Hailey Bieber has officially sold its beauty line in an agreement of one billion dollars.
According to a recent press release from the cosmetic brand, the 28 -year -old beauty magnate sold his company Rhode Skin to beauty EF for $ 1 billion.
Hailey shared that the decision was made with the hope of “bringing Rhode to more spaces, places and faces worldwide.”
The agreement includes $ 800 million in cash and shares granted to the owners of Rhode, CEO Nick Vlahos, Hailey Bieber and the co -founders Lauren Ratner and Michael D. Ratner, when the agreement is ended. There is also the possibility that they win additional $ 200 million in the next three years, depending on how much the brand grows, according to the press release.
However, Hailey will maintain his position as a creative director and head of Rhode innovation, as will serve as a strategic advisor for ELF
When taking her Instagram account, the model shared her thoughts about her great movement saying: “I always had great dreams for the company, and the most important thing for me is to continue taking Rhode to more spaces, places and faces worldwide.
“So, today I am so incredibly excited and proud to announce that we are associating with Elf Beauty while we enter this next chapter in the world of Rhode,” he announced.
In addition, he pointed out that “building Rhode was one of the greatest experiences of his life.”
