Hailey Bieber’s beauty brand rhode just sold to e.l.f. for $1 billion
CNN
Hailey Bieber’s beauty brand rhode sold to budget makeup powerhouse e.l.f. Beauty for $1 billion on Wednesday.
Hailey Bieber’s beauty brand rhode sold to budget makeup powerhouse e.l.f. Beauty for $1 billion on Wednesday. It’s e.l.f.’s largest acquisition to date, eclipsing its $355 million purchase of skin care brand Naturium in 2023. Founded in 2022, Bieber’s brand racked up $212 million in net sales in its last fiscal year, which ended in March. And earlier this year, rhode announced that its products will be seen in-stores at Sephoras in North America and the United Kingdom. Bieber will serve as rhode’s chief creative officer and head of innovation, the company said. She’s the company’s founder and current creative director. With a strong social media presence, in addition to Bieber’s own digital footprint both before and after her marriage to singer Justin Bieber, rhode “has a powerful engagement model,” e.l.f. said in its earnings call just after the announcement Wednesday. Fans will often wait hours in line for rhode pop-ups, and its products are frequently sold out on its website. “One of the things we really like about rhode is just how tight the product assortment is. It’s only 10 products across skincare, color cosmetics and accessories,” CEO Tarang Amin said in the same earnings call.
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