Hailey Bieber’s Rhode skin and beauty brand is being acquired by e.l.f. Beauty in a deal potentially valued at up to $1 billion (£740 million).
The 28-year-old model and wife of Justin Bieber co-founded the skincare line, featuring blushes and lip tints, in 2022. The brand’s rapid expansion, fueled by strong online presence, generated over $200 million in net sales in the year leading up to March. Further growth is anticipated with planned launches in Sephora stores across the US and UK this year.
e.l.f. Beauty, in announcing the acquisition, described Rhode as “a beautiful brand poised for exponential growth.”
The acquisition includes an $800 million payment in cash and stock, with a potential additional $200 million contingent upon future sales performance. The deal is expected to close later this year.
Ms. Bieber will remain with the company as chief creative officer, calling the deal “the next chapter” for Rhode on social media. Other co-founders and executives will retain their leadership roles post-acquisition.
In a statement, Ms. Bieber emphasized the partnership’s potential to expand Rhode’s reach and product innovation globally. The brand’s popularity on social media, particularly its viral TikTok presence showcasing products like pocket blush and peptide lip treatments, has significantly contributed to its success.
Ms. Bieber’s venture follows the successful paths of other celebrity beauty brands, such as Rihanna’s Fenty Beauty (valued at nearly $3 billion last year, according to Forbes), Kylie Jenner’s cosmetics company (partially sold to Coty for $600 million in 2020), and Selena Gomez’s Rare Beauty (which propelled Gomez onto the Bloomberg billionaire index last year). A Nielsen IQ report indicates celebrity beauty brands generated over $1 billion in sales in 2023.
The daughter of actor Stephen Baldwin and niece of Alec, William, and Daniel Baldwin, Ms. Bieber welcomed her first child with her husband last year. In a recent Vogue interview, she expressed surprise at Rhode’s rapid success, stating, “In my wildest dreams, it’s already gone beyond what I would’ve hoped for.”
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