When Beauty Changes Hands

In a move that has sent shockwaves through the cosmetics industry, Hailey Bieber has sold her skincare brand, Rhode, to Elf Beauty for $1 billion. The deal, announced this week, marks a defining milestone in the brief but remarkable history of the brand Bieber launched in 2022. In just three years, Rhode has become one of the most influential names in beauty — built on a minimalist aesthetic, a finely tuned digital strategy, and the singular presence of its founder.

According to deal disclosures, Rhode generated more than $212 million in net sales in the twelve months ending March 2025. Despite operating exclusively online, the brand is already moving toward a physical retail presence, with a planned expansion through Sephora across North America and the United Kingdom.

Elf Beauty will pay $600 million in cash and $200 million in stock, with an additional $200 million contingent on Rhode meeting specific growth targets over the next three years. The acquisition positions Rhode among the most successful transactions in the celebrity beauty brand segment since the rise of Fenty Beauty.

Bieber’s personal proceeds have not been disclosed, though industry observers estimate her windfall in the nine-figure range. Her precise equity stake remains unclear — behind Rhode stand two investment vehicles, Angel Capital Management and Aser Ventures, which backed the operation from the outset. What is beyond dispute is her influence as the brand’s face, voice, and creative engine.

Bieber will remain as Creative Director and Head of Innovation at Rhode, ensuring continuity of the aesthetic and values the brand has built its identity upon: freshness, transparency, and a direct line to a younger consumer. Her continued presence is no small detail — in a market where strong identity and authentic leadership command a decisive premium, it may prove the most valuable clause in the entire deal.

This transaction does more than establish Rhode as a major force in beauty. It consecrates Hailey Bieber as a businesswoman of genuine vision — one who has demonstrated the rare ability to transcend celebrity and build something that endures. In the world of beauty, the lesson is clear: the name opens doors, but strategy is what keeps them open.