BACKGRID e.l.f. Beauty has acquired Hailey Bieber's rhode in a $1 billion deal A source tells PEOPLE that Bieber is "incredibly excited about this new step" Bieber stepped out in a black mini dress to celebrate the deal in Los Angeles Hailey Bieberis in celebration mode. On Wednesday, May 28, the rhode founder, 28, announced that e.l.f. Beauty would be acquiring her beauty brand in a lucrative $1 billion deal. A source tells PEOPLE that Bieber didn't even have to look for a buyer. "This deal came to her," the source shares. "She's incredibly excited about this new step. She's proud of how far rhode has come, and she truly believes that teaming up with e.l.f will help take the brand to the next level. The resources and support they're bringing to the table are everything she's been hoping for." The insider continues, "To be acquired and recognized by such a powerful global company feels like such an honor to her. She can't wait to take rhode global. She also received a generous cash payout as part of the deal." BACKGRID Following the big announcement, Bieber stepped out for a celebratory dinner in Los Angeles in a black strapless mini dress by Saint Laurent by Anthony Vaccarello. She also wore black slingback pumps and a pair of black sunglasses. The PEOPLE Puzzler crossword is here! How quickly can you solve it? Play now! The $1 billion deal was announced in a press release. Per the statement, Bieber will continue her role as rhode founder and additionally serve as rhode's chief creative officer and head of innovation, overseeing creative, product innovation and marketing. She will also act as a strategic advisor to the combined companies. The release also states that rhode was the No. 1 skincare brand in Earned Media Value in 2024, representing 367% year-over-year EMV growth. e.l.f "We can't wait to bring rhode to more faces, places, and spaces. From day one, my vision for rhode has been to make essential skin care and hybrid makeup you can use every day," Bieber shared in a statement. "Just three years into this journey, our partnership with e.l.f. Beauty marks an incredible opportunity to elevate and accelerate our ability to reach more of our community with even more innovative products and widen our distribution globally." The entrepreneur added that she looks forward to the brand's "new exciting chapter" alongside co-founders Michael D. Ratner and Lauren Ratner, "who have helped bring my vision to life from the start." Never miss a story — sign up forPEOPLE's free daily newsletterto stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories. Bieber also spoke toAllureabout the news, saying, "When you're launching a brand, you're just so focused on what's right in front of you at the time. And of course, you always have really big dreams and really big goals for it. This is definitely one of those things being realized. I could have never anticipated that it would happen at this exact time." She added about her decision to pair with the e.l.f. team, "Vibes matter!" The star's beauty brand first launched in 2022 with three products: the Peptide Glazing Fluid, the Barrier Restore Cream and the Peptide Lip Treatment. Bieber has gone on to release makeup products like blush andlip liner, with skincare remaining a focus of rhode's formulas. Read the original article onPeople
