Mannequin Hailey Bieber is exploring a sale of her make-up model Rhode that could possibly be price greater than $1 billion, in response to three folks conversant in the matter.
Bieber has tapped funding bankers at JPMorgan Chase and Moelis to discover a purchaser for the beauty model that she launched in 2022, two of the sources stated, requesting anonymity because the matter is confidential.
Bieber joins a listing of celebrities who’ve lately tried to money in on the recognition of consumer-focused ventures they launched in recent times.
In 2021, actor Jessica Alba pulled off a profitable preliminary public providing for her shopper items enterprise The Sincere Firm. Uncommon Magnificence, backed by Grammy-nominated singer Selena Gomez, has additionally been searching for a purchaser, in response to folks conversant in the matter.
JPMorgan and Moelis declined to remark. Rhode didn’t instantly reply to requests for remark.
Bieber, who’s married to singer Justin Bieber and is the daughter of actor Stephen Baldwin, is a social media influencer, having amassed over 50 million Instagram followers.
Magnificence traits akin to “glazed donut pores and skin” gained reputation after Bieber promoted her each day skincare routine.
Rhode, which was named after Bieber’s center title, generates annual income of almost $200 million, two sources stated. The Los Angeles-based model, which sells skincare merchandise and make-up, has collaborated with firms akin to Krispy Kreme to advertise sure merchandise.
Rhode appointed former The Sincere Firm chief govt Nick Vlahos as its chief govt officer final 12 months.
This text was written by Abigail Summerville from Reuters and was legally licensed by way of the DiveMarketplace by Business Dive. Please direct all licensing inquiries to [email protected].
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