Rhode already has a new owner. After months of rumors of the sale of Hailey Bieber's brand, Rhode, finds a new owner. e.l.f Beauty has explained through a press release that they have reached an agreement whereby e.l.f has reached the figure of one billion dollars.
e.l.f has provided details of the operation and explained that 800 million dollars will be paid, and that there is a clause of the remaining 200 million depending on the growth of the brand in the next three years.
"e.l.f Beauty has found in rhode a company of like-minded and disruptive ideas. Rhode will help diversify our portfolio of brands and have a rapid growth of the brand and achieve a more accessible prestige. Rhode is a great brand that we believe is prepared for exponential growth" explained the CEO and president of e.l.f, Tarang Amin.
rhode has established itself as a brand, commerce and community building a strong and robust link between the business and the consumer. The brand has experienced incredible growth, doubling its number of consumers. Currently, rhode sells only through its website, but its plans include opening its first physical store in collaboration with Sephora before the end of the year.
Hailey Bieber will continue in her position as founder of the company and will also retain the position of Chief Creative Officer and Head of Innovation. In addition, she will also act as Strategic Advisor to combine both companies.
"We can't wait to meet more faces, places and spaces. From day one, my vision for rhode has been to launch skincare essentials and hybrid products that can be used on a daily basis. It's been just three years since we started this journey and the agreement with e.l.f Beauty means an incredible opportunity to elevate and accelerate our ability to reach our community and create more innovative products and expand our global distribution," said Hailey Bieber.