Hailey, wife of Justin Bieber, the Canadian singer, is selling Rhode, her makeup brand, to e.l.f Beauty in a deal worth $1 billion.
The brand, co-founded by Hailey in 2022 and named after her middle name, offers a line of skincare and lip products.
e.l.f., which stands for eyes, lips, and face, is said to be acquiring the company for $800 million in cash and stock, with the potential for an additional $200 million payout based on future sales performance.
The deal is anticipated to close later this year as e.l.f with describing Rhode as “a beautiful brand that we believe is ready for rocketship growth”.
Hailey will continue as chief creative officer and head of innovation at Rhode. She will also become a strategic advisor at e.l.f.
Other co-founders and current executives will also continue to lead the business after the sale.
Hailey expressed excitement about the deal in a recent Instagram post.
“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,” she wrote.
“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.
“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 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.”
