Hailey Bieber’s skincare brand Rhode has officially joined the billion-dollar beauty club. On May 28, elf Beauty announced its $1 billion acquisition of Rhode, a move that will lay a solid foundation for the two-year-old brand’s international expansion.
The acquisition includes $800 million in cash and stock paid to the Rhode ownership group at the close of the transaction, as well as an additional $200 million in potential earnings based on the brand’s performance over the next three years.
Since its launch in 2022, Rhode has quickly become a darling in the beauty industry with its minimalist brand concept, affordable prices and Bieber’s influence. Now, with the support of elf (a brand known for turning indie beauty products into mass-market success), Rhode is preparing to make a big push around the world.
“I’ve always had big dreams for the company, and what’s most important to me is continuing to bring Rhode to more spaces, places, and faces around the world,” she shared in a May 28 Instagram post.
Of course, Bieber is incredibly grateful to all of the fans who have made Rhode such a success: “To our Rhode community, thank you for your overwhelming support and companionship, and the next chapter is going to be even more exciting!”
With this deal, the next era of Rhode is clearly in sight: Bieber’s dewy-skinned beauty will touch even more vanities and continents.