Justin Bieber Reacts to Wife Hailey's $1 Billion News
There's plenty to celebrate for the Bieber family on Wednesday, as model and businesswoman Hailey secured a massive financial achievement.
Bieber's Rhode brand of beauty products, launched in 2022, has been acquired by e.l.f. for a reported $1 billion.
The Wall Street Journal says that e.l.f. will pay Rhode $800 million at closing, but they could pay another $200 million depending on how much Rhode grows over the next two years.
Hailey reflected on the acquisition in an Instagram post, and Justin shared her message in a post of his own on Wednesday.
"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," Hailey said in her post.
"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."
She thanked her team and fans of the brand for putting Rhode in a position to negotiate the acquisition, and announced that "this is only the beginning."
"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," said e.l.f. chairman and CEO Tarang Amin.
"Rhode is a beautiful brand that we believe is ready for rocketship growth."
Bieber founded the brand in 2022 alongside Michael D. Ratner and Lauren Ratner, seeking to create an affordable and accessible beauty brand for customers whose needs aren't met by larger brands.
"It was very important to me that if I open up the world of Rhode, everyone is invited," Bieber said in an interview with People back in 2022, establishing the brand's mission and purpose in its first product launch.
Bieber has the support of her husband and their collective fanbases after her brand's acquisition this week.
We'll see what comes after the brand makes their way to more stores after partnering with e.l.f., and what it means for both beauty brands and the skincare industry as a whole.