The model, social media star–and wife of singer Justin Bieber–launched Rhode less than three years ago.
Hailey Bieber
Tim Tadder for Forbes
On Wednesday afternoon, publicly traded e.l.f. Beauty announced that it is acquiring Hailey Bieber’s skincare and makeup company Rhode in a deal that is potentially worth $1 billion, marking one of the largest celebrity beauty acquisitions in recent years.
The deal includes $600 million in cash, $200 million worth of e.l.f. Beauty stock and a potential $200 million in future payouts based on the company’s growth over the next three years.
Bieber launched Rhode (which is her middle name) in Los Angeles, in the summer of 2022 out of frustration with the overwhelming number of skincare products on the market. She created Rhode to cut through the noise with “a very edited and curated, intentional shopping process for people,” she told Forbes in 2022. The brand quickly went viral thanks in part to Bieber’s celebrity (including nearly 55 million Instagram followers). She cofounded Rhode alongside filmmaker and entrepreneur Michael D. Ratner and his wife, Lauren Ratner, a former marketing director at Reformation.
Rhode did $212 million in net sales in the year through March 2025, per e.l.f.’s announcement. Bieber, 27, will remain involved, keeping her role as chief creative officer and head of innovation. She’s likely to reap nine figures (pretax) from the deal, though it is not clear how much of the company she owns. The company raised an undisclosed amount of funding from two investors, Angel Capital Management and Aser Ventures, in July 2024, according to PitchBook. A spokesperson for Bieber did not reply to a request for comment on her ownership stake.
“I’ve been traveling around the world since I was 17, working and traveling on my own, going to different places and doing different shoots, so a lot of flying,” she told Forbes for a 2022 story. “And that was something that made me think about what I would want in my carry-on bag.”
Bieber, the daughter of actor Stephen Baldwin, rose to fame through her modeling career and social media presence. She married singer Justin Bieber in 2018 and the couple welcomed their first child in August.
The company, which started with only three products, has grown to include colored lip balms and blushes. Last Tuesday, Sephora announced that Rhode, which sells exclusively through its website, would start selling in stores in the U.S., Canada and the U.K. in the fall.
Over the past half-dozen years, many celebrities have struck out on their own with beauty brands. Selena Gomez launched Rare Beauty in 2020; it did $367 million in 2023 revenue. Rihanna, Kim Kardashian, Scarlett Johansson and Lady Gaga have all also launched brands or companies. Rihanna’s Fenty Beauty, a joint venture with French luxury goods conglomerate LVMH, got its start in 2017 and is sold in LVMH’s Sephora stores in dozens of countries; her stake in the brand made her a billionaire in 2021. In 2020, Kylie Jenner sold 51% of Kylie Cosmetics to publicly traded Coty for $600 million.
The Rhode deal is expected to close between July and September, per e.l.f.’s announcement.
“You don’t know what to expect when it’s out in the world and in people’s hands,” Bieber told Forbes in 2022. “Did I have hopes? For sure, but this has far exceeded my hopes and expectations. I don’t know how else to say it except that it just feels so crazy.”