Cosmetics giant ELF Beauty announced it will acquire Hailey Bieber's skincare brand Rhode in a $1 billion deal, marking the company’s largest acquisition to date. The agreement includes $800 million in cash and stock, plus $200 million in potential earnouts tied to Rhode’s growth over three years. Bieber will remain as Rhode’s chief creative officer, overseeing creative direction and product development. Since its 2022 launch, Rhode reported net sales of $212 million in 2024. The acquisition comes as ELF faces headwinds. Its shares have fallen about 25% due to tariff pressures.