Hailey Bieber sells Rhode to e.l.f. Beauty in $1 billion deal
Hailey Bieber's skincare business, Rhode, has been acquired by the cosmetics powerhouse e.l.f. Beauty in a deal that is reportedly valued at one billion dollars, as reported by The Independent. The acquisition comes just three years after Rhode was first introduced to the market.
Rhode, which made its debut in June 2022 with a limited selection of minimalist skincare products, has become one of the most talked-about success stories in the beauty business. The brand offers a wide range of goods, including skin-glazing milk, peptide lip treatments, and viral pocket blushes.
Additionally, it is well-known for a creative phone cover that also functions as a lip tint holder, which is a popular product among consumers of the Gen Z generation.
Hailey Bieber Instagram profile
According to The Independent, e.l.f. has reached an agreement to pay an initial sum of $800 million, with an additional $200 million dependent on the success of the brand over the course of the subsequent three years.
The 28-year-old Bieber is not going to leave. In addition to continuing in her capacity as Rhode's founder, she will also assume the positions of chief creative officer and head of innovation, respectively. In addition to that, she will carry out the role of a strategic advisor across all of the combined companies.
'I always had big dreams for the company,' Bieber said in an Instagram post announcing the acquisition. 'I've found a like-minded disruptor that believes in bold ideas and innovation just like I do.'
According to accounts, Tarang Amin, the chief executive officer of e.l.f. Beauty, referred to Rhode as "one of the most beautiful businesses I've ever seen." He also stated that the acquisition represents a significant step in the process of increasing their footprint in the premium skincare industry.
Rhode began with only five goods and has made modest progress since its inception. The company has adhered to a policy of "less is more," which has definitely resonated with customers. Due in part to Justin Bieber's star power and astute product creation, the company has routinely sold out, despite the fact that it only offers a limited selection of products.
As a result of this acquisition, Rhode is now one of the few celebrity-led beauty companies that has been able to successfully grow. Now that it is under the umbrella of e.l.f., it is anticipated that it will be able to reach an even bigger audience without losing its minimalist and contemporary appeal.
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