Hailey Bieber’s beauty brand Rhode, has been sold to popular makeup brand e.l.f in a billion-dollar deal.
Naming it after her middle name, the 28-year-old, who is married to musician Justin Bieber, co-founded the skincare line in 2022, which includes lip and cheek tints.
Due in part to its success online, it has grown quickly, claiming over $200 million in net sales in the 12 months ending in March.
This year, plans to expand the brand in Sephora stores in the US and the UK are being offered.
Buyer e.l.f. Beauty described the company as “a beautiful brand that we believe is ready for rocketship growth” while announcing the sale.
E.l.f., which stands for eyes, lips, and face, is paying $800 million in cash and equity, with an additional $200 million potentially due to future sales growth.
Announcing the deal on Instagram, Hailey wrote: “When I launched @rhode in 2022, I always had big dreams for the company, and the most important thing to me is to keep bringing rhode to more spaces, places, and faces globally.”
“So today I am so incredibly excited and proud to announce that we are partnering with e.l.f. Beauty as we step into this next chapter in the world of rhode. 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.”
“I feel invigorated, excited and more ready than ever to step into an even bigger role as Chief Creative Officer, and Head of Innovation of rhode as well as strategic advisor to e.l.f. Beauty. Thank you to the amazing rhode team who have helped me build over the years. I couldn’t have done it without all of you.”
“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! As I’ve said, this is only the beginning 🤍”
@daniellephe ♬ original sound – noah
The brand has gained a lot of popularity on social media, due to TikToks that went viral about their “peptide lip treatments” and pocket blush.
In an interview for Vogue shortly before the announcement was made, the 28-year-old confessed the success of the brand had been a surprise.
“In my wildest dreams, it’s already gone beyond what I would’ve hoped for,” she said.
