On May 28, 2025, rhode, a fast‑growing, multi‑category lifestyle beauty brand founded by Hailey Bieber, and e.l.f. Beauty announced they have signed a definitive agreement for e.l.f. Beauty to acquire rhode. The $1 billion deal is comprised of $800 million of consideration payable at closing in a combination of cash and stock, subject to customary adjustments, and an additional potential earnout consideration of $200 million based on the future growth of the brand over a three‑year timeframe. Hailey Bieber will continue her role as 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. Cravath is representing Hailey Bieber in connection with the transaction.
The Cravath team is led by partners Faiza J. Saeed and Cole DuMond and includes associate Danielle A. Solaru on M&A matters; partner Eric W. Hilfers and associate Caroline Wyatt on executive compensation and benefits matters; and partner David J. Kappos, of counsel Kathryn‑Ann Stamm and associate Jessica L. Rollén on intellectual property matters.
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