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Hailey’s Rhode to Riches

E.l.f. Cosmetics, a staple of the Target beauty aisle, is buying Hailey Bieber’s booming beauty brand, Rhode, in a $1 billion deal.

hailey bieber rhode
It’s certainly one of the most significant beauty acquisitions in recent history: Rhode, which launched in 2022, brought in around $200 million in revenue in its second full year in business Photo: William Arcand/Courtesy of Rhode
Rachel Strugatz
May 28, 2025

Rhode, the fast-growing Gen Z beauty brand founded by Hailey Bieber, is getting acquired by e.l.f. Cosmetics in a $1 billion deal, the companies announced today. According to sources familiar with the situation, the deal stipulates $800 million at closing (a combination of cash and stock) with a potential earnout of $200 million based on Rhode’s performance over the next three years. It’s a lightning-quick exit for Bieber, who only recently engaged JPMorgan and Moelis to explore a sale.