It happened fast. One minute, Hailey Bieber is posting a TikTok about "glazed doughnut skin" and the next, her brand is the centerpiece of a billion-dollar boardroom negotiation. If you’ve been scrolling through social media lately, you might have seen the headlines flashing by, but the details often get lost in the noise. People keep asking: who actually bought Rhode Beauty?
The answer isn't a shadowy private equity group or a massive, faceless legacy conglomerate like L’Oréal.
In May 2025, e.l.f. Beauty officially signed the papers to acquire Rhode in a deal worth up to $1 billion. It was a massive moment for the industry. Honestly, it kind of changed the game for how we look at celebrity brands. For a long time, people thought Hailey was just another influencer putting her name on a bottle. They were wrong. This acquisition proved that Rhode was a legitimate powerhouse with staying power, not just a viral moment.
The Billion-Dollar Breakdown
Let's talk numbers. You don't just hand over a billion dollars because someone has 50 million Instagram followers. The deal was structured specifically to keep the momentum going. E.l.f. Beauty paid $800 million upfront—a mix of $600 million in cold hard cash and $200 million in e.l.f. stock.
But there’s more.
There is an additional $200 million "earnout" on the table. Basically, if Rhode hits certain performance targets over the next three years, Hailey and her team get that extra payout. It’s a classic move to ensure the founder stays motivated.
Why e.l.f. Beauty?
It seems like an odd pairing at first, right? E.l.f. is known for being the king of the "dupe" culture—affordable, accessible products you find at Target or CVS. Rhode is "prestige-lite." It feels luxury, it looks minimalist, and it’s priced slightly higher.
But here’s the thing: e.l.f. is incredibly good at scaling brands.
They did it with Naturium, which they bought back in 2023. They know how to take a brand that is mostly selling on its own website and put it into every Sephora and retail store across the globe. By the end of 2025, that’s exactly what happened. Rhode moved from being an "online only" treasure to a retail staple.
Is Hailey Bieber Still Involved?
This is the part that trips people up. "Sold" usually sounds like "goodbye." In the beauty world, it’s usually the opposite. Hailey didn’t just take the money and run to a beach in Cabo.
As part of the deal, she stayed on as the Chief Creative Officer and Head of Innovation.
She still calls the shots on the aesthetic. She’s still the one testing the formulas for the next Peptide Lip Tint. E.l.f. basically bought the engine and the chassis, but Hailey is still the driver. She also took on a role as a strategic advisor to e.l.f. Beauty as a whole. It's a win-win. She gets the massive resources of a public company (NYSE: ELF), and they get her "it-girl" intuition.
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What Changed After the Sale?
If you've noticed it's actually easier to get your hands on a Peptide Glazing Fluid lately, that's the e.l.f. effect. Before the acquisition, Rhode was notoriously difficult to buy if you lived outside the US or the UK.
Here is what the post-acquisition era looks like:
- Global Expansion: By early 2026, Rhode officially touched down in Australia and New Zealand through a partnership with MECCA.
- Retail Footprint: The brand finally moved into physical stores. No more waiting by the mailbox; you can walk into a Sephora and actually swatch the blushes.
- Inventory Stability: Remember when everything was "Sold Out" for months? That rarely happens now. E.l.f.’s supply chain is a beast. They know how to keep products on shelves.
The "Glazed" Strategy
Rhode succeeded where other celebrity brands failed—think of the dozens that have quietly folded or ended up in discount bins—because it wasn't about the celebrity. It was about an aesthetic.
The brand only has a handful of products. It's disciplined. Instead of launching a 50-shade foundation range, they focused on the "skin-first" philosophy. E.l.f. CEO Tarang Amin specifically pointed to this "disciplined formulation" as one of the reasons they were willing to pay such a high premium. Most indie brands spend a fortune on marketing to find customers. Rhode’s customers were already there, waiting for the drop.
The Business Reality of 2026
While the acquisition was a triumph, it hasn't been all smooth sailing for the parent company. As of early 2026, e.l.f. Beauty has been navigating some tricky waters. Trade tariffs and a general "normalization" of the beauty market have seen their stock price fluctuate.
However, Rhode remains their "crown jewel" for the prestige market. It gives them a way to reach a customer who might think e.l.f. is too "budget" but finds La Mer too expensive.
What’s Next for Rhode?
The next phase is all about "lifestyle." We've already seen the viral phone cases that hold lip treatments. Expect more of that. There are whispers of Rhode expanding into body care and even fragrance by the end of this year.
Next Steps for You:
- Check the Label: If you’re a fan of the formula, don’t worry. The production standards have remained high-end despite the "budget" reputation of the parent company.
- Shop Local: If you’re still buying from resellers, stop. Check the official Sephora or MECCA websites, as global distribution has finally caught up to the demand.
- Watch the Creative: Keep an eye on the campaign imagery. As long as Hailey is the CCO, the "clean girl" aesthetic isn't going anywhere, but expect the product range to slowly grow beyond just the essentials.
The sale of Rhode wasn't an end; it was the start of the brand becoming a permanent fixture in the beauty hall of fame.