Hailey Bieber, founder of cosmetic company Rhode Skin, has announced that she has sold the company to popular beauty company E.l.f Beauty for $1 Billion.
Since its development in 2022, Rhode quickly grew popularity among consumers, well known for their skincare products and makeup, such as their peptide lip treatment and pocket blush. E.l.f too has also been a well known option for beauty consumers. They’re also well known for being an inexpensive “dupe” brand for more expensive products, but have also had their fair share of innovative makeup products.
“We can’t wait to bring Rhode to more faces, places, and spaces. From day one, my vision for Rhode has been to make essential skin care and hybrid makeup you can use every day,” Bieber announces in her statement.
Bieber will continue her role as founder of Rhode, as well as take on the position of chief creative officer while working alongside E.l.f.
“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,” E.l.f CEO and Chairman Tarang Amin.
The Rhode and E.L.F deal is one of the biggest for a celebrity-developed company, following Ryan Reynolds’s deal with T-Mobile to his company Mint Mobile. Beauty consumers are looking forward to seeing what this means for the reputable beauty companies in the future.
