Hailey Bieber sells beauty brand Rhode
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The deal would mark a shift in strategy and expand into the prestige beauty market as e.l.f. faces weak demand from mass market customers.
E.L.F. Beauty acquired Mrs. Bieber’s cosmetics brand for $800 million in cash and stock upfront, with another $200 million contingent on future growth.
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NEW YORK — E.l.f. Beauty has acquired Hailey Bieber’s Rhode skincare brand in a $1 billion deal, the companies said.
On Wednesday, model Hailey Bieber sold her beauty and skincare brand Rhode to Elf Beauty Inc. in a $1 billion deal. In a statement on Wednesday, Elf said it would pay $800 million to the shareholders of Rhode in a cash and stocks combination.
ELF has made a billion dollar bet. Supplied.
On Wednesday, May 28, e.l.f. Beauty Inc. (NYSE:ELF) announced the acquisition of makeup and skincare brand rhode for approximately $1.0 billion. The deal comprises $600 million in cash and $200 million in e.