The deal would mark a shift in strategy and expand into the prestige beauty market as e.l.f. faces weak demand from mass market customers.

Good morning! Tate brothers are charged with rape, Christine Lagarde plans to finish her term as ECB president, and Hailey Bieber sells Rhode for a blockbuster $1 billion. – Blockbuster beauty. It’s been a slow few years for beauty M&A—industry-watchers have been waiting for the sales of big brands like Glossier and Rare Beauty.

Hailey Bieber, the woman that you are. After launching her skin care brand, Rhode, in 2022 alongside co-founders Michael D. Ratner and Lauren Ratner, Bieber has officially created a billion-dollar business. On May 28, E.L.F. Beauty announced its agreement to acquire Rhode in a $1 billion deal.