e.l.f. Cosmetics Acquires Rhode In a Billion Dollar Deal

Hailey Bieber has once again turned the beauty industry upside down. On May 28, it was announced that e.l.f. Beauty would acquire the entrepreneur’s eponymous brand, Rhode.

“e.l.f. Beauty found a like-minded disruptor in Rhode,” said e.l.f. Chairman and CEO, Tarang Amin, in a press release acquired by Marie Claire. “Rhode further diversifies our portfolio with a fast-growing brand that makes the best of prestige accessible. We are excited by Rhode’s ability to break beauty barriers, fully aligning with E.l.f. Beauty’s vision to create a different kind of company. Rhode is a beautiful brand that we believe is ready for rocket ship growth.”

Under the terms of the definitive agreement, e.l.f. Beauty has agreed to acquire Rhode for $800 million at closing, comprised of $600 million of cash and $200 million, or approximately 2.6 million of newly issued shares of e.l.f. Beauty common stock. These have been issued to existing equity holders of Rhode, subject to certain customary purchase price adjustments. In short, Hailey Bieber (along with her co-founders, Michael D. Ratner and Laura Ratner) just made a lot of money, only three years since the launch of the cult-favorite skincare brand.

This acquisition sees Rhode Skin joining the ranks of other brands under the e.l.f. umbrella, like Keys Soulcare, Well People, and Naturium. While we don’t know if this means the brand will undergo a rebrand, Marie Claire editors have long been fans of Rhode Skincare, so if you’re suddenly feeling the urge to hoard a few of the brand’s formulas in their original packaging, keep reading for a list of our favorite editor-approved products.