Hailey Bieber has officially joined the billionaires club with a new deal for her renowned beauty brand, Rhode.
On Wednesday, May 28, the company confirmed that it has signed a "definitive agreement" with e.l.f beauty, potentially worth $1 billion.
According to a press release, the billion-dollar deal is comprise of "$800 million of consideration payable at closing in a combination of cash and stock."
Along with that, it also includes a potential $200 million based on the future growth of the brand over a time frame of three years.
Expressing her excitement about the news, Hailey turned to her Instagram account, sharing couple of portraits.
The clicks were paired with the caption, "When I launched @rhode in 2022, I always had big dreams for the company, and the most important thing to me is to keep bringing rhode to more spaces, places, and faces globally."
Hailey Bieber set to take new roles in the beauty world
The mom-of-one also revealed the new roles she'll be taking after the acquisition including Chief Creative Officer and Head of Innovative of Rhode.
Furthermore, she will also be helping e.l.f beauty as strategic adviser for the brand.
She concluded her social media post by thanking her team and the brand's loyal customers noting, "thank you for being the most supportive and for being on this journey, this next chapter is going to be even more incredible together!"
Hailey's husband Justin Bieber also shows his support to the model by re-sharing her social media post on his Instagram, giving a silent nod to his partner.
