Hailey Bieber has just signed a billion-dollar deal for her popular beauty brand, Rhode.
The company announced Wednesday that it signed a “definitive agreement” with e.l.f. Beauty.
“The $1 billion deal is comprised of $800 million of consideration payable at closing in a combination of cash and stock, subject to customary adjustments, and an additional potential earnout consideration of $200 million based on the future growth of the brand over a three-year timeframe,” a press release states.
To fund the deal, e.l.f. secured $600 million in debt financing.
Bieber, 28, gushed over the news via Instagram, sharing, “When I launched @rhode in 2022, I always had big dreams for the company, and the most im
“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,” she continued.
“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.”
Bieber said the deal had made her “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.”
The skincare company founder then thanked her “amazing” team, saying she “couldn’t have done it without” all of them.
She then thanked her loyal customers and concluded, “As I’ve said, this is only the beginning. 🤍.”
