Oakland-based cosmetics company buys Hailey Bieber's Rhode brand for $1 billion
Oakland-based E.l.f. Beauty has purchased Hailey Bieber's skin care and makeup brand Rhode for $1 billion.
Bieber, a model, entrepreneur and the wife of pop singer Justin Bieber, started the casual beauty brand 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,' the social media mogul wrote in an Instagram post Wednesday, May 28, while announcing the deal.
'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.'
Bieber will now step into a larger role at the company, serving as its chief creative officer and head of innovation, in addition to acting as a strategic adviser to the combined companies.
The acquisition is made up of $800 million in cash and stock and an additional $200 million payout dependent on Rhode's growth and performance over the next three years. E.l.f., created in 2004, is headquartered on 10th Street in Downtown Oakland, and its purchase of Rhode marks the company's largest to date. The East Bay company previously acquired skin care brand Naturium in 2023 for $355 million.
E.l.f. reportedly praised Rhode's 'powerful engagement model' during its earnings call following the announcement on Wednesday, according to CNN, with CEO Tarang Amin noting that 'One of the things we really like about Rhode is just how tight the product assortment is.'
Bieber launched Rhode, which is her middle name, as a skin care line but has since expanded to include an array of makeup products including blushes, lip balms and lip liners. There are currently 10 products available.
Rhode made $212 million in net sales in its last fiscal year, which ended in March, gaining popularity among younger consumers in particular. Previously only available online and during rare in-person pop-ups, the brand announced earlier this year that products would be hitting the shelves of Sephora in North America and the United Kingdom soon.
News of the acquisition comes as her husband is rumored to be on the verge of 'financial collapse' after having to sell his music catalog in December 2022, according to a TMZ documentary, 'TMZ Investigates: What Happened to Justin Bieber?' Available on Hulu, the film alleges that Bieber's financial troubles began when he was plunged into debt for pulling out of his 'Justice' world tour in 2022.
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