Model Hailey Bieber just inked a deal to sell her lifestyle beauty brand rhode to e.l.f. Beauty, per a Wednesday, May 28 press release.
The 28-year-old sold her company to the cosmetic giant in a deal that is valued up to $1 billion. Chairman and CEO of e.l.f., Tarang Amin, praised the acquisition.
â[E].l.f. Beauty found a like-minded disruptor in rhode,â Amin said in the press release. â[R]hode further diversifies our portfolio with a fast-growing brand that makes the best of prestige accessible. We are excited by rhodeâs ability to break beauty barriers, fully aligning with e.l.f. Beautyâs vision to create a different kind of company.”
The deal is comprised of $800 million in cash and stock. In addition, there is the potential of an additional $200 million payout based on rhode’s performance over the next three years.
Bieber Gushes on the Sale
Bieber expressed her joy at being able to expand the company.
“We canât wait to bring rhode to more faces, places, and spaces. From day one, my vision for rhode has been to make essential skin care and hybrid makeup you can use every day,” she said in the press release.
She explained she will be continuing with the company, along with her co-founders.
“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,” she added.
She spoke more about the sale in a lengthy Instagram post on May 28. Bieber thanked everyone who has helped with building rhode over the last couple of years.
“I couldnât have done it without all of you,” she added. “And to our rhode community, thank you for being the most supportive and for being on this journey, this next chapter is going to be even more incredible together!”
Rhode Was Established in 2022
Bieber, along with her co-founders, founded the skincare line in 2022, according to a June 2022 interview with PEOPLE.
The wife of singer Justin Bieber told the outlet she has always been incredibly serious about skincare. She spoke about how her mom installed in her from a young age that moisturizing and sunscreen were incredibly important.
Rhode’s website states it “is a line of curated skincare essentials” and it is made for a variety of skin types.
She told PEOPLE it was very important to her that her company be inclusive for all.
“It was very important to me that if I open up the world of Rhode, everyone is invited,” she said at the time of the company’s launch. “Everyone is included. I wanted it to be accessible and attainable for everyone.”
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