Hailey Bieber attends the third Annual Academy Museum Gala in Los Angeles, California, U.S., on December 3, 2023. REUTERS
NEW YORK, (Reuters) – Model Hailey Bieber is exploring a sale of her makeup brand Rhode that could be worth more than $1 billion, according to three people familiar with the matter.
Bieber has tapped investment bankers at JPMorgan Chase (JPM.N), and Moelis (MC.N), to find a buyer for the cosmetic brand that she launched in 2022, two of the sources said, requesting anonymity as the matter is confidential.
Bieber joins a list of celebrities who have recently attempted to cash in on the popularity of consumer-focused ventures they launched in recent years.
In 2021, actor Jessica Alba pulled off a successful initial public offering for her consumer goods venture The Honest Company (HNST.O). Rare Beauty, backed by Grammy-nominated singer Selena Gomez, has also been seeking a buyer, according to people familiar with the matter.
JPMorgan and Moelis declined to comment. Rhode did not immediately respond to requests for comment.
Bieber, who is 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.
Beauty trends such as “glazed donut skin” gained popularity after Bieber promoted her daily skincare routine.
Rhode, which was named after Bieber’s middle name, generates annual revenue of nearly $200 million, two sources said. The Los Angeles-based brand, which sells skincare products and makeup, has collaborated with companies such as Krispy Kreme (DNUT.O), to promote certain products.
Rhode appointed former The Honest Company chief executive Nick Vlahos as its CEO last year.
Reporting by Abigail Summerville in New York; Editing by Anirban Sen and Rod Nickel
