Model Hailey Bieber is exploring a sale of her makeup brand Rhode that could be worth more than US$1bil (approximately RM4.4bil), according to three people familiar with the matter.
Hailey has tapped investment bankers at JPMorgan Chase and Moelis 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.
Hailey joins a list of celebrities who have recently attempted to cash in on the popularity of consumer-focused ventures they launched in recent years.
Read more: 'I want to be everywhere possible': Hailey Bieber plans on beauty world takeover
In 2021, actor Jessica Alba pulled off a successful initial public offering for her consumer goods venture The Honest Company. 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.
Hailey, who is married to singer Justin Bieber and is the daughter of actor Stephen Baldwin, is an influential figure on social media, having amassed over 50 million Instagram followers.
Beauty trends such as "glazed donut skin" gained popularity after Bieber promoted her daily skincare routine.
Read more: Hailey Bieber sued over her new skincare brand's name, Rhode
Rhode, which was named after Hailey's middle name, generates annual revenue of nearly US$200mil (RM886mil), two sources said.
The Los Angeles-based brand, which sells skincare products and makeup, has collaborated with companies such as Krispy Kreme to promote certain products.
Rhode appointed former The Honest Company chief executive Nick Vlahos as its CEO last year. – Reuters
