It’s kind of wild to think about how Lord, one of the most successful and influential beauty brands in recent history, debuted just three years ago. The idea of selling consumer brands in 2022 was a distant dream for founder Haley Bieber, but it’s already here. Elf Beauty announced today that it has acquired Rhode.
As the press release reports, the agreement “comprises the $800 million considerations paid at the time of closing, subject to customary adjustments, and the additional potential acquisition of $200 million based on the brand’s future growth over a three-year time frame.” As it stands, the agreement has been approved by the ELF Beauty board and the transaction is expected to close next year.
In the meantime, Allure today spoke about Beaver and what it means to herself and her brand. In short, expansion, something that Beaver wanted to achieve since the concept of road. “When you’re starting a brand, you’re so focused on what’s right in front of you back then,” Bieber recalls the early days of Lords. “And of course, you have always had really big dreams and really big goals. This is definitely one of those things that have been happening. I couldn’t have expected it to happen at this exact time.”
That growth is certain with the beauty of ELF, which owns Keys Soulcare, Naturium, W3LL People and of course the hit drugstore brand Elf Cosmetics.
The branding of the road itself does not seem to change much in the future. “We want to nurture Haley’s vision, including providing more resources and investing more in marketing,” says ELF Chairman and CEO Tarang Amin, who calls Bieber the most thoughtful founder he’s ever met. “She has built an incredible team that we want to continue to build and expand globally.”
