E.l.f recently announced it will acquire Hailey Bieber’s Rhode for $1 billion. Founded in 2022, Rhode has quickly become the darling of the global beauty market: In the fiscal year ending in March 2025, the beauty brand generated $212 million in net sales.
e.l.f. Beauty Chairman and CEO Tarang Amin and rhode Founder Hailey Bieber
e.l.f. Beauty signed a definitive agreement to acquire Rhode, a fast-growing, beauty brand founded by Hailey Bieber and recognised for its collection of high-performance, skin-care products. This alliance between e.l.f. Beauty and Rhode is built on both brands’ shared focus on disruption and product innovation, setting the stage for transformative global expansion.
This is a big deal for E.l.f. Beauty, being its third acquisition since acquiring clean-beauty brand W3ll People, now marketed as Well People, in 2020 and skincare brand Naturium in 2023. “e.l.f. Beauty found a like-minded disruptor in Rhode,” said e.l.f. Chairman and CEO Tarang Amin. “Rhode further diversifies our 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 to create a different kind of company. Rhode is a beautiful brand that we believe is ready for rocket-ship growth.”
Bieber set out to create a brand centered around her skin care philosophy of “one of everything really good.” Rhode’s multitasking products, made with innovative ingredients for visible results, seek “to glaze your skin with goodness.” The beauty brand has quickly established itself as a disruptor in content, commerce and community, building a direct-to-consumer business. It has seen incredible growth, driving an estimated $212 million in net sales in the year ended March 31, 2025. Rhode’s products are available on rhodeskin.com, with plans to launch its first physical in-store partnership with Sephora throughout North America and the U.K. before the end of the year.
Bieber will continue her role as Founder and serve as Rhode’s Chief Creative Officer and Head of Innovation, overseeing creative, product innovation and marketing. She will also act as a Strategic Advisor to the combined companies. “When I launched Rhode 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. So today I am so incredibly excited and proud to announce that we are partnering with e.l.f. Beauty,” Bieber wrote on Instagram.
With the team since Bieber’s inception of Rhode, Co-Founder Michael D. Ratner has guided Rhode since its formation and has run the board as Co-Executive Chairman, while Co-Founder Lauren Ratner architected the brand and currently serves as President and Chief Brand Officer. The founders with CEO Nick Vlahos will continue to lead the brand out of its LA office, nurturing its entrepreneurial spirit and maintaining the brand’s passionate employees.
Transaction Details
Under the terms of the definitive agreement, e.l.f. Beauty has agreed to acquire Rhode for $800 million at closing – $600 million in cash and $200 million in stock – payable at closing, with the potential for an additional $200 million payout on the future growth of the brand over the next three years, for a total $1 billion. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second quarter of Fiscal 2026.
About e.l.f. Beauty
e.l.f. Beauty is fueled by a belief that anything is e.l.f.ing possible. The company disrupts norms, shapes culture and connects communities, committed to positivity, inclusivity and accessibility. Their mission is clear: to make the best of beauty accessible to every eye, lip and face. Their brands, e.l.f. Cosmetics, e.l.f. SKIN, Keys Soulcare, Well People and NATURIUM are led by purpose, driven by results and elevated by their superpowers. e.l.f. Beauty offers e.l.f. clean and vegan products, all double-certified by Leaping Bunny and PETA as cruelty free and the company proudly stands as the first beauty company with Fair Trade Certified facilities. A kind heart is at the center of the brand ethos: the company donate 2% of net profits to organizations that make positive impacts.
About Rhode
Rhode is a collection of curated skincare and hybrid makeup essentials with intentional formulas that hydrate and nourish the skin barrier. Launched by Bieber in 2022, Rhode was born from a need for high-performance, skincare essentials for everyday use. After years of working as a fashion model with the best makeup artists and skincare experts, Bieber noticed a gap in the industry and created a simplified product lineup that wasn’t based on trends, expensive ingredients, or a 15-minute routine. Rhode’s formulas are developed with all skin types in mind, purposeful ingredients, and backed by a team of top cosmetics chemists, dermatologists and makeup artists. Beyond its product, Rhode brings the brand to life through high-impact campaigns, innovative IRL activations and close community engagement.
Jasmeen Dugal is Associate Editor at FashionABC, contributing her insights on fashion, technology, and sustainability. She brings with herself more than two decades of editorial experience, working for national newspapers and luxury magazines in India.
Jasmeen Dugal has worked with exchange4media as a senior writer contributing articles on the country’s advertising and marketing movements, and then with Condenast India as Net Editor where she helmed Vogue India’s official website in terms of design, layout and daily content. Besides this, she is also an entrepreneur running her own luxury portal, Explosivefashion, which highlights the latest in luxury fashion and hospitality.
