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  4. Rhode
Rhode logo
Beauty & Personal Care

Who Owns Rhode?

Rhode is owned by e.l.f. Beauty, Inc. (NYSE: ELF), a publicly traded American beauty company headquartered in Oakland, California. e.l.f. Beauty announced the acquisition of Rhode in May 2025 and completed it on August 5, 2025, for $800 million at closing ($600 million cash plus $200 million in stock) plus up to $200 million in earnout consideration tied to future growth, bringing the total deal value to approximately $1 billion. Rhode was founded in June 2022 by Hailey Rhode Bieber, who retained her role as Chief Creative Officer and Head of Innovation following the acquisition. Rhode generated $212 million in net sales in the 12 months ending March 31, 2025, and is expected to contribute approximately $260 to $265 million to e.l.f. Beauty's fiscal 2026 revenue. The brand launched in Sephora North America in September 2025 as the retailer's largest brand launch ever, and has since expanded to Sephora UK, Mecca Australia, and is planning a 19-country European Sephora launch in September 2026.

Parent Company

e.l.f. Beauty, Inc.

Acquired

2025

Status

Publicly Traded

Headquarters

Los Angeles, California, USA

Rhode Timeline

2004
e.l.f. Beauty, Inc.

Parent company established in Oakland, California, USA

Company Founded
2022

Rhode

Founded by Hailey Bieber

Founded
2025
Acquired by e.l.f. Beauty, Inc.

e.l.f. Beauty, Inc. acquired Rhode

Acquired
luxurypremiumGlobalwomenscruelty freevegan formulasrecyclable packagingpost consumer recycledOfficial Website

Who Owns Rhode?

  • Parent Company: e.l.f. Beauty, Inc.
  • Ownership Type: Wholly owned
  • Acquisition Year: 2025
  • Company Type: Publicly Traded
  • Stock Ticker: NYSE: ELF
BrandParent CompanyOwnership Type
Rhodee.l.f. Beauty, Inc.Wholly owned

Where to Buy

Disclosure: We may earn commission from purchases
AmazonRhode on Amazon

History of Rhode

  • Founded: 2022
  • Founders: Hailey Bieber
  • Acquired by e.l.f. Beauty, Inc.: 2025

Rhode was founded in June 2022 by Hailey Rhode Bieber, a model and media personality who had built a significant social media following across Instagram and TikTok. Bieber had been publicly interested in skincare for several years before launching Rhode, frequently discussing her skincare routine and the products she used with her audience. The brand name Rhode is Bieber's middle name, reflecting the personal connection between the founder and the brand.

The brand launched with a small, curated product range focused on skincare essentials. The initial lineup included the Peptide Glazing Fluid, the Barrier Restore Cream, and the Peptide Lip Treatment, which quickly became the brand's most viral product. The Peptide Lip Treatment, a tinted lip balm with peptide ingredients, generated significant social media attention and became one of the most discussed beauty products of 2022 and 2023, with consumers sharing their experiences on TikTok and Instagram.

Rhode's founding philosophy was built around the concept of "glazed donut skin," a term Bieber popularized to describe a dewy, hydrated, luminous skin appearance. The brand's products were formulated to support this aesthetic, with an emphasis on hydration, barrier support, and peptide ingredients. The minimalist approach, with a small product range focused on doing a few things well rather than offering a comprehensive skincare system, resonated with consumers who were overwhelmed by the complexity of many skincare brands.

The brand's growth was driven significantly by Bieber's social media presence and her ability to generate organic content around Rhode products. Bieber's Instagram and TikTok accounts, with tens of millions of followers, provided Rhode with a built-in marketing platform that most new beauty brands could not access. The brand's clean, minimalist packaging and cohesive visual identity were well-suited to social media presentation.

Rhode expanded its product range through 2023 and 2024, adding new formulations and product categories while maintaining the minimalist philosophy. The brand more than doubled its consumer base over the year preceding the acquisition, generating $212 million in net sales in the 12 months ending March 31, 2025. This represented a purchase price of approximately 3.8 times LTM net sales at the time of acquisition, a valuation that reflected both Rhode's current financial performance and its growth trajectory.

On May 28, 2025, e.l.f. Beauty announced the definitive agreement to acquire Rhode. The acquisition closed on August 5, 2025. Following the acquisition, Rhode launched in Sephora North America on September 4, 2025, marking its first expansion into physical retail. The Sephora launch was the retailer's largest brand launch ever, exceeding $10 million in retail sales in the first two days according to YipitData, with roughly three Rhode products selling per second. Rhode became the top-selling brand at Sephora North America following the launch.

In November 2025, Rhode launched in Sephora UK, achieving another record-breaking launch with the highest number of consumer sign-ups ever for a brand launch in the retailer's history. In February 2026, Rhode launched in Mecca, a prestige beauty retailer across Australia and New Zealand, marking the biggest launch in Mecca's history with over one million visitors across its 110 stores on launch weekend.

By Q1 of e.l.f. Beauty's fiscal 2027 (the quarter ending June 30, 2026), Rhode contributed $160 million in net sales to the company. A single summer product launch drove $27 million in direct-to-consumer sales on rhodeskin.com in one day, acquiring 90,000 new consumers with over 70% of sales from existing customers. e.l.f. Beauty CEO Tarang Amin stated that the company believes Rhode "could be the fastest beauty brand to achieve $1 billion in annual net sales."

Rhode is planning its next major expansion for September 2026, when it will launch in 19 European countries with Sephora. As of mid-2026, Rhode is in less than 20% of Sephora's stores globally, indicating significant remaining growth runway.

About e.l.f. Beauty, Inc.

What does e.l.f. Beauty own?

e.l.f. Beauty owns five brands: e.l.f. Cosmetics (affordable makeup, number one by units in US cosmetics), e.l.f. SKIN (affordable skincare), rhode (prestige skincare and beauty brand founded by Hailey Bieber, acquired in August 2025 for $800 million plus earnout), Naturium (high-performance skincare, acquired in 2023 for approximately $355 million), and Well People (clean beauty brand). Keys Soulcare was transferred back to founder Alicia Keys in 2026.

Is e.l.f. Beauty publicly traded?

Yes. e.l.f. Beauty, Inc. is listed on the New York Stock Exchange under ticker ELF. The company went public in 2016 through an initial public offering. As of May 2026, there were approximately 59.4 million shares outstanding. The company has a dispersed shareholder base with institutional investors holding the majority of shares. The market capitalisation is approximately $9.7 billion.

Who founded e.l.f. Beauty?

e.l.f. Beauty was founded in 2004 by Joseph Shamah and Scott Borba in Oakland, California. The company name "e.l.f." stands for "eyes, lips, face." The founders recognised an opportunity to provide high-quality cosmetics at affordable prices, launching as an e-commerce brand with products priced as low as $1. The founders no longer hold significant stakes in the company.

Where is e.l.f. Beauty headquartered?

e.l.f. Beauty is headquartered in Oakland, California, USA. The company has an additional office in New York and employs approximately 735 people across 22 countries, including the United States, India, the United Kingdom, China, and Canada. Distribution centres are located in Ontario, California.

What is e.l.f. Beauty's annual revenue?

e.l.f. Beauty reported $1,636.5 million in net sales for FY2026 (ended March 31, 2026), up 25% from $1,313.5 million in FY2025. Adjusted EBITDA was $335.2 million (20% of net sales). GAAP net income was $26.3 million, impacted by acquisition costs and contingent consideration adjustments. Adjusted net income was $185.9 million with adjusted diluted EPS of $3.13. For FY2027, the company projects net sales of $1,835 to $1,865 million.

What is the rhode acquisition?

In May 2025, e.l.f. Beauty signed a definitive agreement to acquire rhode, a lifestyle beauty brand founded by Hailey Bieber, for $800 million at closing ($600 million cash and $200 million in stock) plus up to $200 million in earnout. The acquisition closed on 5 August 2025. rhode's LTM net sales were approximately $212 million at acquisition. The acquisition marked e.l.f. Beauty's entry into the prestige beauty channel through Sephora. In FY2026, rhode recorded a $57.6 million fair value adjustment to contingent consideration due to revenue outperformance.

What is the Muddy Waters report about?

In November 2024, Muddy Waters Research published a report alleging that e.l.f. Beauty had materially overstated revenue over the past three quarters and that reported inventory was materially inflated. The report accused the company of concealing inventory challenges from investors. A securities fraud class action lawsuit was subsequently filed, and in February 2026, the court partially denied the company's motion to dismiss, finding that CEO Tarang Amin's statements on CNBC's Mad Money were plausibly misleading. The case is ongoing.

  • Founded: 2004
  • Headquarters: Oakland, California, USA
  • Company Type: Publicly Traded
  • Stock: NYSE: ELF
  • Revenue: $1.64 billion (FY2026, ended March 31, 2026)
  • Employees: Approximately 735

Visit e.l.f. Beauty, Inc. website

View full company profile for e.l.f. Beauty, Inc.

Where Is Rhode Made / Based?

  • Headquarters: Los Angeles, California, USA
  • Manufacturing / Operations: United States

Rhode Categories & Tags

SkincareBeautyCosmeticsPeptideCelebrity BrandCruelty Free

Rhode Sustainability & Ethics

Rhode's sustainability and ethics practices focus on mindful consumption, responsible ingredient sourcing, and packaging reduction.

Cruelty-Free and Vegan: Rhode is certified cruelty-free by both Leaping Bunny and PETA. The brand's formulations are vegan, fragrance-free, and dermatologist-developed. No animal testing is conducted at any stage of product development or manufacturing.

Post-Consumer Recycled Packaging: Rhode's bottles, tubes, and caps are made with post-consumer recycled (PCR) materials. The brand provides information about recycled content percentages for each product and includes recycling instructions on packaging.

Recycling Program: Rhode offers a take-back program where customers can ship back at least three empty products for complimentary recycling. Free shipping labels are provided via email request. The brand also uses Boox zero-waste shipping boxes that can be reused up to 12 times, reducing environmental impact by up to 70% compared to single-use shipping boxes. Customers can scan a QR code on the box to return it for reuse.

Mindful Consumption: Rhode's limited product releases and curated product line reflect a commitment to mindful skincare, encouraging consumers to purchase only what they need. This approach helps reduce waste compared to brands that encourage extensive product accumulation.

Rhode does not hold B Corp certification. The brand's sustainability practices are reported through its website rather than through a formal annual sustainability report, as it operates as a brand within e.l.f. Beauty rather than as a standalone company.

Awards & Recognition

Rhode's recognition comes from retail launch records, brand valuation milestones, and industry awards:

  • Rhode's September 2025 launch at Sephora North America was the retailer's largest brand launch ever, exceeding $10 million in retail sales in the first two days and lapping the previous record-holder by 2.5 times, according to YipitData. Rhode became the top-selling brand at Sephora North America following the launch.
  • Rhode's November 2025 launch at Sephora UK drove the highest number of consumer sign-ups ever for a brand launch in the retailer's history.
  • Rhode's February 2026 launch at Mecca in Australia and New Zealand was the biggest launch in Mecca's history, with over one million visitors across 110 stores on launch weekend.
  • Beauty Inc recognized the e.l.f. Beauty acquisition of Rhode as Deal of the Year 2025, describing the $1 billion transaction as one of the largest beauty brand acquisitions of the decade.
  • Rhode ranked as the number-one skincare brand by earned media value in August 2025 according to CreatorIQ, maintaining the position month-over-month through 2025.
  • e.l.f. Beauty stated that Rhode "could be the fastest beauty brand to achieve $1 billion in annual net sales" based on its current growth trajectory, having reached approximately $260 to $265 million in its first full year under e.l.f. Beauty ownership.
  • Rhode's Peptide Lip Treatment became one of the most viral beauty products of 2022 and 2023, creating the "glazed donut skin" aesthetic that dominated social media platforms and was widely covered in beauty industry publications.

Rhode Recalls & Controversies

No Product Recalls: Rhode has not been subject to any product recalls since its founding in 2022. The brand's products are manufactured through contract manufacturing partners and are subject to FDA cosmetic regulations, but no recall events have been publicly documented.

Trademark Infringement Lawsuit (2022 to 2024): In June 2022, Rhode-NYC, LLC, an unaffiliated clothing and lifestyle brand that had been using the Rhode name since 2014, filed a trademark infringement lawsuit against Hailey Bieber's Rhode beauty brand in the U.S. District Court for the Southern District of New York. The original Rhode alleged that Bieber's use of the name "Rhode" for beauty products caused consumer confusion and infringed on its trademark rights for apparel and accessories.

In July 2022, Judge Lorna G. Schofield denied Rhode-NYC's motion for a preliminary injunction, finding that the older brand failed to demonstrate a likelihood of success on the merits. While the similarity of the marks weighed slightly in favor of the original Rhode brand, the judge held that the proximity of the marks and their competitiveness weighed toward Bieber's brand. The legal battle concluded in July 2024 with both parties agreeing to voluntarily dismiss their claims and pay their respective costs. The settlement allowed both brands to continue using the Rhode name.

The trademark case became a notable example in beauty industry discussions about brand naming, trademark protection, and the challenges faced by celebrity-founded brands versus established companies with similar names. It was frequently cited in industry analyses of celebrity beauty brands and trademark strategy.

Celebrity Brand Authenticity Debate: Rhode has been part of a broader industry discussion about celebrity-founded beauty brands and whether their success is driven by product quality or celebrity association. Some industry commentators have questioned whether celebrity beauty brands can maintain their position without the founder's continued involvement. Rhode's strong product reviews and repeat purchase rates, combined with its successful retail expansion under e.l.f. Beauty, have been cited as evidence that the brand has substance beyond celebrity endorsement. However, the brand remains closely associated with Hailey Bieber's personal brand, creating a degree of dependency on her continued involvement and public profile.

Rhode Ownership: Pros & Cons

Advantages

  • +e.l.f. Beauty's retail distribution relationships enabled Rhode's record-breaking launches at Sephora North America, Sephora UK, and Mecca Australia, with a 19-country European Sephora launch planned for September 2026
  • +Hailey Bieber's retention as Chief Creative Officer ensures continuity of the brand's creative direction and her social media platform remains central to Rhode's marketing
  • +Rhode's revenue has significantly exceeded expectations, contributing $260 to $265 million in fiscal 2026 versus the initial $200 million estimate, and $160 million in Q1 fiscal 2027
  • +The Peptide Lip Treatment's viral success and the brand's strong aesthetic identity provide a foundation of consumer loyalty and brand recognition
  • +e.l.f. Beauty's financial resources and operational expertise support Rhode's rapid international expansion and product development

Considerations

  • -Rhode's brand identity is closely associated with Hailey Bieber's personal brand, creating dependency on her continued involvement and public profile
  • -The $1 billion acquisition price (including earnout) represents a significant valuation for a brand founded in 2022, and the $57.6 million contingent consideration adjustment confirms that earnout payments are being triggered
  • -Competition from Summer Fridays, Rare Beauty, Drunk Elephant, and other established premium skincare and celebrity-driven brands in the social media-driven segment
  • -The premium skincare market is subject to rapid trend changes, and maintaining cultural relevance requires ongoing product innovation and marketing investment
  • -e.l.f. Beauty faces tariff headwinds (35% modeled for fiscal 2027) that could affect pricing and margin dynamics across its portfolio including Rhode

Frequently Asked Questions About Rhode

Sources & Further Reading

  • e.l.f. Beauty: Q4 Fiscal 2026 Results (May 20, 2026):
  • e.l.f. Beauty: Rhode Acquisition Announcement (May 28, 2025):
  • SEC Filing: e.l.f. Beauty Rhode Acquisition Pro Forma:
  • CNBC: e.l.f. Beauty Q4 2026 Earnings:
  • Cosmetics Business: Rhode Boosts e.l.f. Beauty Sales:
  • WWD: Rhode Sephora Launch Performance:
  • Vogue: Hailey Bieber's Rhode-Map to Expansion:
  • Glossy: Rhode Sells $27M DTC in One Day:
  • Inc: e.l.f.'s $1 Billion Bet on Rhode:
  • Rhode Official Website:

Competitors to Rhode

These competing brands operate in the same categories and provide similar products or services. Compare key attributes to understand market positioning and competitive landscape.

BrandParent CompanyCountryFoundedMarket PositionPrimary MarketGender Target
SephoraSephora
Lvmh
France
1969
PremiumGlobalFemale-focused
Ultra BeautyUltra Beauty
Ulta Beauty Inc
USA
1990
Mass marketGlobalUnisex
Burt's BeesBurt's Bees
Clorox
USA
1984
Mass marketUnited statesUnisex
CliniqueClinique
Estee Lauder
USA
1968
PremiumGlobalWomens
DoveDove
Unilever
United Kingdom
1957
Mass marketGlobalWomens
Fenty BeautyFenty Beauty
Lvmh
United States
2017
PremiumGlobalWomens

Learn More About Competitors

SephoraBeauty Personal Care

Sephora

Owned by LVMH Moët Hennessy Louis Vuitton SE

Global prestige beauty retailer owned by LVMH. Founded in 1969 in France, Sephora operates over 2,200 stores in 35 countries. Offers cosmetics, skincare, fragrance, and haircare from hundreds of brands in a self-service retail format.

cosmeticsbeautyretail
Ultra BeautyBeauty Personal Care

Ultra Beauty

Owned by Ulta Beauty, Inc.

American beauty and cosmetics retailer offering a wide selection of makeup, skincare, and beauty products.

cosmeticsbeautyretail
Burt's BeesBeauty Personal Care

Burt's Bees

Owned by The Clorox Company

American personal care and cosmetics brand specializing in natural products, owned by The Clorox Company.

natural-beautyskincarelip-balm
CliniqueBeauty Personal Care

Clinique

Owned by The Estée Lauder Companies Inc.

American dermatologist-developed skincare and cosmetics brand known for its allergy-tested, fragrance-free products and 3-Step Skin Care System.

dermatologist-developedfragrance-freeallergy-tested
DoveBeauty Personal Care

Dove

Owned by Unilever plc

Personal care brand owned by Unilever, known for beauty bars and skincare products. Over $5 billion in annual revenue.

skincarebeautysoap
Fenty BeautyBeauty Personal Care

Fenty Beauty

Owned by LVMH Moët Hennessy Louis Vuitton SE

Inclusive cosmetics brand co-created by Rihanna and LVMH in 2017, known for 40-shade foundation range and the Fenty Effect on the beauty industry.

cosmeticsmakeupinclusive-beauty

Competitive Analysis

Market Positioning: Rhode competes with 6 brands in the same categories, ranging from mass market to luxury positioning.

Geographic Distribution: Competitors are headquartered across multiple regions, indicating global competition in this market segment.

Brand Heritage: Competitor brands range from established heritage brands to newer market entrants, with founding years spanning several decades.

Independent Alternatives to Rhode

Looking for brands with different ownership structures? These similar brands are not owned by e.l.f. Beauty, Inc., giving you alternative choices that support different corporate structures.

Dollar Shave ClubBeauty Personal Care

Dollar Shave Club

Owned by Nexus Capital Management

American direct-to-consumer razor and grooming brand known for its subscription model and viral marketing.

razorsgroomingdtc
Privately Owned

Dollar Shave Club is privately owned, unlike Rhode which is under a publicly traded parent company.

FairTale GHANABeauty Personal Care

FairTale GHANA

Owned by KAFSB OU

Ethical skincare brand selling raw unrefined Shea butter and cold-pressed Baobab oil handcrafted by a women-owned cooperative in Northern Ghana.

shea-butterbaobab-oilethical-beauty
Privately Owned

FairTale GHANA is privately owned, unlike Rhode which is under a publicly traded parent company.

RoCBeauty Personal Care

RoC

Owned by Unknown Company

French-American dermatological skincare brand specializing in anti-aging and retinol formulations, owned by Bridgepoint Group.

skincareanti-agingretinol
Independent

RoC is privately owned, unlike Rhode which is under a publicly traded parent company.

DuruBeauty Personal Care

Duru

Owned by Evyap

Turkish beauty and bath soap brand manufactured by Evyap. Sold in over 100 countries. Known for natural ingredients including olive oil, shea butter, and coconut. Market leader in Eastern Europe and Central Asia.

soapbeautybath
Privately Owned

Duru is privately owned, unlike Rhode which is under a publicly traded parent company.

ActivexBeauty Personal Care

Activex

Owned by Evyap

Turkish antibacterial soap and personal hygiene brand owned by Evyap, one of Turkey's largest consumer goods manufacturers. Activex uses silver ion technology and is sold primarily in Turkey and Middle Eastern markets.

antibacterialsoappersonal-hygiene
Privately Owned

Activex is privately owned, unlike Rhode which is under a publicly traded parent company.

ArkoBeauty Personal Care

Arko

Owned by Evyap

Turkish brand of men's grooming and shaving products manufactured and marketed by Evyap, known for affordable quality shaving soaps.

shavingsoapmens
Privately Owned

Arko is privately owned, unlike Rhode which is under a publicly traded parent company.

e.l.f. Beauty, Inc. Stock Information

Jobs at e.l.f. Beauty, Inc.

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Last reviewed: August 25, 2026 · Reviewed by Who Brands Editorial Team