Good morning, Broadsheet readers! Rare Beauty founder Selena Gomez is a billionaire, National Amusements' Shari Redstone will receive over $500 million in the company's sale, and Fortune’s Ellie Austin reports on Paperless Post's new business venture. Have a meaningful Monday!
– You've got mail. Fifteen years ago, Alexa Hirschfeld and her brother, James Hirschfeld, launched Paperless Post. Described by the siblings as both a design company and a tech company, Paperless Post’s goal was to combine the elegance and personalization of paper stationery with the speed, efficiency, and low environmental impact of digital communication. “We have this combination of exceptional design, easy to use functionality and pay as you go pricing,” says Alexa, who is president of the company while her brother serves as CEO.
It’s proved to be a winning formula. Despite the pandemic, which “hammered” the company, and the emergence of competitors including Partiful, Evite, and Electragram, Paperless Post is profitable and growing. According to its own metrics, it has served over 200 million users to date and has experienced a compound growth rate of 42% since 2021.
