E.l.f Beauty has signed a US$1 billion deal to acquire Hailey Bieber’s beauty brand, Rhode.
The US$1 billion is made up of $800 million in cash and stock and an additional potential earnout consideration of $200 million, based on future growth over a three-year period.
E.l.f chairman and CEO, Tarang Amin said he is excited to merge the companies and help Rhode reach “rocketship growth”.
“Rhode further diversifies our portfolio with a fast-growing brand that makes the best of prestige accessible,” he said.
“We are excited by Rhode’s ability to break beauty barriers, fully aligning with e.l.f. Beauty’s vision to create a different kind of company.”
Bieber founded Rhode in 2022, and since then, the brand has seen great growth. The company has more than doubled its consumer base over the past year and drove a total of $212 million in net sales in the 12 months ended 31 March 2025.
Under Bieber’s direction, Rhode became the number one skincare brand last year in earned media value with 367% year-on-year growth.
Bieber will continue her role as founder and will also undertake the roles of Rhode’s Chief Creative Officer and Head of Innovation, overseeing creative, product innovation, and marketing, as well as becoming a Strategic Advisor to the combined companies.
She said she looks forward to seeing Rhode in more places and continues working within the company.
“Just three years into this journey, our partnership with e.l.f. Beauty marks an incredible opportunity to elevate and accelerate our ability to reach more of our community with even more innovative products and widen our distribution globally,” she said.
“As I continue as Founder and step into an expanded role of Chief Creative Officer and Head of Innovation, I look forward to leading the brand into this exciting new chapter of possibilities alongside my Co-Founders Michael D. Ratner and Lauren Ratner, who have helped bring my vision to life from the start.”
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