Hailey Bieber has officially sold his beauty line in a billion dollars deal.
According to a recent press release of the cosmetic fire, the 28-year-old beauty mogul was selling his Rhode Skin Company to Elf Beauty for $ 1 billion.
Hailey shared that the decision was made in the hope of “bringing rhode to more spaces, places and faces globally.”
The deal includes $ 800 million in cash and shares given to Rhod’s owners – CEO Nick Vlahos, Hailey Bieber and Cofounders Lauren Ratner and Michael D. Ratner – when the deal is completed. There is also a chance for them to earn another $ 200 million over the next three years, depending on how much the brand is growing, according to the press release.
However, Hailey will retain his position as a creative officer and innovation manager at Rhode as well as serve as a strategic advisor to ELF
By going to her Instagram account, the model shared her thoughts on her big features and said, “I always had big dreams for the business, and the most important thing for me is to continue bringing rhode to more spaces, places and faces globally.
“So today I am so incredibly excited and proud to announce that we are working with Elf Beauty as we enter this next chapter in the world of Rhod,” she announced.
She also noted that “the building of rhode was one of the greatest experiences of her life.”
