In a groundbreaking billion-dollar deal set to reshape the beauty industry, e.l.f. Beauty announces its acquisition of Hailey Bieber’s renowned skincare brand, rhode, signaling a powerful new partnership and an exciting future for innovative, celebrity-driven skincare products on a global scale.

Bieber will step into the role of chief creative officer and head of innovation

Hailey Bieber’s rhode is celebrating a major milestone.

On Wednesday, May 28, it was announced that e.l.f. Beauty had signed a $1 billion dollar deal to acquire the brand.

Per a press release, Bieber, 28, will continue her role as founder and additionally serve as rhode’s chief creative officer and head of innovation, overseeing creative, product innovation and marketing. She will also act as a strategic advisor to the combined companies.

The release also states that rhode was the No. 1 skincare brand in Earned Media Value in 2024, representing 367% year-over-year EMV growth.

“We can’t wait to bring rhode to more faces, places, and spaces. From day one, my vision for rhode has been to make essential skin care and hybrid makeup you can use every day,” Bieber shared in a statement. “Just three years into this journey, our partnership with e.l.f. Beauty marks an incredible opportunity to elevate and accelerate our ability to reach more of our community with even more innovative products and widen our distribution globally.”

The entrepreneur added that she looks forward to the brand’s “new exciting chapter” alongside co-founders Michael D. Ratner and Lauren Ratner, “who have helped bring my vision to life from the start.”

Bieber also spoke to Allure about the news, saying, “When you’re launching a brand, you’re just so focused on what’s right in front of you at the time. And of course, you always have really big dreams and really big goals for it. This is definitely one of those things being realized. I could have never anticipated that it would happen at this exact time.”

She added about her decision to pair with the e.l.f. team, “Vibes matter!”

Per the press release, e.l.f. chairman and CEO Tarang Amin said that the brand “found a like-minded disruptor in rhode.”

“rhode further diversifies our portfolio with a fast-growing brand that makes the best of prestige accessible,” Amin continued. “We are excited by rhode’s ability to break beauty barriers, fully aligning with e.l.f. Beauty’s vision to create a different kind of company. rhode is a beautiful brand that we believe is ready for rocketship growth.”

Ahead of rhode’s launch in June 2022, Bieber, who had previously gone viral for “glazed donut skin,” spoke to PEOPLE about creating an all-inclusive beauty company.

“It was very important to me that if I open up the world of Rhode, everyone is invited,” she said. “Everyone is included. I wanted it to be accessible and attainable for everyone.”

She also told PEOPLE: “What sets rhode apart is we’re putting out a very curated, edited line of essentials — our philosophy is making one of everything really good.”

The brand launched with three products: the Peptide Glazing Fluid, the Barrier Restore Cream and the Peptide Lip Treatment. Bieber has gone on to release makeup products like blush and lip liner, with skincare remaining a focus of rhode’s formulas.