The acquisition includes $800 million in cash and stock at closing, with an additional $200 million contingent on future performance.
e.l.f. Beauty Chairman and CEO Tarang Amin with rhode Founder Hailey Bieber
e.l.f. Beauty has entered into a definitive agreement to acquire Hailey Bieber’s skincare brand Rhode in a deal valued at up to $1 billion. The agreement comprises $800 million in cash and stock at closing, along with a potential earnout of $200 million based on the brand’s performance over the next three years.
Launched in 2022, Rhode quickly rose to prominence in the U.S. for its clean, minimalist skincare line and celebrity-driven marketing. Although its footprint in India remains limited, the brand has gained international recognition, largely fueled by Hailey Bieber’s social media reach and viral campaigns.
“e.l.f. Beauty found a like-minded disruptor in rhode,” said Tarang Amin, e.l.f. Beauty’s Chairman and CEO. “rhode enhances our portfolio with a high-growth brand that delivers prestige-level products with accessibility. We’re inspired by rhode’s ability to challenge industry norms and believe it aligns perfectly with our mission to build a different kind of beauty company. We see tremendous potential for rhode’s growth trajectory.”
Following the acquisition, Hailey Bieber will continue to lead Rhode’s creative and product development efforts as Chief Creative Officer and Head of Innovation. She will also take on a role as Strategic Advisor to e.l.f. Beauty. Co-founders Michael D. Ratner and Lauren Ratner, along with CEO Nick Vlahos, will retain their leadership positions.
The transaction is expected to close in the second quarter of fiscal 2026, subject to regulatory approvals.
