Hailey Bieber, the popular beauty mogul and wife of singer Justin Bieber, announced on Wednesday that her beauty brand Rhode is being acquired by the affordable makeup company e.l.f. Beauty. The deal is worth $1 billion and includes cash, stocks, and additional payments based on the brand’s future growth.
The Details of the Deal
The $1 billion deal is split into $600 million in cash, $200 million in e.l.f. Beauty stock, and up to $200 million more depending on how well Rhode grows over the next three years. This partnership aims to bring Rhode’s products to more people worldwide.
Rhode’s Success and Hailey’s Vision
Rhode, named after Hailey’s middle name, started in 2022 in Los Angeles. It quickly became popular thanks to Hailey’s celebrity status and its high-quality products. The brand began with just three skincare items but has expanded to include makeup like lip liners and even phone cases designed to hold Rhode lip products.
Hailey Bieber shared in a press release that her goal was always to create easy-to-use skincare and makeup products people could use every day. She said the deal with e.l.f. Beauty would help Rhode grow faster and reach more customers globally.
Hailey’s New Role with Rhode and e.l.f. Beauty
Along with being Rhode’s founder, Hailey will now be the chief creative officer and head of innovation. She will also act as a strategic advisor to both Rhode and e.l.f. Beauty.
She thanked her co-founders, Michael D. Ratner and Lauren Ratner, for helping her bring her vision to life.
What e.l.f. Beauty Says About Rhode
Tarang Amin, Chairman and CEO of e.l.f. Beauty, said the company found a “like-minded disruptor” in Rhode. He praised Rhode for making high-end beauty products accessible to more people and said they believe Rhode is ready for “rocketship growth.”
Where Can You Buy Rhode Products?
Currently, Rhode products are only sold online. e.l.f. Beauty products are available in stores like Target and Ulta Beauty. It’s not yet clear if Rhode products will be sold in physical stores after the acquisition.
Hailey Bieber’s beauty brand Rhode is joining forces with e.l.f. Beauty in a $1 billion deal. This move will help Rhode expand and reach more customers with new and exciting products, while Hailey takes on a creative leadership role.
