The young founder and beauty influencer, who is married to singing superstar Justin Bieber, has revealed a deal with budget beauty giant e.l.f acquiring the brand for US $1 billion.
Bieber will remain as Chief Creative Officer and Head of Innovation at Rhode, as well as work as a strategic advisor for e.l.f.
New Zealand and Australian fans will hope the deal extends distribution for Rhode products like its famed Peptide Lip Treatment, Skin Glazing Milk and Pocket Blush, as the brand does not currently ship Down Under. It was recently announced the previously direct-to-consumer line will become available in Sephora’s US, Canada and UK stores later this year, but there is no word if that will extend to Sephora Australia and New Zealand.
Growing the brand was part of the appeal of the deal for the sought-after line according to Bieber, who shared the news on her Instagram saying she has, “big dreams for the company.”
“The most important thing to me is to keep bringing Rhode to more spaces, places, and faces globally,” she shared in the post.
“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 wrote. “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.
She continued: “I feel invigorated, excited and more ready than ever to step into an even bigger role.”
Bieber thanked her team for helping her build the brand since its launch in June 2022.
e.l.f. Beauty is best-known for its affordable line of budget cosmetics and skincare, available here at Kmart.
The acquisition is comprised of US$800 million in cash and stock provided to Rhode owners—including CEO Nick Vlahos, Bieber and her cofounders Lauren Ratner and Michael D. Ratner—at the deal’s closing, in addition to an additional potential earnout consideration of $200 million subject to certain performance-related conditions.
