Hailey Bieber sells makeup brand Rhode to Elf Beauty in $1B deal

Model Hailey Bieber's makeup and skincare brand, Rhode, is being snapped up by Elf Beauty for about $1 billion, giving the budget cosmetic retailer access to a celebrity-endorsed product line that has become hugely popular among Gen Z and millennials. Elf said on Wednesday it would pay Rhode shareholders$800 million in a combination of cash and stock and an additional potential earnout consideration of $200 million subject to certain performance-related conditions. Last month, Reuters reported that Bieber ...