e.l.f. Beauty to Acquire Hailey Bieber’s Skincare Brand rhode in a Deal Valued at Approximately $1 Billion

On May 28, U.S.-based beauty company e.l.f. Beauty announced that it will acquire rhode, the skincare brand founded by Hailey Bieber, in a deal valued at approximately $1 billion.

Founded in 2022, rhode has shown remarkable growth, recording $212 million in revenue over the 12-month period ending March 2025. The acquisition, valued at nearly 3.8 times that figure, includes $800 million in cash and stock, as well as an earnout of up to $200 million based on future performance over the next three years. The transaction is expected to close later this year. Financing will include $600 million in debt, and a portion of the equity issued will be subject to lock-up agreements.

rhode has rapidly expanded through a Direct-to-Consumer (DTC) model, offering simple yet high-performance skincare and hybrid makeup products. The brand recently announced a partnership with Sephora, with plans to roll out in stores across North America and the U.K. later this year, further paving the way for global expansion.

Since its founding in 2004, e.l.f. Beauty has been on a mission to make high-quality beauty accessible to all. Known for affordable yet effective products, the company has strengthened its skincare portfolio in recent years through the launches and acquisitions of e.l.f. SKIN and Naturium. With the acquisition of rhode, e.l.f. Beauty aims to make a full-scale entry into the prestige beauty channel.

Speaking about the acquisition, e.l.f. Beauty Chairman and CEO Tarang Amin said: “e.l.f. Beauty found a like-minded disruptor in rhode. rhode is a fast-growing brand that brings even more diversity to our portfolio. Its ability to make the best of prestige accessible fully aligns with e.l.f. Beauty’s vision. rhode is a beautiful brand that we believe is ready for rocketship growth.”

Commenting on the partnership, Bieber said: “We can’t 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 continues, “Just three years into this journey, our partnership with e.l.f. Beauty marks an incredible opportunity to elevate and accelerate our ability to reach more of our community with even more innovative products and widen our distribution globally. 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.”

The leadership team at rhode includes Co-Founder and Co-Executive Chairman Michael D. Ratner, President and Chief Brand Officer Lauren Ratner, and CEO Nick Vlahos. The brand will continue to operate from its headquarters in Los Angeles.

Bieber will also continue to lead the brand post-acquisition as Chief Creative Officer and Head of Innovation, overseeing product development, creative strategy, and marketing, while also serving as a strategic advisor to the combined company.