Hailey Bieber has shared what she will do with the $1B she made from her Rhode sale to e.l.f. Beauty earlier this year.
The 28-year-old entrepreneur told WSJ. Magazine for the Innovators issue that most of it is going to her child.
Hailey Bieber has one-year-old son Jack Blues with husband of seven years, Justin Bieber.
‘I want to preserve that for my son’s future. It’s an amount of money that I have not dealt with before, so I just want to be smart with it,’ Hailey said.
The Vogue supermodel then added: ‘I would like to invest it wisely.’
The acquisition by e.l.f Beauty occurred in May.
Hailey Bieber will continue her role as founder and also serve as Rhode’s chief creative officer and head of innovation, overseeing creative, product innovation and marketing.
Hailey Bieber, who initially launched the brand in 2022, will also act as a strategic advisor to the combined companies.
She also told WSJ. Magazine why she doesn’t show Jack Blue’s face on social media.
‘Until your child can understand it and it’s possible to have conversation around it, I have no interest in putting him out there in any way,’ stated the bombshell.
She also said she tests Rhode products on her husband Justin Bieber.
The 28-year-old model told WSJ. Magazine’s Innovators Issue: ‘I test them on my husband, I test them on my friends. I’m product-obsessed.’
Hailey has enjoyed huge success with Rhode, and the model explained why she decided to launch her own company, rather than working with an existing brand.
Hailey – who has been married to Justin since 2018 – shared: ‘I had lent my name enough times to see how it benefited that company. I knew for a fact that if I’m doing this, I have to be the majority owner.’
Earlier this year, Hailey announced that she was selling her beauty brand in a deal worth up to $1 billion.
The model confirmed that she was selling Rhode to e.l.f. Beauty after reaching an agreement with the cosmetics company.
Hailey – who is remaining with the company as the chief creative officer – said in a statement at the time: ‘From day one, my vision for Rhode has been to make essential skin care and hybrid make-up you can use every day.
‘Just three years into this journey, our partnership with e.l.f. Beauty marks an incredible opportunity to elevate and accelerate our ability to reach more of our community with even more innovative products and widen our distribution globally.
Meanwhile, Tarang Amin, the CEO of e.l.f. Beauty, was impressed by Rhode’s growth in a relatively short period of time.
The e.l.f. Beauty boss admitted to being shocked by the sudden rise of the Rhode brand, explaining that the ‘level of disruption’ caught his attention.
He told CNBC in May: ‘I’ve been in the consumer space 34 years, and I’ve been blown away by seeing this brand over time. In less than three years, they’ve gone from zero to $212 million in net sales, direct-to-consumer only, with only ten products. I didn’t think that was possible.
‘So that level of disruption definitely caught our attention.’