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Model and businessman Hailey Rhode Bieber with a billion dollar idea – and now the elf beauty giant paid in value to get it. On Wednesday, Elf Beauty announced the claim of Rhode Lifestyle Brand built by Bieber, who pays $ 800 million to grow $ 200 million in growth of $ 200 million in the next three years.
Bieber, who is married to Singer Justin Bieber and is the daughter of actor Stephen Baldwin, launched Rhode in 2022. “Just three years into this journey, our partnership with elf beauty marks an incredible opportunity to reach more of our community with even More innovative products and widen our distribution globally, “Bieber said in a statement.
Rhode is a “distaste of beauty space,” said Elf Beauty CFO Mandy Field wealth. “Hailey built a brand missing from zero dollars to $ 212 million in less than three years.”
Rhode, focusing on care and skin, establishing a strongly-direct consumer business. The brand launched in three main products – the peptide glazing fluid, barriers to the cream of the cream, and the lip treatment of the peptide – and since its offerings are expanded.
Social media buzz for rhode appears, with more than 3 million followers Instagram. Rhode created $ 248 million In the extracted amount of media (EMV) in 2024, approximately 366% year of year, according to Creatoriq, a tool for selling influence. Personal Bieber Instagram account There are 54 million followers.
Rhode products are currently available at Rhodeskin.com, and the plans are in acts to launch the first physical compatibility with Sephora across North America and UK later this year.
In the world of cosmetics, the rhode is considered to be at the level of entry-level prestige, while elf beauty is more mass market. Rhode’s claim helps with different customer bases at Elf Beauty, Channels, and Chains Chains, fields say. Rhode has production in the US, other parts of Asia, and Europe. “We have a disciplined method of M & A,” meant in fields. The company obtained the naturium of skin care of 2023 of the $ 355 million, doubled in the presence of Elf Beauty in skin care.
“The rhode further varies our portfolio with a rapidly growing brand that makes the best prestige available,” Elf Chairman and CEO Taranman us in a statement.
The beauty of the elf a favorite brand Gen Z includes popularity in millennials and gen X. Bieber is on offer connections and influence on its influence. The company also collaborated with actress Jennifer Coolgidge and singer Meghan Trainor, Alicia Keys, and Manuel Turizo.
Bieber will continue as a builder and also serviced as the rhodic creative officer and head of the creative change, product change, product change, and marketing change. “I look forward to leading the brand in this exciting new chapter of the possibilities beside my Cofounder Michael D. Ratner and Lauren Ratner,” he said.
Last year, Bieber tapped investment bankers in Jpmorgan Chase and Moelis to find a buyer for the cosmetics brand, According to reports. Selling brands built in celebrity exceeded $ 1 billion In 2023, representing 57.8% year-year growth – far from the industry growth in the industry growth.
This story originally shown Fortune.com
