High-profile model Hailey Bieber strikes billion-dollar deal with Rhode.Unexpected transaction sends ripples in the fashion industry.
In a significant move in the beauty industry, Hailey Bieber, the 28-year-old model and skincare entrepreneur, has sold her Rhode Skin company to e.l.f. Beauty for a staggering $1 billion. The acclaimed skincare brand announced this deal in its recent press release.
Under the terms of the agreement, e.l.f. Beauty will pay $800 million in cash and stock, which will be distributed among Rhode's owners, including CEO Nick Vlahos, Hailey Bieber, and co-founders Lauren and Michael Ratner, once the deal is finalized. They also have the opportunity to earn an additional $200 million over the subsequent three years, contingent on the brand's growth, as outlined in the press release.
According to Bieber, the decision was driven by her ambition to expand Rhode Skin on a global scale. "I always had big dreams for the company," she stated on her Instagram account, "and the most important thing to me is to keep bringing rhode to more spaces, places, and faces globally."
Following the acquisition, Hailey will remain the Founder of Rhode, serving as the Chief Creative Officer and Head of Innovation, overseeing creative direction, product innovation, and marketing. Moreover, she will serve as a Strategic Advisor for the combined entity of Rhode and e.l.f. Beauty.
Excited about this new chapter, Bieber expressed her pride in stating, "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." She further noted that "building Rhode was one of the greatest experiences of her life."
The deal also aims to position Rhode Skin as a key growth driver within e.l.f. Beauty's portfolio while preserving Bieber's creative influence and strategic input in the brand's future development.
- Hailey Bieber's sale of Rhode Skin to e.l.f. Beauty for a billion dollars signifies a significant investment in her entrepreneurship ventures within the beauty industry.
- With this acquisition, Hailey Bieber will leverage her role as Founder, Chief Creative Officer, and Head of Innovation to guide Rhode Skin's growth and continue establishing her career in business and real-estate.
- As Small-business owners reap the proceeds from the sale of Rhode Skin, this deal might serve as a motivating example for other entrepreneurs to consider investing in and nurturing their own innovative ideas in the finance and business sectors.
