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Billion-Dollar Bieber

News and notes on e.l.f. Beauty’s $1 billion acquisition of Hailey Bieber’s Rhode, and the collateral damage to Emily Weiss’s Glossier.

hailey bieber emily weiss
Whether Rhode is actually worth $1 billion is another worthy question: E.l.f. Beauty has a solid balance sheet, but the strategy that the company has leaned on for growth is getting more expensive all the time. Photo-Illustration: Puck; Photos: Yana Yatsuk/Rhode/Glossier/David Paul Morris/Getty Images
Rachel Strugatz
May 30, 2025

I can’t remember a beauty deal in recent history that’s generated more buzz, excitement, and overall intrigue than e.l.f. Cosmetics’ planned $1 billion acquisition of Hailey Bieber’s Rhode—its largest deal to date, news of which I broke this week. Of course, that’s mainly because of Bieber, who catapulted herself into the tiny stratosphere of celebrity founders who’ve secured 10-figure exits. Meanwhile, e.l.f. Beauty, the parentco of e.l.f. Cosmetics, Naturium, Well People, etcetera, is on its way to becoming a less dysfunctional (albeit less glamorous) Estée Lauder Companies for the new era.