Hailey Bieber’s Rhode beauty company acquisition by E.l.f. beauty has placed her in the billionaire’s club!

The company announced Wednesday that it signed a “definitive agreement” with e.l.f. Beauty.

When I launched @rhode in 2022, I always had big dreams for the company, and the most important thing to me is to keep bringing rhode to more spaces, places, and faces globally.

“The $1 billion deal is comprised of $800 million of consideration payable at closing in a combination of cash and stock, subject to customary adjustments, and an additional potential earnout consideration of $200 million based on the future growth of the brand over a three-year timeframe,” a press release states. 

Hailey launched Rhode, which is her middle name, as a skin care line in the summer of 2022 and has since expanded the brand to include blushes, lip liners and colored lip balm (which I love!)

Rhode is only available online, but by the end of this year it plans to begin an in-store partnership with Sephora in North America and the U.K. 

Bieber will be Rhode’s chief creative officer and head of innovation and also a strategic adviser to the combined companies.