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Finance

Hailey Bieber’s beauty brand rhode just sold to e.l.f. for $1 billion

Last updated: May 28, 2025 7:37 pm
Oliver James
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Hailey Bieber’s beauty brand rhode just sold to e.l.f. for  billion
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Hailey Bieber’s beauty brand rhode sold to budget makeup powerhouse e.l.f. Beauty for $1 billion on Wednesday.

It’s e.l.f.’s largest acquisition to date, eclipsing its $355 million purchase of skin care brand Naturium in 2023.

Founded in 2022, Bieber’s brand racked up $212 million in net sales in its last fiscal year, which ended in March. And earlier this year, rhode announced that its products will be seen in-stores at Sephoras in North America and the United Kingdom.

Bieber will serve as rhode’s chief creative officer and head of innovation, the company said. She’s the company’s founder and current creative director.

With a strong social media presence, in addition to Bieber’s own digital footprint both before and after her marriage to singer Justin Bieber, rhode “has a powerful engagement model,” e.l.f. said in its earnings call just after the announcement Wednesday. Fans will often wait hours in line for rhode pop-ups, and its products are frequently sold out on its website.

“One of the things we really like about rhode is just how tight the product assortment is. It’s only 10 products across skincare, color cosmetics and accessories,” CEO Tarang Amin said in the same earnings call.

E.l.f., meanwhile, dominates the skincare and makeup market for young consumers and is teens’ top cosmetic brand, according to a survey from investment firm Piper Sandler. The company said it could help rhode expand into retail and increase its global footprint.

The massive acquisition comes as e.l.f. is at a crossroads with President Donald Trump’s chaotic tariff war with China. As of mid-May, about 75% of its global production came from China and is now subject to tariffs of 55%, including the tariffs put in place in 2019, the company said in its Wednesday earnings.

In response to the tariffs, e.l.f. is increasing prices by $1 across its entire portfolio on August 1. The majority of its products are priced under $10.

E.l.f. also did not issue guidance for this fiscal year because of uncertainty around tariffs.

But it is still sticking by its production model.

“We believe our unique China-based supply chain is an area of competitive advantage we’ve been honing for the past 21 years… (We) are committed to our China team and suppliers,” the company said in its Wednesday earnings call.

The rhode deal consists of $800 million in cash and stock, and potentially another $200 million based on how rhode performs over the next three years. It’s expected to close later this year.

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