Hailey Bieber, a well-known American model and media personality, has decided to sell her beauty line, Rhode, to E.l.f Beauty for $1 billion.
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On Wednesday night, Hailey took to Instagram to share the news with her followers. In a $1 billion agreement, E.I.f acquired Rhode, the music video by Hailey Bieber, according to the article.
In a reported $800 million deal, E.l.f. paid for Rhode with a mix of cash and stock; an extra $200 million could be paid out based on Rhode’s future sales performance.
Despite the deal’s expected closure later in 2025, Hailey will continue in her roles as E.l.f.’s strategic advisor, chief innovation officer, and CEO. According to Furucinovel, in 2022, Hailey was a co-founder of Rhode.