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Meet Haley Billion Dollar Baby, Lord.
On Wednesday, Elf Beauty announced that it had signed a decisive agreement to acquire Bieber’s multi-category lifestyle beauty brand for $1 billion.
“The beauty of the elves has found like-minded destroyers on the Lord,” said Taran Amin, Elves’ chairman and CEO. “Rhode will further diversify its portfolio with rapidly growing brands that will allow you to access Prestige’s best. We are excited about our ability to break the barriers to beauty in Lords. We will create a different kind of company perfectly tailored to the vision of elf beauty.
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The agreement is “made with $800 million in consideration paid when closing in a cash-stock combination subject to customary adjustments, and an additional $200 million potential acquisition consideration based on the brand’s future growth over a three-year time frame,” the news release explained.
Married to Justin Bieber, Bieber continues to be the founder of Road and also serves as the brand’s Chief Creative Officer and Head of Innovation. In this new role, she oversees creative, product innovation and marketing. Within a combined company, the model acts as a strategic advisor.
“I can’t wait to bring Road to more faces, places and spaces. From day one, my vision for Road has been to do essential skincare and hybrid makeup that I can use every day,” Bieber said. “Just three years after this journey, our partnership with ELF Beauty shows an incredible opportunity to increase our ability to reach more communities with even more innovative products and expand globally. Let’s get started.”
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Founded in 2022, Bieber’s impact, along with Rhode’s marketing team and strategy, became the No. 1 Skin Care Brand in media value acquired in 2024, representing EMV growth of 367% year-on-year. Lorde is advertised as containing “consciously sourced materials into packaging made from consumer recycled materials.” It goes by the motto: “Mindful Skin Care.”
Meanwhile, Elf Beauty is an American cosmetics brand founded in Auckland in 2004. Five years ago, I entered the skincare space with ELF skin. In 2023, they acquired Naturium, doubling the company’s skincare presence.
This new deal with Lord will further diversify the business of Elf Beauty and expand it into the lane of Prestige beauty. From there, this leads to new retail partners like Sephora, the world’s leading retailer.
“The crucial terms of the agreement are that ELF Beauty has agreed to acquire Road for $800 million upon closing,” the deal states.
The agreement consists of $600 million in cash and $200 million, or approximately 2.6 million, of newly issued shares of ELF Beauty common stock to existing stockholders of Lord. It also includes potential acquisition considerations of $200 million based on the brand’s future growth over a three-year closure period.
The decisive agreement has been approved by the ELF Beauty Board. The transaction is subject to customary closure conditions, including regulatory approval, and is expected to close in the second quarter of fiscal year 2026.
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