Hailey Bieber is considering a potential sale of her makeup brand, Rhode, which could be valued at over $1 billion, according to sources familiar with the matter. The 28-year-old model has enlisted investment banking giants JPMorgan Chase and Moelis & Company to assist in finding a buyer for the beauty brand she launched in 2022, two sources revealed, speaking on condition of anonymity due to the sensitive nature of the discussions.

Bieber’s move follows a growing trend among celebrities who have successfully capitalized on their consumer-focused ventures. Notably, in 2021, actress Jessica Alba saw a lucrative IPO for her company, The Honest Company, while Grammy-nominated singer Selena Gomez has also been exploring a sale of her cosmetics brand, Rare Beauty.

Rhode, named after Bieber’s middle name, has experienced significant success since its debut, generating nearly $200 million in annual revenue. The Los Angeles-based brand, which offers skincare and makeup products, has gained popularity for its innovative offerings, including a collaboration with Krispy Kreme to promote select items. Beauty enthusiasts widely recognize Bieber for promoting skincare trends like “glazed donut skin” through her extensive social media presence, which includes over 50 million followers on Instagram.

In addition to her social media influence, Bieber’s business acumen was strengthened when former The Honest Company CEO Nick Vlahos joined Rhode as CEO last year. The company has quickly established itself as a key player in the beauty industry, leveraging Bieber’s celebrity status and innovative product lines.

Despite the buzz surrounding the potential sale, representatives from JPMorgan, Moelis & Company, and Rhode have declined to comment on the matter.

As Hailey Bieber explores the future of Rhode, the brand’s growth and celebrity-driven success continue to capture the attention of investors and consumers alike.