Overview

• The acquisition carries an $800 million cash-and-stock payment at closing plus a $200 million earnout tied to Rhode’s growth over the next three years.
• It marks e.l.f. Beauty’s biggest deal to date and builds on its strategy of diversifying into prestige brands after the $355 million Naturium purchase in 2023.
• Founded in 2022, Rhode recorded $212 million in net sales for the year ended March 31, 2025, fueled by its direct-to-consumer model and social media-driven demand.
• Under the deal, Rhode will debut in Sephora stores across the U.S., Canada and the U.K. by the end of 2025 to broaden its market reach.
• Due to uncertainty over import tariffs on its China-made products, e.l.f. has withheld fiscal 2026 guidance while addressing supply-chain cost pressures.