Hailey Bieber's iconic reaction to selling Rhode in billion dollar deal
Hailey Bieber had an iconic reaction after striking a deal to sell her beauty and skincare brand Rhode to e.l.f. Beauty in a transaction that could reach a staggering £740 million ($1billion). Hours after news of the massive deal broke, Hailey posted a TikTok to let people know just how she was celebrating.
Captioning the now-viral video clip 'well.. good morning!', Hailey can be seen sporting a strapless little black dress with her hair down and a huge smile as she grooves to rapper JT's track Ran Out and makes little finger claps.
The beauty mogul was out having dinner at Alba in West Hollywood to celebrate her win. Her pop star husband, Justin Bieber, was conspicuously absent from the celebrations, as Hailey seemed to have stepped out sans husband (but with her girls) to celebrate the major milestone. Justin did however, post the news of the deal to Instagram, albeit without a caption.
The billion dollar move, announced on Wednesday, May 28, is being hailed by Vogue Business as one of the most significant beauty industry acquisitions of late.
Announcing the deal, Hailey took to social media and wrote: 'When I launched rhode in 2022, I always had big dreams for the company, and the most important thing to me is to keep bringing rhode to more spaces, places, and faces globally. 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.
"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. I 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.'
e.l.f. Beauty revealed in a press release that the agreement includes an upfront payment of $800 million in cash and stock, with an additional "potential earnout consideration of $200 million based on the future growth of the brand" over the next three years.
Taking on an even bigger role in the wake of the acquisition, Hailey will maintain her position as founder and will also serve as Rhode's chief creative officer and head of innovation, directing creative efforts, product innovation, and marketing strategies. Additionally, she will assume a new role as a strategic advisor to the merged entities.
In conversation with Vogue Business, Hailey expressed her journey to find the perfect partner for her eponymous brand. The entrepreneur said: "Finding a home for Rhode was a really scary process, but as soon as I met the Elf Beauty team, I could tell they had such a strong sense of community and that spoke volumes to me because I know how I feel about our Rhode community.'
Hailey also expressed her admiration for e.l.f.'s innovative approach in the beauty industry, commenting: 'I could have gone to a table of suits (referencing brand suitors), but Elf Beauty's partnership offering was different.'
e.l.f. Chairman and CEO Tarang Amin also commented on how they found a 'like-minded disruptor in Rhode'.
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