Hailey Bieber‘s beauty brand, Rhode, has been acquired by e.l.f. Beauty in a whopping $1 billion deal, marking a major milestone for the businesswoman.
The former model expressed excitement about her brand expanding globally and taking on a larger leadership role.
Meanwhile, Hailey Bieber’s husband, Justin Bieber, has reportedly been facing financial issues following the cancellation of his 2022 tour.
Article continues below advertisement
Hailey Bieber Joins The Billionaire Club
On Wednesday, it was revealed that Hailey’s beauty brand, Rhode, has entered a “definitive agreement” with e.l.f. Beauty in a major acquisition deal.
A press release statement revealed that “the $1 billion deal consists of $800 million of consideration payable at closing in a combination of cash and stock, subject to customary adjustments, and an additional potential earnout consideration of $200 million based on the future growth of the brand over a three-year timeframe.”
To support the acquisition, e.l.f. has secured $600 million in debt financing.
Article continues below advertisement
Hailey Bieber Excited To Have Found A ‘Like-Minded Disruptor’ For Her Brand
Sharing the milestone with her fans on Instagram, Hailey reflected on her vision when she first launched Rhode in 2022.
“When I launched @rhode in 2022, I always had big dreams for the company,” she wrote.” “The most important thing to me is to keep bringing Rhode to more spaces, places, and faces globally.”
Expressing her excitement about the partnership, Hailey noted, “So today I am so incredibly excited and proud to announce that we are partnering with e.l.f. Beauty as we step into this next chapter in the world of Rhode.”
She continued: “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.”
Article continues below advertisement
The Former Model Reflects On Rhode’s $1B Milestone: ‘This Is Only The Beginning’
Hailey further shared her excitement about the new partnership, saying the milestone made her “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.”
The Rhode founder then thanked her team, saying none of it would have been possible without them, and expressed deep gratitude to Rhode’s loyal supporters.
“As I’ve said, this is only the beginning,” she concluded her post.
Fans and friends flooded the comments with love and support. “So proud of you! CONGRATS angel! Can’t wait for more,” one wrote.
Article continues below advertisement
Another recalled Rhode’s early days, writing: “SOOOO PROUD!!! You deserve it! I remember like yesterday getting my PR box when you started, now look at you! Hailey B.”
Article continues below advertisement
Justin Bieber Faces Scrutiny Over Spending And Tour Debt
Hailey’s billion-dollar milestone with Rhode arrives as her husband, Justin Bieber, reportedly faces ongoing financial struggles.
The 31-year-old singer is said to be dealing with the fallout from his canceled 2022 “Justice” tour, which left him with substantial debt.
According to TMZ, sources revealed that Justin’s former manager, Scooter Braun, stepped in with a reported multi-million dollar loan to help the singer cover tour-related losses in 2022, and that he has yet to pay back.
Despite selling his music catalog for $200 million and boasting an estimated net worth of $300 million, the pop star’s finances have come under scrutiny.
In 2024, reports suggested Justin was exploring legal action against his financial managers, alleging they mishandled his fortune. However, insiders suggested his lavish spending habits were “out of control.”
“He spends eye-watering amounts per month,” one source told Page Six. “At one point, he couldn’t even get a credit card. Justin is surrounded by a lot of people that do not have his best interests at heart.”
Article continues below advertisement
Justin Bieber’s Team Denies Financial Trouble Amid Reports Of Lavish Spending
Justin’s team continues to push back against claims of financial trouble, dismissing them as baseless speculation.
In response to an exposé by The Hollywood Reporter, his rep told Page Six, “This is just clickbait stupidity based on unnamed — and clearly ill-informed — ‘sources,’ disappointed that they no longer work with Justin.”
They added: “As Justin forges his own way forward, these unnecessary stories and inaccurate assumptions will continue. But, they won’t deter him from staying committed to following the right path.”
The rep also told THR that “any source that is trying to sell you a story about alleged financial distress … either doesn’t understand the entertainment industry or, more likely, is trying to paint an unflattering portrait of Justin, which bears no resemblance to reality.”
