Hailey Bieber has officially leveled up from beauty mogul to bona fide billionaire, thanks to e.l.f. Beauty’s acquisition of her cult-fave skincare brand, which was announced Wednesday, May 28.
In a deal that’s sent shockwaves through the industry, e.l.f. Beauty announced its agreement to acquire Rhode for a cool $1 billion, according to a breaking news report published by WWD. The acquisition is e.l.f.’s most significant to date and includes $800 million in cash and stock at closing, with a potential additional $200 million earnout based on Rhode’s future growth.
Bieber, 28, expressed excitement about the partnership, citing e.l.f.’s history of empowering founders and their shared vision for scaling Rhode to “more places, more faces” globally.
After all, e.l.f. is no stranger to fostering successful, founder-driven brands. It previously acquired Naturium in 2023 and incubated Alicia Keys‘ Keys Soulcare. This demonstrated commitment to nurturing the entrepreneurial spirit was a key factor for Bieber, who also acknowledged the inherent challenge and fear in finding the right home for her brand.
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She emphasized the strong alignment between Rhode and e.l.f. on core values such as community and team building. “When I launched @rhode in 2022, I always had big dreams for the company,” Bieber wrote via Instagram on Wednesday. “So today, I am incredibly excited and proud to announce that we are partnering with e.l.f. Beauty as we step into this next chapter.”
She continued: “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.” After taking a moment to thank her team and her fans, she reminded everyone that the best is yet to come. “This is only the beginning,” she wrote along with a heart emoji.
Since its 2022 launch, heavily influenced by Bieber’s viral “glazed doughnut skin” trend, Rhode has strategically expanded its product line beyond its initial lip balms, serums and glazing milk moisturizer to include of-the-moment color cosmetics and even limited-edition iPhone cases.
e.l.f.’s chairman and CEO, Tarang Amin, lauded Rhode’s remarkable ascent, noting its achievement of $212 million in sales in under three years with just 10 products sold directly to consumers — a feat he admitted he wouldn’t have believed possible without seeing it firsthand.
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“A billion-dollar deal is the biggest we’ve ever done in our history, which talks about our excitement and our confidence, but also gives a big responsibility to make sure we’re living up to everything Hailey wants,” he told WWD. “That means asking questions, like, ‘How much can we grow our brand portfolio?’ ‘How much can we just continue to disrupt the beauty industry?’”
A significant partnership with Sephora is slated for late 2025, a move that will also facilitate e.l.f.’s entrée into Sephora. Bieber is set to remain “deeply involved” with Rhode, taking on an expanded role as chief creative officer. “I want to continue to push innovation — innovative products, innovative marketing, and I know they’ll be able to continue helping us,” she said.
The future for beauty’s newest billionaire never looked so sweet for Hailey, who, lest you forget, didn’t seemingly appear to take so much as a day off since she welcomed her first baby, Jack, 9 months, whom she shares with husband Justin Bieber, back in August 2024.
Within no time, she was posting Instagrams of her giant Goyard designer baby bag, filled with newborn essentials and Rhode goodies, which were so new that they had yet to be released, to drum up excitement for launches that followed and continue to dominate our beauty routines.
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Courtesy of Hailey Bieber/Instagram Hailey Bieber is finally sharing all the secrets behind her picture-perfect lip combo. Bieber, 28, took to Instagram on Tuesday, January 21, to share her beauty brand, Rhode, is dropping a lip liner in the near future. In the clip, Bieber leaned forward while gazing into the camera as an off-screen […]
Since then, she’s been leveling up in other aspects of her career too, most recently by landing her first-ever solo cover of American Vogue, and without anyone’s help, including Justin, who previously admitted in a since-deleted Instagram post that he told Hailey she’d “never” get the cover, despite having already appeared on the cover of Vogue alongside Justin years before.
Fast-forward to today, and Hailey is busy living her best life and laughing all the way to the bank.
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