Hailey Bieber is set to become a billionaire after agreeing to sell her skincare and beauty line, Rhode, to E.l.f. Cosmetics, the companies announced Wednesday.
Bieber launched her much-anticipated brand in June 2022, releasing only three products at the time – Peptide Glazing Fluid, Barrier Restore Cream, and Peptide Lip Treatment.
Since then, the brand has grown exponentially, expanding into different tinted lip products, blush and even viral phone cases that double as lip gloss carriers.
‘E.l.f. Beauty found a like-minded disruptor in rhode,’ said e.l.f. Chairman and CEO Tarang Amin Wednesday, per Business Wire.
‘Rhode further diversifies our portfolio with a fast-growing brand that makes the best of prestige accessible,’ his statement continued.
‘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.’
Hailey will still serve as founder of the brand and Chief Creative Officer and Head of Innovation, according to Business Wire.
Following the news, Hailey took to Instagram to break her silence on the monumental deal.
E.l.f. Cosmetics has acquired Hailey Bieber ‘s skincare and beauty line, Rhode, in a new deal that is worth $1 billion, the companies announced Wednesday
In the post, Bieber also thanked her dedicated team at rhode and acknowledged that she ‘couldn’t have done it’ without their help
e.l.f. cosmetics is currently sold at a variety of stores across the US, like Ulta and Walmart
‘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 in the caption, which was accompanied by two pictures of her.
‘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,’ her message continued.
‘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.’
In the post, Hailey also thanked her dedicated team at rhode and acknowledged that she ‘couldn’t have done it’ without their help.
Of course, she also thanked consumers.
‘As I’ve said, this is only the beginning,’ Hailey signed off.
Husband Justin – who was recently accused of not supporting Hailey by fans – was quick to reshare the post.
Following the news, Bieber took to Instagram to break her silence on the monumental deal
News of the deal comes just one month after the star hired both J.P. Morgan and global investment bank Moelis to assist her in finding potential deal options at $1 billion in value, sources told WWD
He noticeably did not add a caption of his own after sparking backlash with his comments about her recent Vogue cover.
E.l.f. cosmetics is currently sold at a variety of stores, like Ulta and Walmart .
They offer all different kinds of makeup products at relatively low price points, with mega stars like Jennifer Coolidge working as a spokesperson over the past year.
Over the past 12 months, rhode has generated $212 in net sales, according to Fortune.
News of the deal comes just one month after the star hired both J.P. Morgan and global investment bank Moelis to assist her in finding potential deal options at $1 billion in value, sources told WWD.
However, some sources doubted that a deal would go through, comparing it to other solo celeb-faced beauty brands like Makeup by Mario and Selena Gomez’s Rare Beauty.
This Fall, Rhode will also be carried in beauty giant Sephora.
It will be coming to all locations in the US, Canada and the UK.
Bieber’s success comes off the back of her Vogue cover this month – which was seemingly ruined by her husband, Justin Bieber, who revealed that he had once cruelly told his wife during an argument.
‘Yo this reminds me when Hailey and I got into a huge fight, I told hails that she would never be on the cover of vogue, Yikes I know, so mean, For some reason because I felt so disrespected I thought I gotta get even,’ he explained.
Justin continued: ‘think as we mature we realize that we’re not helping anything by getting even, we’re honestly just prolonging what we really want which is intimacy and connection.’
Bieber’s success comes off the back of her Vogue cover this month – which was seemingly ruined by her husband , Justin Bieber, who revealed that he had once cruelly told his wife during an argument
Many saw his caption as a backhanded compliment and something ‘so unnecessary’ to share with his more than 294 million Instagram followers
He concluded his post by writing a message directly to Hailey, which read: ‘So baby u already know but forgive me for saying u wouldn’t get a vogue cover cuz clearly i was sadly mistaken.’
Many saw his caption as a backhanded compliment and something ‘so unnecessary’ to share with his more than 294 million Instagram followers.
While his caption was meant to be humorous, with Justin quipping he was ‘clearly mistaken,’ many of his followers failed to see the funny side, and the comments section was flooded with criticism.
Following the backlash, Justin appeared to delete the caption from his post, replacing it with a shrugging emoji.
