e.l.f. Beauty announced a $1 billion acquisition of Hailey Bieber's skincare brand, Rhode. Rhode, launched in 2022, quickly gained popularity for its high-quality, accessible products, generating $212 million in sales last year. e.l.f., known for its affordable, innovative products, aims to leverage Rhode's Gen-Z appeal and Sephora distribution to boost growth. Bieber will remain involved as chief brand officer. The deal includes $800 million upfront, with a potential $200 million earnout. This acquisition signifies e.l.f.'s strategic expansion and strengthens its position in the competitive beauty market.

Prepared by Christopher Adams and reviewed by editorial team.