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 products. Rhode offers an array of items, including pocket blushes, lip liners, and skin glazing milk. Individual products range from about $18 to $38.
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.
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.
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.
In a longer Instagram post sharing news of the sale, Bieber said she “always had big dreams for the company.”
“I found a like-minded disruptor with a vision to be a different kind of company that believes in big ideas and innovation in the same way that I do and will help us continue to grow the brand.”
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.
When it launched in 2022, the minimalist skincare line included just five different products – a serum, a moisturizer, and a lip treatment available in three scent options.
Rhode has expanded since then, but not by much, maintaining its minimalist roots.
