Elf Beauty to acquire Hailey Bieber-owned Rhode for $1 billion; shares fall

ReutersMay 28, 2025 8:31 PM

Shares of makeup company Elf Beauty ELF.N down ~10% at $81.75 after the bell

Model Hailey Bieber's makeup and skincare brand, Rhode, is being snapped up by co for about $1 billion

Elf said it would pay Rhode shareholders $800 million in cash and stock, along with additional potential earnout consideration of $200 million

Bieber will continue her role as founder and will also act as a "strategic advisor" after the expected deal closure in Q2

Separately, co refrained from providing fiscal 2026 forecast due to uncertainty surrounding import tariffs despite beating expectations for Q4 sales

ELF is down ~28% YTD

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