Three years after launching rhodes, Hailey Bieber has decided to sell her skincare brand to e.l.f. for $1 billion.
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e.l.f. announced in a press release that it has signed a definitive agreement to acquire rhodes. “The $1 billion deal is comprised of $800 million of consideration payable at closing in a combination of cash and stock, subject to customary adjustments,” the companies stated. “And an additional potential earnout consideration of $200 million based on the future growth of the brand over a three-year timeframe.”
Speaking about the acquisition, e.l.f. CEO and chairman, Tarang Amin, shared, “e.l.f. Beauty found a like-minded disruptor in rhode. rhode further diversifies our portfolio with a fast-growing brand that makes the best of prestige accessible. We are excited by rhode’s ability to break beauty barriers, fully aligning with e.l.f. Beauty’s vision to create a different kind of company. rhode is a beautiful brand that we believe is ready for rocketship growth.”
Hailey Bieber also shared her enthusiasm about selling rhodes to e.l.f. “We can’t wait to bring rhode to more faces, places, and spaces,” she explained. “From day one, my vision for rhode has been to make essential skin care and hybrid makeup you can use every day. 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.”
Bieber further revealed she will 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.”
Hailey Bieber Further Thanks Her rhodes Team and Consumers for Helping Her Build the Brand
Hailey Bieber gave her rhodes team and consumers a shoutout for helping her build the brand.
“I couldn’t have done it without all of you,” she wrote in her latest Instagram post. “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,” she then added. “As I’ve said, this is only the beginning.”
Hailey Bieber spoke to Vogue about rhode just before the e.l.f. acquisition. “In my wildest dreams, it’s already gone beyond what I would’ve hoped for,” she said.
In an interview with The Gloss, Bieber also opened up about the brand’s goals. “Our philosophy at rhode is really focused on less is more and minimalism,” she explained. “It’s about the essentials only, and not overdoing it, and just having an assortment of products that are really, really curated.”
She then added, “In the same way that you would curate your essentials in your wardrobe.”