Tarang Amin, president and CEO of Elf Beauty, and Hailey Bieber, founder of Rhode.
The cosmetic brand Elf Beauty has announced the acquisition of the beauty firm Rhode, Founded by Hailey Bieber, for 1,000 million dollars. The movement seeks the diversification of the company’s portfolio and is based, as stated in a statement, in a shared approach around disruption and product innovation.
Rhode was launched in 2022 with a proposal based on skin of makeup and skin care oriented to daily use but with effective formulas and high performance ingredients, as defined by the brand itself. From Elf Beauty they point out that Rhode has experienced notable growth, multiplying its consumer base in the last year and reaching the 212 million dollars in sales between March last year and that of this year.
As specified, the agreement of one billion dollars It is divided into 800 million dollars in cash and shares, and with a potential payment of 200 million dollars depending on Rhode’s yield over the next three years. The operation is expected to be completed at the end of this 2025.
“ELF has found in Rhode a similar disruptor. Our portfolio will diversify with a fast -growing brand that does the prestigious accessible”Tarang Amin, president and CEO of Elf Beauty, has commented in the statement. “We are excited about Rhode’s ability to break barriers, aligned with ELF’s vision to create a different company”
After the acquisition, Hailey Bieber He will continue with his founder’s role and will also act as Creative Director and Innovation of Rhode, supervising creativity, marketing and product innovation. In addition, it will assume strategic advisor functions for both companies. From Elf Beauty highlight Bieber’s role as beauty influencer and driving trends.
“We cannot wait to take rhode to more expensive, places and spaces. From the first day my vision has been facial care and makeup that can be used every day“Said Hailey Bieber.”Only with three years of travel, our agreement with ELF is an incredible opportunity to raise and accelerate our reach with more innovative products and a broader distribution”
Elf Beauty was founded in 2004 with a vision of democratizing access to beauty products. Over the last years it has grown to become, according to the company, in the number 1 brand in units in the United States. Five years ago launched Elf Skin As an independent brand to boost your penetration in skin care, and in 2023 it acquired the Naturium brand to continue growing in the category.
While Elf Beauty products are not marketed in Spain, it is a brand with a great presence in the US market. The company has gained penetration thanks to a Marketing strategy and a brand philosophy that has looked beyond its own products. It should be noted, in this sense, the action “So Many Dicks” that launched last year to claim greater diversity in the board of directors of the large companies.
