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National Post
18 minutes ago
- Business
- National Post
Mene Inc. Reports Financial Results for the First Quarter 2025
Article content TORONTO — Menē Inc. (TSX-V:MENE) (US:MENEF) ('Menē' or the 'Company'), an online 24 karat jewelry brand, today announced financial results for the first quarter ended March 31, 2025. All amounts expressed herein reflect Canadian dollars unless otherwise noted. Article content Article content FINANCIAL HIGHLIGHTS Article content IFRS Revenue of $7.3 million, an increase of $2.5 million (52%) Year-over-Year ('YoY'). Gross Profit of $1.7 million, with a consistent gross profit margin of 23% YoY. Total comprehensive loss of $0.2 million during the quarter, a significant improvement of $0.5 million YoY. Total metal weight of 45 kilograms was sold during the quarter, consisting of 4,336 units of jewelry. Article content OPERATIONAL HIGHLIGHTS Article content Introduced 12 new product designs during the quarter. Sales to Returning Customers accounted for 68% of total sales during the quarter. Cumulative units of jewelry sold reached 185,000 as of quarter end. Featured in 1,200-word Forbes article, Air Mail editorial with Diana W. Picasso as Guest Editor. Registered over 44,000 independent customer reviews on since inception. Article content IFRS Consolidated Income Statement Data & Key Performance Indicators (KPIs) 1 FY 2025 FY 2024 FY 2023 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Revenue $7,338,753 $9,118,982 $5,388,095 $6,464,004 $4,828,705 $6,862,070 $4,292,870 $4,982,901 Gross profit $1,721,276 $2,840,105 $1,799,433 $1,692,440 $1,135,878 $1,667,134 $949,989 $1,489,700 Gross profit (%) 23% 31% 33% 26% 24% 24% 22% 30% Net income (loss) $(209,882) $(1,073,600) $1,317,677 $(319,143) $(918,867) $(1,400,171) $(653,131) $699,620 Total comprehensive income (loss) $(232,428) $(302,168) $1,192,776 $(221,465) $(702,669) $(1,747,813) $(218,993) $254,343 Non-IFRS Adjusted Revenue 2 $8,231,951 $10,563,400 $6,488,620 $6,884,842 $6,531,647 $7,934,768 $5,211,227 $6,076,398 Adjusted EBITDA 3 $94,356 $668,655 $350,192 $163,865 $(375,016) $(138,659) $(543,263) $130,557 Total Shareholders' Equity 17,822,560 17,769,949 16,243,913 16,116,965 15,815,544 15,981,748 17,189,674 17,256,569 Inventory balance (kg of gold) 4 73 91 93 92 91 235 233 189 Customer orders 3,362 4,030 2,434 3,534 3,758 3,445 3,650 4,938 Units of jewelry sold 4,336 7,226 7,194 5,799 4,979 4,991 5,261 7,872 Jewelry weight sold (total kg) 45 73 42 58 45 45 48 73 Article content The Company's financial statements for fiscal year 2024 and 2023 were audited by an external assurance firm. The Company adjusts its revenue by adding back the value of jewelry that was returned by customers, revenue from orders for which fulfillment is under process, and discounts given to customers. These adjustments are made to assess the gross revenue before deducting these items from revenue per IFRS. See Non-IFRS Measures for a full reconciliation in the MD&A. The Company adjusts its net income (loss) by excluding depreciation and amortization, stock-based compensation, income taxes and interest. See Non-IFRS Measures for a full reconciliation in the MD&A. Inventory balances in kilograms of gold are calculated by taking the total Canadian Dollar (CAD) inventory value at each quarter-end date and dividing the value by the CAD gold spot price per gram. Article content The first quarter of 2025 was a relatively positive one for Menē. We attained revenues of $7.3 million, a growth of 52% over the same quarter last year. While we saw our average order value increase by 70% year-over-year, our number of orders decreased by 11% year-over-year. Now that we've successfully delivered on the core elements of our operational transformation, our strategic focus for 2025 and 2026 has moved to proving out sustained sales growth in our core market, the USA. Increasing the number of orders as well as the number of new customers that purchase our products is central for Menē to deliver long-term, sustainable and profitable growth. Article content There are many tactics being deployed to reach our goals and acquire new customers, while also growing and retaining existing ones. We are increasing the breadth of our PR activities to reach different customer segments, developing relationships with major publishing houses and key editors to extend our editorial reach, partnering with influencers who we believe can represent the Menē brand successfully to their followers, continually optimizing our digital advertising strategies and reviewing how we fundamentally leverage social media in a rapidly changing online luxury landscape. We also continue providing best-in-class customer service and have developed strategies to offer more tailored experiences and communications to increase customer satisfaction, loyalty and, ultimately, sales. Our customer focus remains on building long-term, personalized and meaningful relationships that maximize lifetime value. Article content Another approach we are testing to help new customer segments discover Menē is through retail partnerships. Alongside our existing retail partnerships and collaborations with Dover Street Market, the international, high-end, multi-brand retailer, and Huntsman, the world-renowned Savile Row bespoke tailor, we launched a partnership with Air Mail, a digital weekly newsletter and online store launched by former Vanity Fair editor-in-chief Graydon Carter and former New York Times reporter Alessandra Stanley. The partnership started as a guest editor appearance by our Co-Founder, Diana W. Picasso, and evolved into offering a curated collection of our jewelry on their online store. Article content We also surpassed a new milestone this quarter: Over $200 million in total metal is now held by our customers. 1 When compared to total revenues generated of over $150 million since inception, it means that, by this measure, our clients have accumulated roughly $50 million in aggregate value owning our jewelry. Taken together with the fact that Menē is merely 8 years into its journey leads us to believe that we are in the early stages of building a globally recognized, intergenerational luxury house. And while we certainly aspire and aim to have the longevity of some of the most storied brands in luxury, our mission of restoring the link between jewelry and savings puts us in a unique category. Because everything we make is pure gold or platinum, the stores of value we create for our customers we believe go beyond brand name recognition, scarcity, exclusivity, and other marketing elements that can erode over time. We strive to build Menē into a company that will endure the test of time, and whose focus is on unparalleled craftsmanship and customer service, rather than on market trends and other extrinsic factors. Article content By the way, it's not too late to get your hands on some of our new designs for Father's Day, whether it be the enigmatic Owl Ring or the tactile Snake Belly Cuff. I'm a big fan of the Steering Wheel Pendant myself. Whatever your taste, you're sure to find something of lasting value that will also make an impression: Article content This news release contains non-IFRS financial measures; the Company believes that these measures provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating the Company's performance, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance with IFRS. Moreover, presentation of certain of these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided herein have an actual effect on the Company's operating results. Article content Non-IFRS Adjusted Revenue is a non-IFRS measure. The Company adjusts its revenue by adding back the value of jewelry that was returned by customers, revenue from orders not yet delivered, and discounts given to customers. These adjustments are made to assess the gross revenue before deducting these items per IFRS revenue. The closest comparable IFRS measure is revenue. Article content Non-IFRS Adjusted Income (loss) is a non-IFRS measure. Non-IFRS Adjusted Income (Loss) is a non-IFRS measure, calculated as total comprehensive income (loss), excluding depreciation and amortization, stock-based compensation, accretion, loss on debt retirement, revaluation of metal loan, translation gain or loss, unrealized foreign exchange gains or losses and other non-recurring expenses. The closest comparable IFRS measure is total comprehensive income (loss). Article content Adjusted EBITDA, calculated as total operating income (loss), excluding depreciation and amortization, stock-based compensation, other non-recurring expenses. The closest comparable IFRS measure is total operating income (loss). Article content Tangible Common Equity is a non-IFRS measure. It is calculated as total shareholder's equity excluding intangible assets. Article content For a full definition of non-IFRS financial measures used herein to their nearest IFRS equivalents, please see the section entitled 'Non-IFRS Financial Measures' in the Company's MD&A for the quarter ended March 31, 2025. Article content About Menē Inc. Article content Menē crafts pure 24 karat gold and platinum jewelry that is transparently sold by gram weight. Through customers may buy jewelry, monitor the value of their collection over time, and sell or exchange their pieces by gram weight at prevailing market prices. Menē was founded by Roy Sebag and Diana Widmaier-Picasso with a mission to restore the relationship between jewelry and savings. Menē empowers consumers by marrying innovative technology, timeless design, and pure precious metals to create pieces which endure as a store of value. Article content This news release contains certain 'forward-looking information' within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. In particular, but without limiting the foregoing, this news release contains forward-looking information pertaining to its business plans and goals of the Company for the current financial year, the hiring of new management, estimated potential year over year growth, marketing plans and the announcement of future plans and milestones. Article content This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the inability to successfully acquire and/or develop jewelry manufacturing facilities; an inability to predict or control the negative effects of tariffs and global trading patterns; an inability to predict and counteract the effects of pandemics on the business of the Company, including but not limited to the effects of pandemics and other infectious diseases presenting as major health issues and impacting the price of precious metals, capital market conditions, restriction on labour and international travel and supply chains; failure to comply with environmental and health and safety laws and regulations; operating or technical difficulties in connection with the manufacture, sale and distribution of jewelry; actual audited results differing from reported unaudited results; global economic climate; dilution of the Company's shares; the Company's limited operating history; future capital needs and uncertainty of raising capital; the competitive nature of the jewelry industry; currency exchange risks; inflation risks; risks related to changing consumer preferences; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology and manufacturing change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; theft and risk of physical harm to personnel; reliance and availability of key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law. Article content Article content Article content Article content Contacts Article content Media and Investor Relations Inquiries: Article content Article content Article content
Globe and Mail
31 minutes ago
- Business
- Globe and Mail
Mene Inc. Reports Financial Results for the First Quarter 2025
Menē Inc. (TSX-V:MENE) (US:MENEF) ('Menē' or the 'Company'), an online 24 karat jewelry brand, today announced financial results for the first quarter ended March 31, 2025. All amounts expressed herein reflect Canadian dollars unless otherwise noted. FINANCIAL HIGHLIGHTS IFRS Revenue of $7.3 million, an increase of $2.5 million (52%) Year-over-Year ('YoY'). Gross Profit of $1.7 million, with a consistent gross profit margin of 23% YoY. Total comprehensive loss of $0.2 million during the quarter, a significant improvement of $0.5 million YoY. Total metal weight of 45 kilograms was sold during the quarter, consisting of 4,336 units of jewelry. OPERATIONAL HIGHLIGHTS Introduced 12 new product designs during the quarter. Sales to Returning Customers accounted for 68% of total sales during the quarter. Cumulative units of jewelry sold reached 185,000 as of quarter end. Featured in 1,200-word Forbes article, Air Mail editorial with Diana W. Picasso as Guest Editor. Registered over 44,000 independent customer reviews on since inception. IFRS Consolidated Income Statement Data & Key Performance Indicators (KPIs) 1 FY 2025 FY 2024 FY 2023 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Revenue $7,338,753 $9,118,982 $5,388,095 $6,464,004 $4,828,705 $6,862,070 $4,292,870 $4,982,901 Gross profit $1,721,276 $2,840,105 $1,799,433 $1,692,440 $1,135,878 $1,667,134 $949,989 $1,489,700 Gross profit (%) 23% 31% 33% 26% 24% 24% 22% 30% Net income (loss) $(209,882) $(1,073,600) $1,317,677 $(319,143) $(918,867) $(1,400,171) $(653,131) $699,620 Total comprehensive income (loss) $(232,428) $(302,168) $1,192,776 $(221,465) $(702,669) $(1,747,813) $(218,993) $254,343 Non-IFRS Adjusted Revenue 2 $8,231,951 $10,563,400 $6,488,620 $6,884,842 $6,531,647 $7,934,768 $5,211,227 $6,076,398 Adjusted EBITDA 3 $94,356 $668,655 $350,192 $163,865 $(375,016) $(138,659) $(543,263) $130,557 Total Shareholders' Equity 17,822,560 17,769,949 16,243,913 16,116,965 15,815,544 15,981,748 17,189,674 17,256,569 Inventory balance (kg of gold) 4 73 91 93 92 91 235 233 189 Customer orders 3,362 4,030 2,434 3,534 3,758 3,445 3,650 4,938 Units of jewelry sold 4,336 7,226 7,194 5,799 4,979 4,991 5,261 7,872 Jewelry weight sold (total kg) 45 73 42 58 45 45 48 73 The Company's financial statements for fiscal year 2024 and 2023 were audited by an external assurance firm. The Company adjusts its revenue by adding back the value of jewelry that was returned by customers, revenue from orders for which fulfillment is under process, and discounts given to customers. These adjustments are made to assess the gross revenue before deducting these items from revenue per IFRS. See Non-IFRS Measures for a full reconciliation in the MD&A. The Company adjusts its net income (loss) by excluding depreciation and amortization, stock-based compensation, income taxes and interest. See Non-IFRS Measures for a full reconciliation in the MD&A. Inventory balances in kilograms of gold are calculated by taking the total Canadian Dollar (CAD) inventory value at each quarter-end date and dividing the value by the CAD gold spot price per gram. STATEMENT FROM CEO VINCENT GLADU: The first quarter of 2025 was a relatively positive one for Menē. We attained revenues of $7.3 million, a growth of 52% over the same quarter last year. While we saw our average order value increase by 70% year-over-year, our number of orders decreased by 11% year-over-year. Now that we've successfully delivered on the core elements of our operational transformation, our strategic focus for 2025 and 2026 has moved to proving out sustained sales growth in our core market, the USA. Increasing the number of orders as well as the number of new customers that purchase our products is central for Menē to deliver long-term, sustainable and profitable growth. There are many tactics being deployed to reach our goals and acquire new customers, while also growing and retaining existing ones. We are increasing the breadth of our PR activities to reach different customer segments, developing relationships with major publishing houses and key editors to extend our editorial reach, partnering with influencers who we believe can represent the Menē brand successfully to their followers, continually optimizing our digital advertising strategies and reviewing how we fundamentally leverage social media in a rapidly changing online luxury landscape. We also continue providing best-in-class customer service and have developed strategies to offer more tailored experiences and communications to increase customer satisfaction, loyalty and, ultimately, sales. Our customer focus remains on building long-term, personalized and meaningful relationships that maximize lifetime value. Another approach we are testing to help new customer segments discover Menē is through retail partnerships. Alongside our existing retail partnerships and collaborations with Dover Street Market, the international, high-end, multi-brand retailer, and Huntsman, the world-renowned Savile Row bespoke tailor, we launched a partnership with Air Mail, a digital weekly newsletter and online store launched by former Vanity Fair editor-in-chief Graydon Carter and former New York Times reporter Alessandra Stanley. The partnership started as a guest editor appearance by our Co-Founder, Diana W. Picasso, and evolved into offering a curated collection of our jewelry on their online store. We also surpassed a new milestone this quarter: Over $200 million in total metal is now held by our customers. 1 When compared to total revenues generated of over $150 million since inception, it means that, by this measure, our clients have accumulated roughly $50 million in aggregate value owning our jewelry. Taken together with the fact that Menē is merely 8 years into its journey leads us to believe that we are in the early stages of building a globally recognized, intergenerational luxury house. And while we certainly aspire and aim to have the longevity of some of the most storied brands in luxury, our mission of restoring the link between jewelry and savings puts us in a unique category. Because everything we make is pure gold or platinum, the stores of value we create for our customers we believe go beyond brand name recognition, scarcity, exclusivity, and other marketing elements that can erode over time. We strive to build Menē into a company that will endure the test of time, and whose focus is on unparalleled craftsmanship and customer service, rather than on market trends and other extrinsic factors. By the way, it's not too late to get your hands on some of our new designs for Father's Day, whether it be the enigmatic Owl Ring or the tactile Snake Belly Cuff. I'm a big fan of the Steering Wheel Pendant myself. Whatever your taste, you're sure to find something of lasting value that will also make an impression: Calculated as the total metal weight sold, multiplied by the respective gold and platinum spot prices at time of publishing. Non-IFRS Measures This news release contains non-IFRS financial measures; the Company believes that these measures provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating the Company's performance, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance with IFRS. Moreover, presentation of certain of these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided herein have an actual effect on the Company's operating results. Non-IFRS Adjusted Revenue is a non-IFRS measure. The Company adjusts its revenue by adding back the value of jewelry that was returned by customers, revenue from orders not yet delivered, and discounts given to customers. These adjustments are made to assess the gross revenue before deducting these items per IFRS revenue. The closest comparable IFRS measure is revenue. Non-IFRS Adjusted Income (loss) is a non-IFRS measure. Non-IFRS Adjusted Income (Loss) is a non-IFRS measure, calculated as total comprehensive income (loss), excluding depreciation and amortization, stock-based compensation, accretion, loss on debt retirement, revaluation of metal loan, translation gain or loss, unrealized foreign exchange gains or losses and other non-recurring expenses. The closest comparable IFRS measure is total comprehensive income (loss). Adjusted EBITDA, calculated as total operating income (loss), excluding depreciation and amortization, stock-based compensation, other non-recurring expenses. The closest comparable IFRS measure is total operating income (loss). Tangible Common Equity is a non-IFRS measure. It is calculated as total shareholder's equity excluding intangible assets. For a full definition of non-IFRS financial measures used herein to their nearest IFRS equivalents, please see the section entitled "Non-IFRS Financial Measures" in the Company's MD&A for the quarter ended March 31, 2025. About Menē Inc. Menē crafts pure 24 karat gold and platinum jewelry that is transparently sold by gram weight. Through customers may buy jewelry, monitor the value of their collection over time, and sell or exchange their pieces by gram weight at prevailing market prices. Menē was founded by Roy Sebag and Diana Widmaier-Picasso with a mission to restore the relationship between jewelry and savings. Menē empowers consumers by marrying innovative technology, timeless design, and pure precious metals to create pieces which endure as a store of value. For more information about Menē, visit Forward-Looking Statements This news release contains certain 'forward-looking information' within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. In particular, but without limiting the foregoing, this news release contains forward-looking information pertaining to its business plans and goals of the Company for the current financial year, the hiring of new management, estimated potential year over year growth, marketing plans and the announcement of future plans and milestones. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the inability to successfully acquire and/or develop jewelry manufacturing facilities; an inability to predict or control the negative effects of tariffs and global trading patterns; an inability to predict and counteract the effects of pandemics on the business of the Company, including but not limited to the effects of pandemics and other infectious diseases presenting as major health issues and impacting the price of precious metals, capital market conditions, restriction on labour and international travel and supply chains; failure to comply with environmental and health and safety laws and regulations; operating or technical difficulties in connection with the manufacture, sale and distribution of jewelry; actual audited results differing from reported unaudited results; global economic climate; dilution of the Company's shares; the Company's limited operating history; future capital needs and uncertainty of raising capital; the competitive nature of the jewelry industry; currency exchange risks; inflation risks; risks related to changing consumer preferences; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology and manufacturing change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; theft and risk of physical harm to personnel; reliance and availability of key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
Forbes
an hour ago
- Business
- Forbes
Hailey Bieber's Skin Care Firm Rhode To Be Acquired By E.L.F. Beauty In $1 Billion Deal
Hailey Bieber On Wednesday afternoon, publicly traded e.l.f. Beauty announced that it is acquiring Hailey Bieber's skincare and makeup company Rhode in a deal that is potentially worth $1 billion, marking one of the largest celebrity beauty acquisitions in recent years. The deal includes $600 million in cash, $200 million worth of e.l.f. Beauty stock and a potential $200 million in future payouts based on the company's growth over the next three years. Bieber launched Rhode (which is her middle name) in Los Angeles, in the summer of 2022 out of frustration with the overwhelming number of skincare products on the market. She created Rhode to cut through the noise with 'a very edited and curated, intentional shopping process for people,' she told Forbes in 2022. The brand quickly went viral thanks in part to Bieber's celebrity (including nearly 55 million Instagram followers). Rhode did $212 million in net sales in the year through March 2025, per e.l.f.'s announcement. Bieber, 27, will remain involved, keeping her role as chief creative officer and head of innovation. She's likely to reap nine figures (pretax) from the deal, though it is not clear how much of the company she owns. The company raised an undisclosed amount of funding from two investors, Angel Capital Management and Aser Ventures, in July 2024, according to PitchBook. A spokesperson for Bieber did not reply to a request for comment on her ownership stake. 'I've been traveling around the world since I was 17, working and traveling on my own, going to different places and doing different shoots, so a lot of flying,' she told Forbes for a 2022 story. 'And that was something that made me think about what I would want in my carry-on bag.' Bieber, the daughter of actor Stephen Baldwin, rose to fame through her modeling career and social media presence. She married singer Justin Bieber in 2018 and the couple welcomed their first child in August. The company, which started with only three products, has grown to include colored lip balms and blushes. Last Tuesday, Sephora announced that Rhode, which sells exclusively through its website, would start selling in stores in the U.S., Canada and the U.K. in the fall. Over the past half-dozen years, many celebrities have struck out on their own with beauty brands. Selena Gomez launched Rare Beauty in 2020; it did $367 million in 2023 revenue. Rihanna, Kim Kardashian, Scarlett Johansson and Lady Gaga have all also launched brands or companies. Rihanna's Fenty Beauty, a joint venture with French luxury goods conglomerate LVMH, got its start in 2017 and is sold in LVMH's Sephora stores in dozens of countries; her stake in the brand made her a billionaire in 2021. In 2020, Kylie Jenner sold 51% of Kylie Cosmetics to publicly traded Coty for $600 million. The Rhode deal is expected to close between July and September, per e.l.f.'s announcement. 'You don't know what to expect when it's out in the world and in people's hands,' Bieber told Forbes in 2022. 'Did I have hopes? For sure, but this has far exceeded my hopes and expectations. I don't know how else to say it except that it just feels so crazy.'
Forbes
an hour ago
- Business
- Forbes
First Buddies No More?: Elon Musk Breaks Publicly With Trump On One Big Beautiful Bill
The House passed President Donald Trump's 'big beautiful bill' in a narrow vote last week. The legislation – which is over 1,000 pages long – is the signature of Trump's second term, as it would enact his hallmark tax and immigration policies. However, the nonpartisan Congressional Budget Office said it could add 2.3 trillion to the national debt, and that's seemingly a pain point for Elon Musk. In a snippet of an interview airing Sunday on CBS, the world's richest person said he was "disappointed" with the bill. Forbes senior editor Alan Ohnsman joined Brittany Lewis on "Forbes Talks" to discuss. Watch the full conversation above.
Yahoo
3 hours ago
- Business
- Yahoo
David Geffen's Estranged Husband, 32, Requests Spousal Support amid Divorce from Billionaire Music Exec, 82
David Geffen's estranged husband David Armstrong filed a response to the media mogul's divorce filing Armstrong requested spousal support and more A court order gave each party 60 days to share their financial informationDavid Geffen's estranged husband David Armstrong has filed his response to the billionaire's divorce filing, which came earlier this month after nearly two years of marriage. Armstrong, 32, requested spousal support from Geffen, 82, as well as attorney's fees and costs and 'all other relief the Court deems just and proper,' according to documents filed on Tuesday, May 27 and obtained by PEOPLE. Geffen — who is worth $8.7 billion, according to Forbes — filed for divorce on May 16, citing irreconcilable differences. He listed the couple's date of separation as Feb. 22, though Armstrong said their split date was 'TBD' in his response. They were married on March 7, 2023. Geffen's initial filing indicated that he would pay Armstrong's spousal support and attorney's fees. Both filings stated that 'the exact nature and extent of separate property assets and obligations are unknown at this time,' and both parties reserve their right to amend their filings once the information has been ascertained. A court order was issued on May 27 that requires both Geffen and Armstrong (a model and dancer who also goes by the name Donovan Michaels) to share their financial information, including statements, valuations, important facts and access to records about all current income and expenses and community and separate property assets and debts. Each party has 60 days after filing to complete the court order. Geffen, who is now retired, rose to fame as the co-founder and founder of a number of record labels, including Asylum Records, Geffen Records and DGC Records. In 1996, he also co-founded DreamWorks Animation with Steven Spielberg and Jeffrey Katzenberg. Much of his income consists of stocks and equities in property, and California law states that dividends from stocks remain separate, meaning Armstrong likely will not walk away with much cash, TMZ reported. State law also requires divorce petitioners to pay spousal support for half the length of the marriage, meaning Armstrong will likely receive payments for one year. Geffen dated Cher for a year and a half in the early 1970s, and came out as gay in 1992. He and Armstrong largely kept their relationship out of the public eye, though the media mogul did share a now-deleted photo of the pair on a boat in December 2021. 'Merry Christmas indeed!' he captioned the Instagram photo. Read the original article on People
