Elf Beauty has acquired Hailey Bieber's skincare brand Rhode for $1bn (£740m), the companies have said.
Bieber's Rhode had net revenues of $212 million (£157 million) for the year ending March 31.
The brand's products are currently available exclusively online, but plans to launch a partnership with Sephora in North America and the UK by the end of the year.
Bieber, 28, a model and wife of singer Justin Bieber, will serve as Rhode's chief creative officer and head of innovation and will serve as a strategic advisor to the combined companies.
In June 2022, she launched her skincare line Rhode (that's her middle name) and has since expanded the range to include blush, tinted lip balms, and lip pencils.
The brand has become popular among young people and fans of Bieber's fresh, effortless aesthetic, which emerged as an alternative to the ultra-glamorous, heavy makeup popularized by Kim Kardashian a decade ago.
Under the terms of the deal, Elf will acquire Rhode for $600 million in cash and $200 million in newly issued Elf Beauty shares.
The deal also includes a potential $200 million payment based on the brand's projected growth over three years.
Elf shares rose 12% in pre-trading trading on Thursday.
Sourse: breakingnews.ie
