Latest news with #US600
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
Hailey Bieber's ‘glazed donut' is a $1.5 billion gamble
But Elf is paying a pretty polished price for Rhode, also known for its sleek, minimal packaging. The $US800 million in cash and stock payable at the close of the deal, expected before September, equates to 3.8 times Rhode's sales of $US212 million in the year to March 31, 2025. Including the additional $US200 million payable based on Rhode's performance over the next three years, the multiple is 4.7 times. The latter is in line with the lush deal multiple on L'Oreal SA's purchase of natural beauty label Aesop two years ago. To justify the price tag, Elf must ensure that its new addition doesn't run out of, well, Rhode. The narrow product range is the obvious starting point for expansion. Elf has rolled out a raft of innovations, appealing to its Gen Z buyers and turbocharging sales, so this avenue looks promising. There is also scope for Rhode to reach a wider range of customers. The brand is already due to launch in Sephora in the US, Canada and the UK this fall, a major milestone. Longer term, Elf could leverage its partnerships with other retailers — it is available in Ulta Beauty in the US for example, in Douglas in Italy and Boots in the UK — to maintain the momentum. Assuming Elf doubles sales over the next three to five years — which looks feasible — then the acquisition multiple would fall to a more reasonable level of about two times. Loading But there are risks to this trajectory, the most significant of which is Bieber herself. So far, she has bucked the broader boredom with celebrity-led brands. But her relevance must be sustained. Six years ago, Coty made a big bet on the Kardashians, paying $US600 million for a majority stake in Kylie Cosmetics, founded by Kylie Jenner. A year later, it spent $US200 million on a 20 per cent stake in Kim Kardashian's beauty business. The results have been mixed. While Kylie Cosmetics has increased sales by 1.5 times over the past two years, helped by launches of skincare and fragrance, Kardashian's underwear label Skims recently acquired Coty's shareholding, resulting in a $US71 million loss for the US-listed company. Bieber will join Elf as Rhode's chief creative officer and head of innovation. The new owner also has a strong track record of connecting with Gen Z via social media, through viral moments such as its tie-up with Chipotle Mexican Grill. And it has some experience managing celebrity and influencer involvement. It acquired Naturium, the skincare line created by influencer Susan Yara and beauty-brand accelerator The Center for $US355 million two years ago. It also developed Alicia Keys' brand. Even so, Rhode being so closely associated with its founder is a risk that must be managed. This isn't the only challenge. Lindsay Dutch, analyst at Bloomberg Intelligence, expects Elf's sales growth to slow this financial year following a frenetic pace of revenue expansion. The beauty boom is also fading, although Ulta said after the deal was announced that many consumers were turning to fragrance and body lotion as a comfort and escape from economic uncertainty. There's also the pressure from US President Donald's Trump's tariffs. Elf makes about 75 per cent of its products in China and will add $US1 to all its products globally on August 1 to reflect the levies. With so much to grapple with already, taking a big bet on a celebrity-backed brand looks a surprising diversion. But as any beauty enthusiast knows, there is always room for one more lipstick, particularly if it's a peptide-infused pout enhancer.
The Age
2 days ago
- Business
- The Age
Hailey Bieber's ‘glazed donut' is a $1.5 billion gamble
But Elf is paying a pretty polished price for Rhode, also known for its sleek, minimal packaging. The $US800 million in cash and stock payable at the close of the deal, expected before September, equates to 3.8 times Rhode's sales of $US212 million in the year to March 31, 2025. Including the additional $US200 million payable based on Rhode's performance over the next three years, the multiple is 4.7 times. The latter is in line with the lush deal multiple on L'Oreal SA's purchase of natural beauty label Aesop two years ago. To justify the price tag, Elf must ensure that its new addition doesn't run out of, well, Rhode. The narrow product range is the obvious starting point for expansion. Elf has rolled out a raft of innovations, appealing to its Gen Z buyers and turbocharging sales, so this avenue looks promising. There is also scope for Rhode to reach a wider range of customers. The brand is already due to launch in Sephora in the US, Canada and the UK this fall, a major milestone. Longer term, Elf could leverage its partnerships with other retailers — it is available in Ulta Beauty in the US for example, in Douglas in Italy and Boots in the UK — to maintain the momentum. Assuming Elf doubles sales over the next three to five years — which looks feasible — then the acquisition multiple would fall to a more reasonable level of about two times. Loading But there are risks to this trajectory, the most significant of which is Bieber herself. So far, she has bucked the broader boredom with celebrity-led brands. But her relevance must be sustained. Six years ago, Coty made a big bet on the Kardashians, paying $US600 million for a majority stake in Kylie Cosmetics, founded by Kylie Jenner. A year later, it spent $US200 million on a 20 per cent stake in Kim Kardashian's beauty business. The results have been mixed. While Kylie Cosmetics has increased sales by 1.5 times over the past two years, helped by launches of skincare and fragrance, Kardashian's underwear label Skims recently acquired Coty's shareholding, resulting in a $US71 million loss for the US-listed company. Bieber will join Elf as Rhode's chief creative officer and head of innovation. The new owner also has a strong track record of connecting with Gen Z via social media, through viral moments such as its tie-up with Chipotle Mexican Grill. And it has some experience managing celebrity and influencer involvement. It acquired Naturium, the skincare line created by influencer Susan Yara and beauty-brand accelerator The Center for $US355 million two years ago. It also developed Alicia Keys' brand. Even so, Rhode being so closely associated with its founder is a risk that must be managed. This isn't the only challenge. Lindsay Dutch, analyst at Bloomberg Intelligence, expects Elf's sales growth to slow this financial year following a frenetic pace of revenue expansion. The beauty boom is also fading, although Ulta said after the deal was announced that many consumers were turning to fragrance and body lotion as a comfort and escape from economic uncertainty. There's also the pressure from US President Donald's Trump's tariffs. Elf makes about 75 per cent of its products in China and will add $US1 to all its products globally on August 1 to reflect the levies. With so much to grapple with already, taking a big bet on a celebrity-backed brand looks a surprising diversion. But as any beauty enthusiast knows, there is always room for one more lipstick, particularly if it's a peptide-infused pout enhancer.
Yahoo
4 days ago
- Politics
- Yahoo
NRC approves NuScale's small modular reactor plant design
This story was originally published on Utility Dive. To receive daily news and insights, subscribe to our free daily Utility Dive newsletter. The U.S. Nuclear Regulatory Commission has approved NuScale Power's design for a 462-MW small modular reactor power plant, the U.S. nuclear regulator said on Thursday. NRC completed its technical review of NuScale's US460 in less than two years, ahead of schedule and under budget, it said. The US460 is based on NuScale's 12-module, 600-MW US600 design, which NRC approved in 2020 after more than three and a half years of review. The newly-approved design's larger modules will help NuScale power plants more effectively serve hyperscale data center customers, CEO John Hopkins told investors in November. Data centers represent a key segment for the company as it looks to lock down its first U.S. customer this year. The NRC approval came earlier than expected, according to estimated completion timelines provided by NRC and reiterated by Hopkins on several recent investor calls. NuScale had anticipated a final decision by July, Hopkins said on May 12. The approval could be crucial as NuScale moves through 'advanced commercial dialogue with major technology and industrial companies, utilities and national and local governments,' Hopkins said in March. 'Once we get finalization' for the 77-MWe design, 'we're off to the races,' Hopkins said. NuScale has not announced a binding customer deal. But in its first-quarter investor presentation, the company said it expected a 'firm customer order' by the end of this year. NuScale manufacturing partner Doosan has 12 modules in production now at its South Korea foundry and could deliver up to 20 per year in the near term, Hopkins said on May 12. Its first power plant could be operational by the end of 2030 if it gets a finalized deal soon, he added. For now, NuScale is acting as the nuclear technology subcontractor to Fluor Corp. on a 462-MW power plant project in Romania that could reach a final investment decision early next year. Though it has decreased its stake over time and has said it will continue to do so, Fluor remains a major shareholder in NuScale. NuScale previously had an agreement with Utah Associated Municipal Power Systems for a 462-MW commercial power plant at Idaho National Laboratory. Known as the Carbon Free Power Project, that plant — like the design NRC approved on Thursday — would have used six 77-MW modules. But it was canceled in November 2023 as NuScale's target power price rose toward $90/MWh and interest from UAMPS members failed to materialize. Thursday's approval means the US460 meets 'applicable agency safety requirements' and can be referenced in future reactor construction permit, operating license or combined license applications, NRC said. But before building and operating a US460 plant, NuScale, its development partner ENTRA1 Energy or another entity would still have to apply for one or more of those permits or licenses. That process can take 30 months or longer at present, NRC says. Still, NRC's approval positions its technology as 'the most near-term American SMR power solution,' NuScale said on Thursday. In addition to being the only SMR with NRC design approval, NuScale's SMR technology is one of the few that runs on conventional low-enriched uranium rather than more scarce high-assay, low-enriched uranium. The approval boosts NuScale amid broader momentum for U.S. advanced nuclear companies. On May 23, the Trump administration issued four executive orders to expand reactor deployments, ease regulation and shore up domestic fuel and equipment supply chains. One order would require NRC to review new reactor applications within 18 months, significantly shorter than current timelines. Another would expand the roles of the departments of Energy and Defense in reactor licensing and deployment, potentially creating new pathways for design approvals and expedited siting of power plants on federal land. The GOP budget proposal that passed the House on May 22 gutted most clean energy tax credits while sparing the nuclear industry. Though the Senate is likely to change the bill before it comes up for a final vote, the House-passed version allows reactor projects that begin construction by 2028 to qualify for the full value of the Inflation Reduction Act's technology-neutral investment and production tax credits.
The Advertiser
19-05-2025
- Health
- The Advertiser
Global health body counts the cost of funding cuts
People in at least 70 countries are missing out on medical treatment due to funding cuts to aid program, the World Health Organisation says, adding it also faces major financial challenges. "Patients are missing out on treatments, health facilities have closed, health workers have lost their jobs, and people face increased out-of-pocket health spending," WHO Director-General Tedros Adhanom Ghebreyesus said in an address to the World Health Assembly. The WHO is currently facing a $US600 million ($A940 million) hole in its annual budget and cuts of 21 per cent over the next two-year period. Hundreds of WHO officials are joining donors and diplomats in Geneva from Monday to discuss how to cope with crises from mpox to cholera without their main funder, the United States. As the US prepares to exit the organisation, China is set to become the biggest provider of state fees - one of the WHO's main streams of funding alongside donations. "Many ministers have told me that sudden and steep cuts to bilateral aid are causing severe disruption in their countries, and imperilling the health of millions of people," Tedros added. Tedros said states should consider spending more money on global health, at a time when defence expenditure is increasing: "Countries spend vast sums protecting themselves against attacks from other countries, but relatively little on protecting themselves from an invisible enemy that can cause far more damage." WHO has revised down its budget to $US4.2 billion for the next two years - $US2.1 billion a year. "2.1 billion dollars is the equivalent of global military expenditure every eight hours," Tedros told delegates. He added that the WHO has already taken steps to cut its workforce, budget and the scope of its work. Last week it cut half of its senior leadership team. People in at least 70 countries are missing out on medical treatment due to funding cuts to aid program, the World Health Organisation says, adding it also faces major financial challenges. "Patients are missing out on treatments, health facilities have closed, health workers have lost their jobs, and people face increased out-of-pocket health spending," WHO Director-General Tedros Adhanom Ghebreyesus said in an address to the World Health Assembly. The WHO is currently facing a $US600 million ($A940 million) hole in its annual budget and cuts of 21 per cent over the next two-year period. Hundreds of WHO officials are joining donors and diplomats in Geneva from Monday to discuss how to cope with crises from mpox to cholera without their main funder, the United States. As the US prepares to exit the organisation, China is set to become the biggest provider of state fees - one of the WHO's main streams of funding alongside donations. "Many ministers have told me that sudden and steep cuts to bilateral aid are causing severe disruption in their countries, and imperilling the health of millions of people," Tedros added. Tedros said states should consider spending more money on global health, at a time when defence expenditure is increasing: "Countries spend vast sums protecting themselves against attacks from other countries, but relatively little on protecting themselves from an invisible enemy that can cause far more damage." WHO has revised down its budget to $US4.2 billion for the next two years - $US2.1 billion a year. "2.1 billion dollars is the equivalent of global military expenditure every eight hours," Tedros told delegates. He added that the WHO has already taken steps to cut its workforce, budget and the scope of its work. Last week it cut half of its senior leadership team. People in at least 70 countries are missing out on medical treatment due to funding cuts to aid program, the World Health Organisation says, adding it also faces major financial challenges. "Patients are missing out on treatments, health facilities have closed, health workers have lost their jobs, and people face increased out-of-pocket health spending," WHO Director-General Tedros Adhanom Ghebreyesus said in an address to the World Health Assembly. The WHO is currently facing a $US600 million ($A940 million) hole in its annual budget and cuts of 21 per cent over the next two-year period. Hundreds of WHO officials are joining donors and diplomats in Geneva from Monday to discuss how to cope with crises from mpox to cholera without their main funder, the United States. As the US prepares to exit the organisation, China is set to become the biggest provider of state fees - one of the WHO's main streams of funding alongside donations. "Many ministers have told me that sudden and steep cuts to bilateral aid are causing severe disruption in their countries, and imperilling the health of millions of people," Tedros added. Tedros said states should consider spending more money on global health, at a time when defence expenditure is increasing: "Countries spend vast sums protecting themselves against attacks from other countries, but relatively little on protecting themselves from an invisible enemy that can cause far more damage." WHO has revised down its budget to $US4.2 billion for the next two years - $US2.1 billion a year. "2.1 billion dollars is the equivalent of global military expenditure every eight hours," Tedros told delegates. He added that the WHO has already taken steps to cut its workforce, budget and the scope of its work. Last week it cut half of its senior leadership team. People in at least 70 countries are missing out on medical treatment due to funding cuts to aid program, the World Health Organisation says, adding it also faces major financial challenges. "Patients are missing out on treatments, health facilities have closed, health workers have lost their jobs, and people face increased out-of-pocket health spending," WHO Director-General Tedros Adhanom Ghebreyesus said in an address to the World Health Assembly. The WHO is currently facing a $US600 million ($A940 million) hole in its annual budget and cuts of 21 per cent over the next two-year period. Hundreds of WHO officials are joining donors and diplomats in Geneva from Monday to discuss how to cope with crises from mpox to cholera without their main funder, the United States. As the US prepares to exit the organisation, China is set to become the biggest provider of state fees - one of the WHO's main streams of funding alongside donations. "Many ministers have told me that sudden and steep cuts to bilateral aid are causing severe disruption in their countries, and imperilling the health of millions of people," Tedros added. Tedros said states should consider spending more money on global health, at a time when defence expenditure is increasing: "Countries spend vast sums protecting themselves against attacks from other countries, but relatively little on protecting themselves from an invisible enemy that can cause far more damage." WHO has revised down its budget to $US4.2 billion for the next two years - $US2.1 billion a year. "2.1 billion dollars is the equivalent of global military expenditure every eight hours," Tedros told delegates. He added that the WHO has already taken steps to cut its workforce, budget and the scope of its work. Last week it cut half of its senior leadership team.
West Australian
19-05-2025
- Health
- West Australian
Global health body counts the cost of funding cuts
People in at least 70 countries are missing out on medical treatment due to funding cuts to aid program, the World Health Organisation says, adding it also faces major financial challenges. "Patients are missing out on treatments, health facilities have closed, health workers have lost their jobs, and people face increased out-of-pocket health spending," WHO Director-General Tedros Adhanom Ghebreyesus said in an address to the World Health Assembly. The WHO is currently facing a $US600 million ($A940 million) hole in its annual budget and cuts of 21 per cent over the next two-year period. Hundreds of WHO officials are joining donors and diplomats in Geneva from Monday to discuss how to cope with crises from mpox to cholera without their main funder, the United States. As the US prepares to exit the organisation, China is set to become the biggest provider of state fees - one of the WHO's main streams of funding alongside donations. "Many ministers have told me that sudden and steep cuts to bilateral aid are causing severe disruption in their countries, and imperilling the health of millions of people," Tedros added. Tedros said states should consider spending more money on global health, at a time when defence expenditure is increasing: "Countries spend vast sums protecting themselves against attacks from other countries, but relatively little on protecting themselves from an invisible enemy that can cause far more damage." WHO has revised down its budget to $US4.2 billion for the next two years - $US2.1 billion a year. "2.1 billion dollars is the equivalent of global military expenditure every eight hours," Tedros told delegates. He added that the WHO has already taken steps to cut its workforce, budget and the scope of its work. Last week it cut half of its senior leadership team.
