Hailey Bieber is formally a magnificence billionaire… form of.
In a landmark deal that indicators each the cultural and business may of Rhode Beauty, E.L.F. Cosmetics has acquired the skincare and make-up empire for a staggering $1 billion USD. Simply three years after its launch, Rhode—famed for its peptide-packed lip balms, shiny serums, and the now-iconic Glazing Milk—has change into considered one of magnificence’s most bankable manufacturers.
“We are able to’t wait to convey Rhode to extra faces, locations, and areas,” wrote Bieber, who isn’t stepping away however quite stepping up in her artistic management. The 28-year-old founder will stay the face and pressure of the model, now serving as Chief Artistic Officer and Head of Innovation. Alongside co-founders Michael D. Ratner and Lauren Ratner, she plans to steer Rhode into its subsequent international chapter, with enlargement into Sephora shops within the U.S., Canada, and the U.Ok. slated for later this 12 months.
E.L.F. chairman and CEO Tarang Amin praised Rhode as a “like-minded disruptor,” completely poised for what he calls “rocketship development.” The acquisition consists of $800 million USD in money and inventory at closing, with a further $200 million in potential earnouts.
The billion-dollar information follows Rhode’s breakout hits—the Pocket Blush and new Lip Form liners, amongst others—and positions Bieber as not simply one other superstar entrepreneur, however a critical energy participant in magnificence.
“I discovered a like-minded disruptor with a imaginative and prescient to be a unique form of firm that believes in huge concepts and innovation in the identical manner that I do and can assist us proceed to develop the model,” Bieber wrote on Instagram. “I really feel invigorated, excited and extra prepared than ever to step into a fair larger function.”
For followers of her iconic ‘glazed’ pores and skin and minimalist glam, it’s an thrilling prospect that Rhode, below Bieber’s path, isn’t going anyplace. Because the mogul herself put it, “That is solely the start.”
