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Good morning! The Tate brothers were charged with rape, Christine Lagarde’s plan to end his term as President of the ECB, and Hailery Bieber sells rhode for a blockbuster of $ 1 billion.
– Blockbuster beauty. It’s a slow few years for beauty M & A-industry watchers waiting for sales of big brands like glossier and rare beauty. Those far away is not redeemed, but a one-earned yesterday disturbed the category. Elf’s beauty announces the purchase of three years of rhode in Hiileey Bieber at $ 1 billion.
Rhode launched in 2022, quickly obtained a foothold with gen z in skincare, lip balm, and a phone case. The bieber built in 54 million on Instagram alone (for unknown, he is a unique influence and the “milky” brand marks after a crowd of years to look at a few years.
Elf noticed the speed where Rhode grew. “Hailey built a brand missing from zero dollars for $ 212 million in less than three years,” Elf CFO Mandy Fields told my partner Sheryl Estrada. That number is not directly in the consumer business rhode; It ended the launch of Sephora later this year.
Courtesy of elf beauty
Elf and Rhode are popular with Gen Z and increasing beauty consumers consumers gengha, with a culture wrist at a relatively cheap price point. “Rhode is a brand where consumers will camp at night, wait 14 hours in a line for a pop-up, but buying the whole style of brand,” CEO ALL US told wealth. “That’s what we believe to have a real power that remains: his instincts, his aesthetic, his sight for this brand.” He added that the Rhode varies the portfolio for Elf, which is a $ 1.3 billion public company.
Does Rhode Crack open M & A for other beauty brands waiting for wings? While rhode is a less mature business than some of the other big names there – it’s easier to find a buyer in the news yesterday and watch a thorn.
Emma Hinchliffe
emma.Hinchliffe@ Fortune.com
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This story originally shown Fortune.com
