The wife of Canadian musician Justin Bieber, Hailey Bieber is selling her makeup brand, Rhode, to e.l.f Beauty for $1 billion.
Named after her middle name, the firm was co-founded by Hailey in 2022 and sells a range of lip and skincare products.
The company is reportedly being acquired by e.l.f., which stands for eyes, lips, and face, for $800 million in cash and stock, with an extra $200 million to be paid out depending on future sales performance.
With e.l.f. characterising Rhode as “a beautiful brand that we believe is ready for rocketship growth,” the acquisition is expected to finalise later this year.
Hailey will continue as chief creative officer and head of innovation at Rhode. She will also become a strategic advisor at e.l.f.
Other co-founders and current executives will also continue to lead the business after the sale.
Hailey expressed excitement about the deal in a recent Instagram post.
“When I launched @rhode in 2022, I always had big dreams for the company, and the most important thing to me is to keep bringing Rhode to more spaces, places, and faces globally,” she wrote.
“So today I am so incredibly excited and proud to announce that we are partnering with e.l.f. Beauty as we step into this next chapter in the world of Rhode.
“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.
“I feel invigorated, excited and more ready than ever to step into an even bigger role as Chief Creative Officer, and Head of Innovation of Rhode as well as strategic advisor to e.l.f. Beauty.
“Thank you to the amazing Rhode team who have helped me build over the years. I couldn’t have done it without all of you. 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! As I’ve said, this is only the beginning.”
