Hailey Bieber, the 28-year-old model and wife of singer Justin Bieber, has made headlines with the sale of her makeup brand, Rhode, to e.l.f. Beauty in a deal valued at up to $1 billion. The brand, co-founded by Bieber in 2022, has gained significant traction, boasting over $200 million in net sales in the past year, driven by its online presence and a product range that includes blush and lip tints.
The acquisition by e.l.f. Beauty, known for its eyes, lips, and face products, is a strategic move to capitalize on Rhode’s success and propel the brand to new heights. The deal, structured with an $800 million cash and stock payment upfront and a potential $200 million additional payout based on future performance, is set to finalize later this year.
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Hailey Bieber, who will retain her role as chief creative officer post-acquisition, expressed enthusiasm for the partnership, emphasizing the opportunity to expand Rhode’s reach and introduce innovative products to a wider audience. This move aligns with a trend among celebrities venturing into the beauty industry, following in the footsteps of icons like Rihanna and Kylie Jenner.
Celebrity beauty brands have been on the rise, with Forbes estimating Fenty Beauty’s worth at nearly $3 billion and Kylie Jenner’s cosmetics company securing a $600 million deal with Coty. The success of these ventures underscores the lucrative potential of leveraging star power in the beauty sector, with Selena Gomez’s Rare Beauty also making waves in the market.
The allure of celebrity-endorsed beauty products has resonated with consumers, driving sales to surpass the $1 billion mark in 2023, as reported by Nielsen IQ. Hailey Bieber’s foray into the industry has been a notable success story, surpassing her expectations and positioning Rhode as a prominent player in the beauty landscape.
As the daughter of actor Stephen Baldwin and part of the renowned Baldwin acting family, Hailey Bieber’s entrepreneurial journey adds a new dimension to her multifaceted career. Her brand’s popularity on social media platforms like TikTok has propelled Rhode to the forefront of beauty conversations, with products like pocket blush and peptide lip treatments garnering attention.
Reflecting on the brand’s evolution in a Vogue cover story, Bieber expressed gratitude for Rhode’s achievements, acknowledging that its success has exceeded her initial aspirations. With plans to expand into Sephora stores in the US and UK, Rhode is poised for further growth and market penetration under e.l.f. Beauty’s stewardship.
The acquisition marks a significant milestone for Hailey Bieber and the Rhode brand, signaling a new chapter of expansion and innovation in the competitive beauty industry. With the backing of e.l.f. Beauty’s resources and expertise, Rhode is primed to captivate beauty enthusiasts globally and solidify its position as a trailblazer in the realm of celebrity-endorsed skincare and makeup products.
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