endeavors. Kylie Jenner sold the majority of her brand to Coty six years ago, Rihanna & LVMH split Fenty Beauty (a multi-billion dollar brand), and now Hailey Bieber has sold Rhode. Hailey started her skincare/beauty company Rhode in 2022, and it grew really fast really quickly, with several ?hero? products. Hailey has been exploring her options and wanting to sell all year, and now she?s found a buyer: e.l.f. Beauty.
Hailey Biebers rhode is celebrating a major milestone. On Wednesday, May 28, it was announced that e.l.f. Beauty had signed a $1 billion dollar deal to acquire the brand.
Per a press release, Bieber, 28, will continue her role as founder and additionally serve as rhode?s chief creative officer and head of innovation, overseeing creative, product innovation and marketing. She will also act as a strategic advisor to the combined companies.
The release also states that rhode was the No. 1 skincare brand in Earned Media Value in 2024, representing 367% year-over-year EMV growth.
?We can?t wait to bring rhode to more faces, places, and spaces. From day one, my vision for rhode has been to make essential skin care and hybrid makeup you can use every day,? Bieber shared in a statement. ?Just three years into this journey, 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.
The entrepreneur added that she looks forward to the brands new exciting chapter alongside co-founders Michael D. Ratner and Lauren Ratner, who have helped bring my vision to life from the start.?
Bieber also spoke to Allure about the news, saying, ?When youre launching a brand, youre just so focused on whats right in front of you at the time. And of course, you always have really big dreams and really big goals for it. This is definitely one of those things being realized. I could have never anticipated that it would happen at this exact time.? She added about her decision to pair with the e.l.f. team, Vibes matter!
[From People]
This is another reason why I rolled my eyes at the months of speculation about Justin Bieber?s finances one, I think the reports are coming from Justin?s former team because they?re mad that they?re not on the Bieber gravy train anymore. Two, I think Justin is more than fine with Hailey making money right now, and Hailey is absolutely the family breadwinner at the moment. Hailey?s a billionaire three years after launching her company. It?s insane. Good for her, honestly.
Photos courtesy of Cover Images, Backgrid.
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