Hailey Bieber has joined the billionaire club thanks to one major career move.
Three years ago, the model launched her own beauty company called Rhode.
Now, the 28-year-old has just sold the brand in a whopping $1 billion deal.
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The star has officially partnered with popular cosmetics brand E.l.f. Beauty.
“When I launched [Rhode] in 2022, I always had big dreams for the company, and the most important thing to me is to keep bringing rhode to more spaces, places, and faces globally,” Hailey wrote in a lengthy post shared to her 54.9 million Instagram followers.
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“So today I am so incredibly excited and proud to announce that we are partnering with e.l.f. Beauty as we step into this next chapter in the world of rhode.”
The model said the brand “believes in big ideas and innovation in the same way that I do and will help us continue to grow the brand”.
“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 continued.
She then thanked her team and those who had supported Rhode over the years.
“As I’ve said, this is only the beginning,” she signed off the post.
The post was flooded with messages of support and congratulations from stars like Paris Hilton and Victoria’s Secret alums Elsa Hosk and Candice Swanepoel.
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Her husband, singer Justin Bieber, re-shared the news to his own Instagram grid.
The $1 billion deal was announced in a press release per Business Wire.
Celebrities who are billionaires
According to the release, the deal comprises of $800 million in cash and stock and an additional $200 million of potential earnout, which is based on the brand’s growth over three years.
Rhode is not currently available in Australia.
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The beauty brand uses Hailey’s middle name, Rhode.
Rhode recently partnered with retail chain Sephora.
The brand will launch in stores across the US, Canada and the UK.
Speaking of her company’s success in a recent cover interview with Vogue, Hailey admitted she “never, ever thought or expected it to turn into this”.
“In my wildest dreams, it’s already gone beyond what I would’ve hoped for.”
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