Hailey Bieber has finally revealed that e.l.f Beauty will acquire Rhode for a staggering US$1 billion (about S$1.2 billion). The deal consists of US$800 million (about S$1 billion) in cash and stock, plus an additional US$200 million (about S$258 million) as potential payout based on Rhode's performance over the next three years. Hailey will remain the founder and take on the roles of Chief Creative Officer, Head of Innovation, and strategic advisor to e.l.f. Beauty.
Related article: Katseye On Their Next Album, Lip Combos & The Success Of "Gnarly"
"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 as we step into this next chapter in the world of Rhode. 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," Hailey said in an Instagram post.
"I feel invigorated, excited and more ready than ever to step into an even bigger role as Chief Creative Officer, and Head of Innovation of Rhode, as well as the strategic advisor to e.l.f Beauty. Thank you to the amazing Rhode team who have helped me build over the years. I couldn’t have done it without all of you. And to our Rhode community, thank you for being the most supportive and for being on this journey, this next chapter is going to be even more incredible together! As I’ve said, this is only the beginning."
Related article: Charlotte Le Bon Appointed As Guerlain’s Global Bee Ambassador
Rumours began circulating in early April that the mogul was exploring a potential sale of her beauty brand. The announcement follows closely on the heels of the news that her makeup and skincare label will launch in Sephora stores across the U.S., Canada, and the U.K. later this year. The beauty juggernaut will be adding the cult-favourite brand to its growing portfolio, which already includes the body and skincare line Naturium, Alicia Keys’ Keys Soulcare, and its flagship label, e.l.f. Cosmetics.
“E.l.f. Beauty found a like-minded disruptor in Rhode," said Tarang Amin, Chairman and CEO of e.l.f. Beauty, in a press release. "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 rocketship growth.”
Related article: Lady Gaga’s Haus Labs Is Here To Break The Beauty Binary
Lauren Ratner, Co-founder, President, and Chief Brand Officer at Rhode, also hinted in an Instagram post that the brand could be expanding to more countries in the near future. "Today, we are so excited to announce an agreement to join the e.l.f. Beauty family to help take our company to the next level and expand globally. Thank you Tarang Amin and the e.l.f. team for believing in us and what we are building. I look forward to continuing on in my role as President & Chief Brand Officer and partnering to bring more innovative products to more people across the world with your support."
There is no stopping Hailey's glazed empire, and with this exciting announcement, one can hope we'll see Rhode on Singapore soil soon.
For more information, visit Rhode's website.