Model Hailey Bieber, famous as pop star Justin Bieber's wife, sold the cosmetics brand she founded for over 1 trillion won.
According to the U.S. Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) on the 28th (local time), elf beauty, a U.S. cosmetics company listed on the New York Stock Exchange, will acquire Hailey Bieber's cosmetics brand "Rhode" for $1 billion (approximately 1.38 trillion won) to enter the skincare sector.
Tarang Amin, CEO of elf beauty, noted, "Rhode is a beautiful brand ready to grow like a rocket," adding, "We will further diversify our portfolio through this rapidly growing brand."
Bieber is expected to continue her role as founder of Rhode while serving as chief creative officer (CCO) of elf beauty and head of innovation, overseeing product innovation and marketing.
Bieber founded "Rhode," named after her middle name, in 2022 with two others. According to the fiscal year ending in late March, she expanded the customer base by double over the past year, with net sales reaching $212 million (approximately 290 billion won). The main sales channel is online shopping malls, but she plans to expand into North American and British distributor Sephora within the year.
Before marriage, Bieber was known as Hailey Rhode Baldwin and is the daughter of renowned Hollywood actor Alec Baldwin and actor Stephen Baldwin. She primarily worked as a fashion model, becoming a popular influencer, and gave birth to a son in August of last year after marrying Justin Bieber in 2018.
Bieber stated through a press release from elf beauty, "Since the founding of Rhode, my vision has been to create essential skincare and hybrid makeup that can be used every day," adding, "The partnership with elf beauty, achieved in just three years since starting this journey, is an amazing opportunity to enhance our ability to reach more communities and expand our global distribution network."