Rhode is getting a new owner!
Hailey Bieber's skincare company has been sold to e.l.f. Beauty for an eye-watering $1 billion, according to People.
The 28-year-old is set to remain as Rhode‘s founder, while moving into new roles within the company as chief creative officer, head of innovation, and strategic advisor.
In a statement Hailey said: "We can’t wait to bring rhode to more faces, places, and spaces. From day one, my vision for rhode has been to make essential skin care and hybrid makeup you can use every day, Just three years into this journey, our partnership with e.l.f. Beauty marks an incredible opportunity to elevate and accelerate our ability to reach more of our community with even more innovative products and widen our distribution globally."
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Taking to Instagram, Hailey wrote, "When I launched @rhode in 2022, I always had big dreams for the company, and the most important thing to me is to keep bringing rhode to more spaces, places, and faces globally. 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."
"I found a like-minded disruptor with a vision to be a different kind of company that believes in big ideas and innovation in the same way that I do and will help us continue to grow the brand. I feel invigorated, excited and more ready than ever to step into an even bigger role as Chief Creative Officer, and Head of Innovation of rhode as well as strategic advisor to e.l.f. Beauty."
She continued, "Thank you to the amazing rhode team who have helped me build over the years. I couldn’t have done it without all of you. And to our rhode community, thank you for being the most supportive and for being on this journey, this next chapter is going to be even more incredible together! As I’ve said, this is only the beginning."
"rhode further diversifies our portfolio with a fast-growing brand that makes the best of prestige accessible,” e.l.f. chairman and CEO Tarang Amin said. “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 rocketship growth."
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