Hailey Bieber rockets to billionaire status with Rhode
Hailey Bieber has just shaken up the beauty world—and her bank account in a move that's sending shockwaves.
Bieber's skincare brand, Rhode, has been snapped up by cosmetics powerhouse E.l.f. Beauty for a jaw-dropping R18 billion.
Hailey Bieber, only three years into her beauty business journey, isn't stepping aside. Instead, she's stepping up.
'From day one, my vision for Rhode has been to make essential skin care and hybrid makeup you can use every day,' Bieber declared, according to Harper's Bazaar .
'Just three years into this journey, our partnership with E.l.f. Beauty marks an incredible opportunity to elevate.
We can accelerate our ability to reach more of our community with even more innovative products and widen our distribution globally'.
E.l.f. Beauty will pay R14.4 billion at closing, a mix of cash and stock. There's also a sweetener: an extra R3.6 billion could be paid out if Rhode continues to grow over the next three years.
Rhode's meteoric rise is nothing short of spectacular. The brand, named after Hailey's middle name, launched in 2022.
It quickly became a social media sensation, especially on TikTok, with its peptide lip treatments and 'glazing' products.
In the last year alone, Rhode raked in over R3.8 billion in net sales.
Hailey Bieber isn't going anywhere, as she'll stay on as Chief Creative Officer and Head of Innovation, guiding Rhode's next chapter.
Her co-founders, Michael D. Ratner and Lauren Ratner, will also keep their hands on the wheel.
'We can't wait to bring Rhode to more faces, places, and spaces,' Bieber said, hinting at global ambitions that could soon see Rhode's products on South African shelves.
E.l.f. Beauty's CEO, Tarang Amin, is just as excited as Rhode further diversify their 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 is to create a different kind of company. Rhode is a beautiful brand that we believe is ready for rocketship growth,' he said.
This deal is a sign of the growing power of social media-driven brands and the global appetite for innovative skincare.
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