NEW YORK: Model Hailey Bieber’s makeup and skincare brand, Rhode, is being snapped up by Elf Beauty for about US$1bil, 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 US$800mil in a combination of cash and stock and an additional potential earnout consideration of US$200mil subject to certain performance-related conditions.
