Hailey Bieber’s Rhode beauty brand has been acquired by cosmetics brand e.l.f. in a deal worth a reported $1 billion.
Bieber launched the brand in June 2022 and it quickly became a go-to for curated skincare. Rhode offers an array of products, including pocket blushes and skin glazing milk. The brand is also known for its viral phone case which is designed to hold a tube of rhode’s peptide lip tint or treatment.
Bieber, 28, will remain with the company as the founder and will also serve as Rhode’s chief creative officer and head of innovation. She’ll be a strategic adviser to the combined companies as well.
“We can’t wait to bring Rhode to more faces, places and spaces,” she said in a statement announcing the sale.
e.l.f. Beauty has agreed to pay Rhode $800 million at closing, but could fork out another $200 million depending on the brand’s growth over the next three years, according to The Wall Street Journal.
Rhode, previously a direct-to-consumer brand, will debut in Sephora stores this fall.
“It’s one of the most beautiful businesses I’ve ever seen,” e.l.f Chief Executive Tarang Amin said in an interview, per The Wall Street Journal.
More to follow
