It's been a big couple of months for Hailey Bieber's Rhode.
First, the beauty entrepreneur announced her brand signed its first retail partnership with Sephora, amidst speculation of a potential sale, and it has now been confirmed Rhode has been sold.
In a mega deal, e.l.f. Beauty is acquiring Rhode for a whopping $1 billion dollars.
"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," said Bieber in the acquisition announcement.
"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."
But what will the future look like for Bieber? The model took to INSTAGRAM to confirm whether or not she is staying on with the business.
"As I continue as founder and step into an expanded role of chief creative officer and head of innovation, I look forward to leading the brand into this exciting new chapter of possibilities alongside my co-founders, Michael D. Ratner and Lauren Ratner, who have helped bring my vision to life from the start," she said.
Bieber is also taking on the role of strategic advisor at e.l.f Beauty.
Image: e.l.f. Beauty Chairman and CEO, Tarang Amin and Rhode founder, Hailey Bieber
In its latest fiscal year ending in March, the brand generated $212 million in net sales from just 10 products, including hits like its Pocket Blush and Glazing Milk essence, as reported by BOF.
"e.l.f. Beauty found a like-minded disruptor in Rhode," said e.l.f. chairman and CEO, Tarang Amin.
"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 rocketship growth," said Amin.
We can now only hope we see Rhode on Aussie shores.
Header image credit: Getty
