Latest news with #JustinBieber
UPI
3 hours ago
- Business
- UPI
E.l.f Beauty to acquire Hailey Bieber's Rhode in $1 billion deal
1 of 3 | Hailey and Justin Bieber watch the 2023 U.S. Open Tennis Championships on September 1, 2023, in New York City. File Photo by John Angelillo/UPI | License Photo May 28 (UPI) -- E.l.f. Beauty announced Wednesday it will acquire Hailey Bieber's three-year-old beauty company Rhode for $1 billion. "This powerhouse alliance between E.l.f. Beauty and Rhode is built on both brands' shared focus on disruption and product innovation, setting the stage for transformative global expansion," E.l.f. Beauty said in a news release about the acquisition of the company known for its high-performance, skin-focused products. The 27-year-old model, who is married to pop singer Justin Bieber, in 2022 launched Rhode. The company has more than doubled its customer base over the past year and brought in $212 million in revenue in the 12 months ended March 31. Last year, Rhode became the No. 1 skincare brand in earned media value with 367% year-over-year growth. The acquisition comprises $600 million in cash and $200 million in stock, plus an additional potential $200 million payout based on Rhode's performance over the next three years. The cash consists of fully committed debt financing of $600 million. They plan to close the deal by the close of the company's second quarter of fiscal year 2026. E.l.f's brands include e.l.f. Cosmetics, E.l.f. Skin, Keys Soulcare, Naturium and Well People. "We can't wait to bring Rhode to more faces, places, and spaces," Bieber said in a news release. "From day one, my vision for Rhode has been to make essential skin care and hybrid makeup you can use every day. 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." She plans to step into an expanded role of Chief Creative Officer and Head of Innovation for the new company. "I look forward to leading the brand into this exciting new chapter of possibilities alongside my Co-Founders Michael D. Ratner and Lauren Ratner, who have helped bring my vision to life from the start," she said. E.l.f. Chairman and CEO Tarang Amin told CNBC: "I've been in the consumer space 34 years, and I've been blown away by seeing this brand over time." In a news release, Amin said: "E.l.f. Beauty found a like-minded disruptor in Rhode. Rhode further diversifies our portfolio with a fast-growing brand that makes the best of prestige accessible. We are excited by Rhode's ability to break beauty barriers, fully aligning with e.l.f. Beauty's vision to create a different kind of company. Rhode is a beautiful brand that we believe is ready for rocketship growth. E.l.f. shares declined about 4% in extended trading in the New York Stock Exchange. After the market closed at 4 p.m., the company also posted fourth-quarter financial data: $332.7 million revenue and 76 cents adjusted earnings per share over nine months. About 75% of its products come from China, which has been slapped with a 30% duty on exports to the U.S. Last week, the company announced plans to raise prices by $1 on Aug. 1 to offset higher costs from tariffs. Hailey Bieber is the daughter of actor Stephen Baldwin and her maternal grandfather is Brazilian musician Eumir Deodato. She married Justin Bieber in November 2018 and they have one child, who is 9 months old. Justin Bieber is 31.
News.com.au
4 hours ago
- Business
- News.com.au
Hailey Bieber has just signed a billion dollar deal
Hailey Bieber has just signed a billion dollar deal for her trendy beauty brand Rhode, making her richer than her pop singer husband, Justin Bieber. e.l.f Beauty acquired the brand, which hasn't even celebrated its third-year anniversary, for a staggering $1 billion (A$1.56b) The 28-year-old model, who married Mr Bieber in 2018, launched her beauty brand in June 2022. She took to social media to share the big news with her more than 54 million followers on Instagram. 'I always had big dreams for the company,' she wrote. '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 disrupter 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 adviser to e.l.f Beauty.' e.l.f Chairman and chief executive officer, Tarang Amin, told WWD that he was stunned to see how quickly the brand had succeeded. 'In less than three years, going from zero to $212 million of net sales, direct-to-consumer only, with just 10 products – I would never believe that if somebody told me,' he said. A press release states that the $1 billion dollar deal is 'comprised of $800 million of consideration payable at closing' in a combination of cash and stock, subject to customary adjustments. The deal also includes an additional potential earn-out consideration of $200 million based on the future growth of the brand over a three-year time frame. Ms Bieber's famous friends were quick to congratulate her on the eye-watering deal with Kylie Jenner writing she 'could cry' over the news and Kim Kardashian writing 'Yes Hailey!'. The 28-year-old's billion dollar deal officially makes her much richer than her famous husband, which is quite the feat considering she was relatively unknown when she married the pop singer in 2018. While Mr Bieber might be known for pop bangers like Peaches and Sorry, according to Forbes, his estimated net worth is $83 million in 2025, even though he sold his music catalogue for $200 million in 2022. There's been speculation for a while now that the cancellation of his Justice Tour in 2022 was a big financial blow. The billion dollar deal also comes after Ms Bieber snagged the June cover of Vogue. Her pop singer husband then took to Instagram to share that that he had told the model she would never be a cover girl for the influential fashion publication during a fight. 'Yo this reminds me when Hailey and I got into a huge fight. I told hails that she would never be on the cover of Vogue. Yikes I know, so mean,' he wrote. The pop star admitted he felt 'disrespected' during their argument and gave into a knee-jerk reaction to want to get even. 'I think as we mature we realise that we're not helping anything by getting even,' he said. 'We're honestly just prolonging what we really want which is intimacy and connection. So baby u already know but forgive me for saying u wouldn't get a Vogue cover cuz clearly I was sadly mistaken.'
CNN
6 hours ago
- Business
- CNN
Hailey Bieber's beauty brand rhode just sold to e.l.f. for $1 billon
Hailey Bieber's beauty brand rhode sold to budget makeup powerhouse e.l.f. Beauty for $1 billion on Wednesday. It's e.l.f.'s largest acquisition to date, eclipsing its $355 million purchase of skin care brand Naturium in 2023. Founded in 2022, Bieber's brand racked up $212 million in net sales in its last fiscal year, which ended in March. And earlier this year, rhode announced that its products will be seen in-stores at Sephoras in North America and the United Kingdom. Bieber will serve as rhode's chief creative officer and head of innovation, the company said. She's the company's founder and current creative director. With a strong social media presence, in addition to Bieber's own digital footprint both before and after her marriage to singer Justin Bieber, rhode 'has a powerful engagement model,' e.l.f. said in its earnings call just after the announcement Wednesday. Fans will often wait hours in line for rhode pop-ups, and its products are frequently sold out on its website. 'One of the things we really like about rhode is just how tight the product assortment is. It's only 10 products across skincare, color cosmetics and accessories,' CEO Tarang Amin said in the same earnings call. E.l.f., meanwhile, dominates the skincare and makeup market for young consumers and is teens' top cosmetic brand, according to a survey from investment firm Piper Sandler. The company said it could help rhode expand into retail and increase its global footprint. The massive acquisition comes as e.l.f. is at a crossroads with President Donald Trump's chaotic tariff war with China. As of mid-May, about 75% of its global production came from China and is now subject to tariffs of 55%, including the tariffs put in place in 2019, the company said in its Wednesday earnings. In response to the tariffs, e.l.f. is increasing prices by $1 across its entire portfolio on August 1. The majority of its products are priced under $10. E.l.f. also did not issue guidance for this fiscal year because of uncertainty around tariffs. But it is still sticking by its production model. 'We believe our unique China-based supply chain is an area of competitive advantage we've been honing for the past 21 years… (We) are committed to our China team and suppliers,' the company said in its Wednesday earnings call. The rhode deal consists of $800 million in cash and stock, and potentially another $200 million based on how rhode performs over the next three years. It's expected to close later this year.
Daily Mail
6 hours ago
- Business
- Daily Mail
Fans tell Hailey Bieber to divorce Justin and protect her fortune after she lands BILLION-DOLLAR Rhode deal... and he reacts VERY coolly
Fans have joked that Hailey Bieber should split with husband Justin Bieber now that she's sold her Rhode beauty brand an eye-watering sum. The model, 28, announced on Wednesday that Rhode had been acquired by E.l.f. Beauty in a deal that valued her three-year-old company at $1 billion. The deal sent fans into a frenzy, with many calling for the nepo baby to ditch Justin now that she's found fame and fortune on her own. 'Just a casual Hailey Bieber observer but she needs to take that $1B money and run from that man,' wrote one. Another joked, 'HAILEY GET THAT DIVORCE NOW BEFORE JUSTIN STEAL THAT MONEY.' Meanwhile, Justin had a very measured response to Hailey's big brand deal following the backlash he received over his reaction to her first Vogue cover. Instead of writing a gushing caption about Hailey's success, Justin instead just reposted Hailey's own statement to his page. Fans were quick to notice his silence, with many stating that Hailey must have now banned him from writing social media captions. 'Daddy's not allowed to do captions anymore,' wrote one, while another added, 'Bro's in caption jail.' A third wrote, 'Not writing a caption but posting hers , she def yelled at him lmao.' Earlier this month, Bieber was on the receiving end of substantial backlash after revealing he cruelly told Hailey that she would never grace the cover of Vogue during a heated argument. On the same day his spouse, 28, achieved her dream, the troubled pop star divided the internet over his Instagram post congratulating her on the feat. The Sorry hitmaker's sense of humor did not land with his or Hailey's fans as he divulged why her Vogue cover was a full circle moment for them as couple. 'Yo this reminds me when Hailey and I got into a huge fight, I told hails that she would never be on the cover of vogue, Yikes I know, so mean, For some reason because I felt so disrespected I thought I gotta get even,' he explained. Justin continued: 'think as we mature we realize that we're not helping anything by getting even, we're honestly just prolonging what we really want which is intimacy and connection.' He concluded his post by writing a message directly to Hailey, which read: 'So baby u already know but forgive me for saying u wouldn't get a vogue cover cuz clearly i was sadly mistaken.' Many saw his caption as a backhanded compliment and something 'so unnecessary' to share with his more than 294 million Instagram followers. 'It's okay to have secrets Justin,' one commented. 'Why would you write something like that... put that phone down please,' a third urged. Others criticized him for accidentally writing 'sadly mistaken' versus 'happily' mistaken, since he obviously meant to congratulate her on the achievement.
Daily Mail
6 hours ago
- Business
- Daily Mail
Groveling Justin Bieber puts on VERY racy display with wife Hailey Bieber after billion dollar Rhode sale
Justin Bieber celebrated his wife Hailey Bieber selling her Rhode Skin company to e.l.f. Beauty for $1 billion by sharing a racy snap of them together on Instagram. Just weeks after landing in hot water over the bizarre way he congratulated her on landing the cover of Vogue, the pop star, 31, made sure to mark the milestone in a much sweeter way. The Canadian singer-songwriter looked over the moon as he planted a sweet kiss on her cheek and squeezed her chest. In the image, Hailey beamed with joy as she looked directly in the camera and laid back in her man's arms. His post came amid the exciting news that Hailey sold her beauty brand, just three years after launching it. From A-list scandals and red carpet mishaps to exclusive pictures and viral moments, subscribe to the DailyMail's new showbiz newsletter to stay in the loop. e.l.f. Chairman and CEO Tarang Amin confirmed the news on Wednesday in a statement to Business Wire. 'E.l.f. Beauty found a like-minded disruptor in rhode,' Amin told the publication. 'Rhode further diversifies our portfolio with a fast-growing brand that makes the best of prestige accessible.' 'We are excited by Rhode's ability to break beauty barriers, fully aligning with e.l.f. Beauty's vision to create a different kind of company. Rhode is a beautiful brand that we believe is ready for rocketship growth.' Hailey will still serve as founder of the brand and Chief Creative Officer and Head of Innovation, according to Business Wire. Following the news, Hailey took to Instagram to break her silence on the monumental deal. '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,' she wrote in the caption, which was accompanied by two pictures of her. '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,' her message continued. '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.' In the post, Hailey also thanked her dedicated team at rhode and acknowledged that she 'couldn't have done it' without their help. Of course, she also thanked consumers. 'As I've said, this is only the beginning,' Hailey signed off. Justin was quick to reshare the post. He noticeably did not add a caption of his own after sparking backlash with his comments about her recent Vogue cover. E.l.f. cosmetics is currently sold at a variety of stores, like Ulta and Walmart . They offer all different kinds of makeup products at relatively low price points, with mega stars like Jennifer Coolidge working as a spokesperson over the past year. Over the past 12 months, rhode has generated $212 in net sales, according to Fortune. News of the deal comes just one month after the star hired both J.P. Morgan and global investment bank Moelis to assist her in finding potential deal options at $1 billion in value, sources told WWD. However, some sources doubted that a deal would go through, comparing it to other solo celeb-faced beauty brands like Makeup by Mario and Selena Gomez's Rare Beauty. This Fall, Rhode will also be carried in beauty giant Sephora. It will be coming to all locations in the US, Canada and the UK. Bieber's success comes off the back of her Vogue cover this month - which was seemingly ruined by her husband, who revealed that he had once cruelly told his wife during an argument. 'Yo this reminds me when Hailey and I got into a huge fight, I told hails that she would never be on the cover of vogue, Yikes I know, so mean, For some reason because I felt so disrespected I thought I gotta get even,' he explained. Justin continued: 'think as we mature we realize that we're not helping anything by getting even, we're honestly just prolonging what we really want which is intimacy and connection.' He concluded his post by writing a message directly to Hailey, which read: 'So baby u already know but forgive me for saying u wouldn't get a vogue cover cuz clearly i was sadly mistaken.' Many saw his caption as a backhanded compliment and something 'so unnecessary' to share with his more than 294 million Instagram followers. While his caption was meant to be humorous, with Justin quipping he was 'clearly mistaken,' many of his followers failed to see the funny side, and the comments section was flooded with criticism. Following the backlash, Justin appeared to delete the caption from his post, replacing it with a shrugging emoji.
