e.l.f. Beauty completed its acquisition of Hailey Bieber’s Rhode beauty brand on August 5, 2025. The announced maximum value was $1 billion, but only $800 million was closing consideration; up to $200 million more depended on Rhode’s growth over the following three years.
What does Hailey Bieber’s $1 billion Rhode deal include?
e.l.f. Beauty announced a definitive agreement to acquire Rhode on May 28, 2025. The announcement called the transaction “transformative,” a company characterization rather than a measured outcome. The $1 billion figure was the maximum potential value, not a payment of that amount at closing. e.l.f.’s announcement said $800 million was payable at closing, subject to customary adjustments, with up to $200 million in potential earnout consideration tied to Rhode’s growth over three years.
At announcement, Rhode had reported $212 million in net sales for the 12 months ended March 31, 2025. That is a historical, specifically dated sales figure—not a forecast or a statement of current revenue. The closing filing later detailed the $800 million closing consideration as $600 million in cash and $200 million in stock, in addition to the potential earnout.
Did e.l.f. Beauty buy Rhode?
Yes. The acquisition is complete, not pending: e.l.f. reported that it closed on August 5, 2025. The original May 28 announcement described the planned transaction; the later completion filing establishes that it went through.
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- HYDRATING GLAZING MILK: Lightweight ceramide essence deeply hydrates and primes for skincare or makeup.
- NOURISHING PEPTIDE FORMULA: Enriched with shea butter, peptides, and vitamin E for visibly softer, smoother lips.
- GLOSSY STRAWBERRY FINISH: Peptide Lip Treatment delivers shine and a subtle sweet scent for a plumped, radiant look.
- TINTED JELLY BEAN SHEEN: Peptide Lip Tint adds shimmer and soft pink color for everyday wear or glam moments.
- LIMITED EDITION GLAZED SET: A curated trio of Rhode essentials ideal for travel, gifting, or daily self-care.
How much of the $1 billion was cash, stock, or an earnout?
| Component | Amount and terms |
|---|---|
| Cash at closing | $600 million, as described in e.l.f.’s completion filing; closing consideration was subject to customary adjustments. |
| Stock at closing | $200 million, as described in e.l.f.’s completion filing. |
| Potential earnout | Up to $200 million, contingent on Rhode’s growth over a three-year period. |
| Maximum announced value | $1 billion, combining the $800 million closing consideration and the potential earnout. |
In its fiscal 2026 reporting, e.l.f. recorded a $57.6 million fair-value adjustment associated with Rhode revenue results relative to earnout thresholds. That accounting adjustment is not evidence that the full potential earnout was paid or that it represents the final payout. e.l.f.’s annual reports and proxy materials provide the company’s later financial reporting.
Why was Rhode attractive to e.l.f.?
The acquisition announcement presented Rhode as a skincare and hybrid-makeup brand with substantial sales before the deal. Its $212 million in net sales for the 12 months ended March 31, 2025 offered a snapshot of its scale at that time. Hailey Bieber, identified in the announcement as Rhode’s founder and chief creative officer, said: “From day one, my vision for rhode has been to make essential skin care and hybrid makeup you can use every day.” e.l.f. Beauty chairman and chief executive officer Tarang Amin said: “We are thrilled to welcome rhode to e.l.f. Beauty.”
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- DAILY CLEANSER: Rhode Pineapple Refresh PGA Daily Cleanser gently cleanses skin as part of your everyday skincare routine.
- KEY INGREDIENT: Formulated with PGA (polyglutamic acid) to help hydrate and support a smooth, refreshed complexion.
- PINEAPPLE-INFUSED FORMULA: Enriched with pineapple extracts to help brighten and revitalize the look of your skin.
- GENTLE ON SKIN: Designed as a daily facial cleansing wash suitable for regular use without stripping the skin's natural moisture.
- RHODE SKINCARE: From the Rhode brand, this cleanser fits seamlessly into a complete skincare regimen for a fresh, clean feel.
Where can you buy Rhode products?
Rhode’s official U.S. shop lists skincare and makeup, including Peptide Lip Treatment, Peptide Lip Tint, Pocket Blush, and Glazing Milk. Product listings and displayed prices can change. The acquisition announcement said Rhode planned its first physical in-store partnership with Sephora throughout North America and the U.K. before the end of 2025; that announcement does not establish which stores or online listings are available now in each region. The official catalog confirms Rhode products, but does not establish that they are sold on Amazon.
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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
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