Famous American model and media personality, Hailey Bieber is selling her makeup brand, Rhode, for $1 billion to E.l.f Beauty.
Hailey announced the development in a post on her Instagram story on Wednesday evening.
The post read: “E.I.f acquired Hailey Bieber’s Rhode in a $1 billion deal.”
E.l.f is said to have acquired Rhode for $800 million in cash and stock, with additional $200 million payout according to the company’s future sales performance.
While the deal is anticipated to close later in 2025, Hailey will remain as the CEO and head of innovation of the company, and also a strategic advisor at E.l.f.
Media Talk Africa reports that Hailey co-founded Rhode in 2022.