Canadian former idol Justin Bieber once had a fortune of 30 billion Taiwanese dollars (approximately 4.256 billion Malaysian ringgit) but reportedly went bankrupt three years ago, even having to sell the rights to his works. He still owes money to AEG company and his former manager.
Fortunately, his wife Hailey's beauty brand “rhode” announced its sale for $1 billion (approximately 4.24 billion Malaysian ringgit) to the affordable cosmetics giant “e.l.f. Beauty,” bringing a timely fortune to the financially struggling Justin Bieber.
Media reports state that rhode, which was founded in 2022, had net sales of $212 million (approximately 898 million Malaysian ringgit) in the fiscal year ending March this year. Earlier this year, rhode announced that its products would be available in Sephora physical stores in North America and the UK. This is the largest acquisition in e.l.f.'s history, far exceeding its 2023 acquisition of skincare brand Naturium for $355 million (approximately 1.5 billion Malaysian ringgit).
According to the company's statement, Hailey will serve as rhode's Creative Director and Innovation Leader. She is the brand's founder and currently serves as Creative Director.