Mannequin Hailey Bieber is exploring a sale of her make-up model Rhode that may very well be value 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 mentioned, requesting anonymity because the matter is confidential.
Bieber joins a listing of celebrities who’ve not too long ago 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 Trustworthy Firm. Uncommon Magnificence, backed by Grammy-nominated singer Selena Gomez, has additionally been in search of 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 developments reminiscent of “glazed donut skin” gained reputation after Bieber promoted her every day skincare routine.
Rhode, which was named after Bieber’s center identify, generates annual income of practically $200 million, two sources mentioned. The Los Angeles-based model, which sells skincare merchandise and make-up, has collaborated with firms reminiscent of Krispy Kreme to advertise sure merchandise.
Rhode appointed former The Trustworthy Firm chief govt Nick Vlahos as its CEO final 12 months.
