E.l.f. Beauty has reached a definitive agreement to acquire rhode, the skincare brand founded by Hailey Bieber, in a deal worth $1 billion. The transaction includes $800 million in cash and stock at closing, and an additional $200 million in potential earnout payments based on future performance over the next three years. The acquisition marks a major expansion for e.l.f. Beauty into the prestige skincare space and reinforces its direct-to-consumer strategy.
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Rhode was launched in 2022 with a clear mission: to offer essential, effective products built around Bieber’s personal skincare philosophy of “one of everything really good.” The brand quickly earned traction for its clean design, thoughtful formulas, and Bieber’s powerful influence as a beauty tastemaker. In just three years, rhode has amassed over $212 million in net sales and ranked as the No. 1 skincare brand in Earned Media Value for 2024.
Under the new agreement, Hailey Bieber will continue to lead creative and product development as Founder, Chief Creative Officer, and Head of Innovation. She will also serve as a Strategic Advisor to e.l.f. Beauty. Rhode’s executive team, Michael D. Ratner, Lauren Ratner, and CEO Nick Vlaho will remain in place, continuing to operate from Los Angeles.
“This partnership with e.l.f. Beauty marks an incredible opportunity to elevate and accelerate our ability to reach more of our community,” said Bieber. The brand plans to expand its reach beyond its direct-to-consumer model by launching in Sephora stores across North America and the U.K. before the end of 2025.
E.l.f. Beauty CEO Tarang Amin described rhode as a “like-minded disruptor,” noting that the acquisition aligns with the company’s broader mission to challenge convention and scale innovative brands. E.l.f. has been growing steadily across skincare and cosmetics, and recently acquired Naturium in 2023.
The transaction, which includes a mix of cash and newly issued e.l.f. Beauty stock, has already been approved by the company’s board and is expected to close in the second quarter of fiscal 2026, pending regulatory approvals.
