E.l.f. Beauty is acquiring Hailey Bieber’s skincare brand Rhode for $1 billion to strengthen its appeal with Gen-Z consumers. Founded in 2022, Rhode has quickly grown, generating $212 million in annual sales from just 10 products and preparing for a major Sephora expansion. Bieber will stay on as chief brand officer, with the full Rhode team joining E.l.f. The deal boosts E.l.f.’s presence in prestige retail and supports its ongoing growth despite industry headwinds. E.l.f. plans to scale Rhode while preserving its founder-led vision.