Hailey Bieber, a well-known American model and media personality, is selling her beauty line, Rhode, to E.l.f Beauty for $1 billion.
In a post on her Instagram story on Wednesday night, Hailey revealed the news.
“E.I.f. acquired Hailey Bieber’s Rhode in a $1 billion deal,” the post stated.
According to reports, ELF paid $800 million in cash and stock for Rhode, with an extra $200 million to be paid out based on the company’s future sales results.
Hailey will continue to serve as the company’s CEO and head of innovation, as well as a strategic advisor at E.l.f., even though the purchase is expected to finalize later in 2025.
Recall that in 2022, Hailey was a co-founder of Rhode.