e.l.f. Beauty has signed a definitive agreement to acquire rhode, a fast-growing, multicategory lifestyle beauty brand founded by Hailey Bieber known for its collection of high-performance, skin-focused products.

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.

The definitive agreement has been approved by the e.l.f. Beauty Board of Directors. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second quarter of Fiscal 2026.

Bieber will continue her role as Founder and additionally serve as rhode’s Chief Creative Officer and Head of Innovation, overseeing creative, product innovation and marketing. She will also act as a Strategic Advisor to the combined companies. 

For more information, visit elfbeauty.com.