Hailey Bieber has officially completed a billion-dollar deal for the sale of her beauty line. According to a recent press release from the cosmetic brand, the 28-year-old beauty mogul has sold her Rhode Skin company to e.l.f. Beauty for $1 billion.
Hailey stated that the decision was made with the aim of “bringing rhode to more spaces, places, and faces globally.”
The agreement includes $800 million in cash and stock to be disbursed to Rhode’s owners—CEO Nick Vlahos, Hailey Bieber, and cofounders Lauren Ratner and Michael D. Ratner—upon the finalization of the deal. Additionally, the press release indicates a potential for them to earn an extra $200 million over the next three years, contingent on the brand’s growth.
However, Hailey will retain her roles as Chief Creative Officer and Head of Innovation at Rhode, and will also serve as a strategic advisor for e.l.f.
Taking to her Instagram account, the model shared her thoughts on this significant move, saying, “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.”
She announced, “So, today I am so incredibly excited and proud to announce that we are partnering with e.l.f. Beauty as we step into this next chapter in the world of rhode.” She further noted that “building Rhode was one of the greatest experiences of her life.”
