Hailey Bieber's beauty brand, Rhode, has just secured a massive billion-dollar deal with e.l.f. Beauty. The company announced the "definitive agreement" on Wednesday.
The deal includes $800 million payable at closing in cash and stock, with a potential $200 million earnout based on Rhode's growth over three years. E.l.f. Beauty secured $600 million in debt financing to fund the acquisition.
Bieber expressed her excitement on Instagram, stating her desire to expand Rhode's reach globally. She praised e.l.f. Beauty as a "like-minded disruptor" that shares her vision for innovation.
Hailey will take on an even bigger role as Chief Creative Officer, Head of Innovation of rhode, and strategic advisor to e.l.f. Beauty. This news comes amidst reports of Justin Bieber's financial difficulties.
It has been reported that Justin accrued debt from his canceled 2022 "Justice" tour. His former manager, Scooter Braun, reportedly lent him over $8 million to cover these costs.
There were also reports last October that Justin was considering suing his financial managers for allegedly mismanaging $300 million. However, sources claimed his excessive spending habits were the real issue.
Justin's representatives have denied any financial troubles. Insiders have confirmed that Hailey is now the primary breadwinner in the family.