Overview

• e.l.f. Beauty will pay $800 million in cash and newly issued stock at closing, with a potential $200 million earnout based on Rhode’s performance over the next three years.
• Rhode grew from its 2022 launch to $212 million in net sales in the fiscal year ended March 2025 on just 10 products.
• Hailey Bieber will remain Rhode’s Chief Creative Officer and Head of Innovation while also serving as a strategic advisor to e.l.f. Beauty.
• The acquisition is e.l.f. Beauty’s largest to date, setting the stage for Rhode’s expansion into global markets and Sephora retail channels.
• With her equity stake and potential earnouts, Bieber’s net worth is estimated around $300 million—potentially surpassing her husband’s—while Justin Bieber is reported to carry an $8 million tour debt.