Rhode Hailey Bieber's net sales for the 12 months ended March 31 were $212 million. The company's products are available only online, but it plans to launch a partnership with Sephora in stores in North America and the UK by the end of this year.
Hailey Bieber, model and wife of singer Justin Bieber, will become Rhode's chief creative officer and head of innovation, as well as a strategic advisor to the combined companies.
Under the terms of the deal, Elf will acquire Rhode for $600 million in cash and $200 million in newly created Elf Beauty shares. The deal also includes an additional $200 million in potential revenue based on the brand’s future growth over three years.
Shares of Oakland, California-based Elf jumped 12% before the opening bell on Thursday.
Source: Reuters
