e.l.f. Cosmetics Acquires Hailey Bieber’s Rhode Beauty for $1 Billion

Hailey Bieber’s skincare brand, Rhode, has been acquired by e.l.f. Cosmetics in a $1 billion deal, the two companies confirmed, the Associated Press reported.

Bieber will remain involved as chief creative officer, head of innovation, and a strategic advisor. Photo: Hailey Bieber Facebook

Rhode reported $212 million in net sales in the 12 months ending March 31. The brand currently sells exclusively online but plans to enter Sephora stores in North America and the UK by year-end.

Under the terms of the agreement, e.l.f. will pay $600 million in cash and $200 million in newly issued e.l.f.

Beauty stock, with an additional potential $200 million earnout based on performance over the next three years. Bieber will remain involved as chief creative officer, head of innovation, and a strategic advisor.