Hailey Bieber is on a meteoric trajectory towards global dominance. The 28-year-old entrepreneur has sealed an epochal deal, selling her Rhode Skin enterprise to e.l.f. Beauty for a staggering $1 billion, as confirmed by the cosmetics giant in a press release dated May 28. This landmark acquisition encompasses an initial payment of $800 million in cash and stock to Rhode's owners—encompassing CEO Nick Vlahos, Bieber, and her co-founders Lauren Ratner and Michael D. Ratner—upon closing, augmented by a potential earnout of $200 million contingent upon "the brand's expansion over the next three years," as per the announcement.
Upon unveiling the news, Hailey, who will continue to helm Rhode as Chief Creative Officer and Head of Innovation, while also serving as a strategic advisor for e.l.f., reflected fondly on her skincare venture's journey since its inception in 2022 and elaborated on why aligning with e.l.f. felt like a natural fit. "From the onset, I harbored grand visions for our company, with my foremost priority being to introduce Rhode to a wider audience across the globe," Hailey penned in an Instagram post on May 28. "Hence, today, I am overjoyed and immensely proud to declare our collaboration with e.l.f. Beauty, as we embark on this exhilarating new phase in Rhode's narrative."
She further hailed e.l.f. as a "fellow trailblazer who shares my passion for bold ideas and innovation," expressing her excitement and rejuvenation as they venture into this fresh chapter together. "Heartfelt gratitude to the incredible Rhode team that has been my pillar of support throughout this journey," she exclaimed. "I couldn't have accomplished this feat without each one of you. And to our loyal Rhode community, thank you for your unwavering encouragement—together, this upcoming chapter promises to be even more wondrous!"
Echoing her sentiments, co-founder Lauren echoed the same note of gratitude in her own Instagram post marking the deal on May 28. "The past five years spent nurturing @rhode have been among the most fulfilling chapters of my life," she penned. "To our cherished Rhode community, thank you for your boundless affection and unwavering support for the brand," she continued. "We cherish every video, comment, and message; they mean the world to us. "Prepare yourselves for what's imminent – it's poised to leave you utterly astounded!"
As for e.l.f., the beauty behemoth shed light on their aspirations to scale new heights by partnering with Rhode. "Rhode's prowess in shattering beauty norms resonates profoundly with e.l.f. Beauty's mission to forge a path unlike any other," shared Tarang Amin, Chairman and CEO of e.l.f., in the release. "Rhode is a stunning brand poised for astronomical growth—a veritable rocket ship ready for takeoff."
