e.l.f Beauty takes over Rhode
Hailey Bieber the 28-year-old model, wife of well-known music artist Justin Bieber, co-founder of her own skincare brand Rhode, which mainly focuses on selling lip tints and skincare has sold her brand to e.l.f beauty a drug store brand, e.l.f dominates the skincare market, selling products to consumers as young as teens. Hailey has cracked a $1 billion deal with the brand. Launching the brand in June 2022, Rhode offers items that include pocket blushes, lip liners, and the famous Rhode lip tints.
e.l.f is paying $800 million in cash for the stocks of the company, and for possible future sales and growth has offered a $200 million payout. In the announcement of the deal, the brand mentions, "a beautiful brand that we believe is ready for rocketship growth" as said in BBC. The credit for the rapid expansion of the brand goes to the fan base and online popularity, expecting to be a part of the brands future as well, Hailey Bieber still planning to stay the chief creative officer and head of innovation.
Hailey Bieber said on a business announcement, “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" as said in BBC . The deal is expected to close later this year, starting a new and exciting beginning for Hailey and her brand.
The article is authored by Sherin MJ, an intern from Loyola Academy, Hyderabad
