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NEED TO KNOW
- A rep for Hailey Bieber confirms to PEOPLE that the $1 billion from Rhode’s e.l.f. Beauty acquisition has nothing to do with husband Justin Bieber’s financial settlement
- Rumors began circulating that Justin Bieber postponed the settlement until Hailey’s deal was funded, but her rep says the deal is “separate” from the singer’s “business affairs”
- Earlier this month, the singer agreed to pay his former manager Scooter Braun $31.5 million, a majority of which will go toward an advance for his Justice Tour that Braun’s company had covered
Hailey Bieber is standing on business, despite what rumors may say about where the money from her $1 billion Rhode deal is going.
Earlier this month, her husband, Justin Bieber, settled a financial dispute with his former manager Scooter Braun.
The singer, 31, agreed to pay $26 million to Braun’s former company HYBE as part of an advance the singer received from AEG Presents for his ultimately canceled 2022 Justice Tour, plus an additional $5.5 million to cover half of the $11 million in unpaid commissions he owed Braun. TMZ was first to report on July 10 that Bieber and Braun settled the dispute, the same day it was revealed that Bieber would be releasing his seventh album, Swag, and that he had launched his fashion brand SKYLRK.
Axelle/Bauer-Griffin/FilmMagic
At the same time, rumors began circulating that the Grammy winner waited to settle his debt after Hailey, 28, secured her $1 billion from e.l.f Beauty’s acquisition of her brand Rhode in May.
However, a rep for Hailey confirms to PEOPLE that Rhode’s business move is in no way associated with her husband’s settlement. “The historic sale of rhode is a huge accomplishment for Hailey and is completely separate from her husband and his business affairs.”
The acquisition of Hailey’s company, which she launched in 2022, occurred on May 28. She will continue her role as founder and additionally serve as Rhode’s chief creative officer and head of innovation, overseeing creative, product innovation and marketing. She will also act as a strategic advisor to the combined companies.
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Following the news, a source told PEOPLE that Hailey didn’t even have to look for a buyer. “This deal came to her,” the source shared. “She’s incredibly excited about this new step. She’s proud of how far Rhode has come, and she truly believes that teaming up with e.l.f will help take the brand to the next level. The resources and support they’re bringing to the table are everything she’s been hoping for.”
“To be acquired and recognized by such a powerful global company feels like such an honor to her. She can’t wait to take Rhode global. She also received a generous cash payout as part of the deal.”
During an appearance at the Business of Beauty Global Forum on June 10, the mom of one said she had a good feeling about the business proposition. “I remember walking away like, ‘They’re it,’” she recalled. “I knew it in my gut. We just said so many of the same things.” She also called Rhode “her baby,” so the idea of even partnering up was a “very, very big deal.”
As his wife celebrated the major milestone, a source told PEOPLE that Justin is “beyond proud” because she’d “seen how hard she’s worked from day one.”
