Hailey Bieber sells makeup brand Rhode to Elf Beauty in $1B deal

1. Elf Beauty acquires Rhode for approximately $1 billion, expanding its product line. 2. Deal includes $800 million in cash and stock plus $200 million earnout. 3. Rhode's popularity among Gen Z positions Elf for growth amid inflation pressures. 4. Bieber retains role as founder and strategic advisor post-acquisition. 5. Elf struggles with high inflation and previously cut forecasts by 20%.