Rhode to be acquired by Elf Beauty for $1 billion

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Hailey Bieber’s beauty and skincare brand Rhode has been acquired for $1 billion by Elf Beauty, pending approvals, marking one of the most high-profile beauty deals in recent years. Announced today, the acquisition comes just two months after it was reported in April that the brand hired JPMorgan Chase and Moelis to oversee the sale.

“Finding a home for Rhode was a really scary process, but as soon as I met the Elf Beauty team, I could tell they had such a strong sense of community and that spoke volumes to me because I know how I feel about our Rhode community,” says Bieber. She tells Vogue that even before she met with the team, she had admired their marketing campaigns and disruptive strategy within the beauty space. “I could have gone to a table of suits (referencing brand suitors), but Elf Beauty’s partnership offering was different,” she says.

Bieber will continue her role as founder while expanding her remit as Rhode’s chief creative officer and head of innovation, overseeing creative, product innovation and marketing. She will also act as a strategic advisor for both Rhode and Elf Beauty. “[The position] expands my role into the world of beauty even more, and I just want to continue being a force in the space globally,” Bieber explains.