☕️A Belieber

Good morning.

Hailey Bieber, model, entrepreneur and wife of pop-star Justin Bieber, has sold her Rhode beauty brand for US$1 billion ($1.6 billion). The cult beauty label was picked up by Elf Beauty in a deal that will net Bieber US$800 million in cash and stock, with an additional US$200 million payout based on Rhode’s performance over three years.

While Bieber will technically remain on board as chief creative officer and head of innovation at Rhode, the exit is poetic-yet-unsettling for every millennial realising that a billion-dollar payday was possible for an on-the-cusp gen-Zer.

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Market movers

Capstone Copper shares surged Thursday after Chile raised its copper price forecast, bolstering the outlook for higher demand and tighter global supply.

The quick sync

• As Christopher Chow writes, Pop Mart’s viral Labubu craze proves how blending IP, partnerships and gamification drives global brand growth. (Capital Brief)

• Brandon Capital and Australia's NRF invest $40M in PolyActiva to advance a ground breaking glaucoma implant. (Capital Brief)

• LGT Crestone’s Martin Randall blasts opaque private credit loan fees, warning they hide risks and leave investors guessing. (Capital Brief)

• Auditors warn SMSFs are already trying to manipulate asset valuations to dodge Labor’s $3m super tax, risking scrutiny and penalties as the new regime looms. (AFR)

Trading floor

M&A

• Sybos is selling most of its EBOS stake for NZ$949m to diversify assets, keeping a 4.9% share. (Capital Brief)

• Healthscope’s key hospitals face potential breakup and sale, with Ramsay Health Care showing interest amid competition regulator concerns. (AFR)

• ACCC warns Elders' $475m Delta deal may cut competition in key rural regions. (Capital Brief)

• Ironbark buys Mercury Private to strengthen its private wealth services and expand financial advice offerings. (The Australian)

• JSW Steel joins local buyers in eyeing Whyalla Steelworks after its administration in South Australia. (AFR)

• Macquarie buys Brazilian toll roads and issues $1.25b in subordinated debt. (Capital Brief)

• JetBlue and United partner to share loyalty points and airport slots, boosting travel options. (Capital Brief)

• IAG’s $1.35b WA acquisition faces tougher ACCC scrutiny than its Queensland deal, given RACWA’s strong market share. (The Australian)

• Glencore shifts $30b in global assets to Australia to prepare for a future mega-merger. (AFR)

Capital Markets

• Champion Iron’s profit dropped 39% due to plant shutdowns; cost-cutting efforts are underway. (Capital Brief)

• KKR refinances MYOB with a $1.2b five-year loan, adding new lenders including Apollo and simplifying debt structure. (AFR)

• Metrics Trust is raising $315m to support new loans and diversify its portfolio. (Capital Brief)

• Virgin Australia plans a smaller IPO with cornerstone investors, modeled on Guzman y Gomez’s successful float. (The Australian)

• Macquarie upgrades Web Travel to 'outperform' after strong results and growth outlook. (Capital Brief)

• Ex-Westpac advice firm Viridian, now worth $250m+, seeks strategic buyers after six years of growth. (AFR)

• Nvidia’s strong AI outlook lifts Australian data centre stocks. (Capital Brief)

VC

• Labubu’s viral success shows startups how brand, community, and clever distribution fuel global growth and customer loyalty. (Capital Brief)

• Vively raises $1.6m Seed to grow its AI-powered glucose monitoring program for pre-diabetes prevention with Bupa support. (Startup Daily)

People moves

• Andrew Pease named APAC head of investments at Russell Investments, relocating to Sydney. (Capital Brief)

• ABC’s staff shake-up sparks job cut fears, but management promises minimal role changes. (Capital Brief)

• Ex-NAB deputy CFO Greg Braddy becomes Clayton Utz’s new CFO after leaving banking. (AFR)

• JP Morgan hires HSBC’s Kamal Jabre as vice chair of M&A to expand EMEA business. (Capital Brief)

• ETF Shares appoints Global X’s William Taylor as COO following growth after ETF Securities sale. (AFR)

• Ex-Goldman Sachs banker Tim Leissner gets two years jail for 1MDB bribery scandal. (Capital Brief)

• Adman David Droga steps down as Accenture Song CEO to become vice chair, focusing on chosen projects. (AFR)

The watercooler