May 28 (UPI) -- E.l.f. Beauty announced Wednesday it will acquire Hailey Bieber's three-year-old beauty company Rhode for $1 billion.
"This powerhouse alliance between E.l.f. Beauty and Rhode is built on both brands' shared focus on disruption and product innovation, setting the stage for transformative global expansion," E.l.f. Beauty said in a news release about the acquisition of the company known for its high-performance, skin-focused products.
The 27-year-old model, who is married to pop singer Justin Bieber, in 2022 launched Rhode. The company has more than doubled its customer base over the past year and brought in $212 million in revenue in the 12 months ended March 31.
Last year, Rhode became the No. 1 skincare brand in earned media value with 367% year-over-year growth.
Related
