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Banking

Helping rhode
put its best face forward 

e.l.f. Beauty’s acquisition of rhode, Hailey Bieber’s multi-category
beauty brand, marks the fastest billion-dollar sale in the industry.

 

February 25, 2026

| 3:45

From vision to impact — rhode’s 
journey with J.P. Morgan

| 3:45

From vision to impact — rhode’s 
journey with J.P. Morgan

Song:

Rhode

Hailey Bieber:

I knew from very early on, I wanted to do something in the skincare and beauty space as somebody who's such a skincare enthusiast and a beauty-obsessed person.

Lauren Ratner:

Rhode began in 2020 with an idea. Hailey approached Michael and I. She wanted to create a brand that was all about curated, minimalist skincare essentials. And we ended up launching in June of 2022.

Michael D. Ratner:

The worlds of content and commerce were all colliding. And Hailey had this vision where as a true founder, she really wanted to start her own business and she knew it was skincare.

Jonathan Dunlop:

The way that Hailey and Michael and Lauren had started this business really authentically, really building up Hailey's authenticity within the skincare community, that was unique in terms of how people had built brands.

Hailey Bieber:

I started really thinking about product white space that I felt like as a consumer was missing. The core of it is really about having one of each essential that's done really well.

Lauren Ratner:

That has allowed us to really stand out in the marketplace. We're a highly visual brand and I think that sets us apart.

Fei-Fei Zhang:

From inception, rhodes' brand resonance and impact on the beauty industry has been remarkable. It was really incredible for us to be a part of this journey.

Lauren Ratner:

Over the last couple years, we really saw this incredible global appetite for the brand.

Nick Vlahos:

So how do you take a business like this from DTC and be able to scale it and go into physical stores? That was an opportunity. I always talk about J.P. Morgan from the standpoint of, they're like your corner bankers. It's somebody that knows you, they understand your needs. We needed to find the right strategic partner to really bring Hailey's vision to life from a scale standpoint. E.l.f. was one of those specific players.

Jonathan Dunlop:

Within the industry, we have a very good sense of what brands are coming to market. We really bring the full power of the J.P. Morgan platform. We have the benefit of being able to build long-term relationships, not just focus on one transaction. The key thing that we develop with our clients is true trust, honesty, and transparency.

Fei-Fei Zhang:

Understanding the client's long-term objectives and marrying that with a deal structure and a partner that really solves for what they're looking for is what we bring to the table. It was a privilege for us at J.P. Morgan to partner with the founders and the team and really witness the incredible trajectory that ultimately culminated in the transaction with e.l.f.

Tarang Amin:

I'm having many pinch-me moments this morning. I couldn't have done any of this without you, Lauren and Michael Ratner. Thank you, e.l.f. Beauty. You guys are amazing. I'm so honored to be part of the family.

Michael D. Ratner:

The exciting part of this rhode/e.l.f. partnership is there's nothing that can't be achieved. We felt really comfortable that they were going to have our best interests and that they understood the gravity of the deal to us. It was about how can we go and make this an even bigger opportunity and have the rhode brand live on long, long after this deal.

Lauren Ratner:

Ultimately, our goal was always to bring rhode to the next level and to bring it to as many faces, places, and spaces as we could.

Nick Vlahos:

I think what excites me most about e.l.f's next chapter with rhode is to take this business and delight consumers throughout the world.

Hailey Bieber:

I'm going to keep working to put great products out into the world and give people great experiences.

Jonathan Dunlop:

Our job is to provide the right advice and provide the right data, and do it with a little bit of soul.

Michael D. Ratner:

Our ability to really feed the consumer and come up with new campaigns and ideas and move quicker, and innovate, and go global, is just so exciting. We actually accomplish all these bigger dreams and bigger hopes. And with J.P. Morgan, really anything's possible.

END

Industry-defining transaction

In a sale managed by J.P. Morgan, e.l.f. Beauty has acquired rhode — Hailey Bieber’s multi-category beauty brand — for $1 billion. This comes just three years after rhode’s inception, making it the fastest billion-dollar sale for a beauty company and marking a major milestone in the industry.

Against a complex backdrop of evolving U.S. trade policy and lower M&A volumes, the deal required utmost care. “When I started rhode, I always knew a partnership in any form would have to accelerate my original vision and bring more people into our world. I was at ease working with the J.P. Morgan team to help take rhode to the next level,” Bieber said. 

“When I started rhode, I always knew a partnership in any form would have to accelerate my original vision and bring more people into our world. I was at ease working with the J.P. Morgan team to help take rhode to the next level.”

Hailey Bieber

Founder, chief creative officer and head of innovation, rhode Strategic advisor to e.l.f. Beauty

Staying true to rhode’s roots 

 

Bieber, alongside co-founders Michael D. Ratner and Lauren Ratner, launched rhode in 2022 with just three skincare products. Sales exploded out of the gate and by March 2025, the brand had achieved $212 million in net sales with best-in-class EBITDA margins. “Hailey’s vision and innate understanding of what consumers want in a product, coupled with our incredible team and innovative approach to marketing, enabled our exponential growth,” said Lauren Ratner, who is also rhode’s president and chief brand officer.

“Hailey’s understanding of what was needed in the beauty industry and what resonates in today’s cultural landscape is one of the elements that led to this incredible success.

Further, the brand’s innate ability to create products and content for this generation is what will continue to fuel its success,” added Michael D. Ratner, who is also the co-executive chairman of rhode.

The brand quickly established itself as a disruptor in content, community and commerce, with a robust direct-to-consumer business — making it a masterclass in marketing for a new generation. “Hailey, Michael and Lauren have built something so unique in a crowded landscape, and we’re proud to have supported their journey,” said Jonathan Dunlop, co-head of North American Consumer Retail Investment Banking at J.P. Morgan.

“Hailey’s vision and innate understanding of what consumers want in a product, coupled with our incredible team and innovative approach to marketing, enabled our exponential growth.”

Lauren Ratner

Co-founder, president and chief brand officer, rhode

 

Unsurprisingly, rhode’s rapid growth and success drummed up interest in a sale among major players, including e.l.f Beauty. For Bieber, however, nothing was more important than a partner that would honor her work and invest in her vision and leadership.

A beauty stalwart, e.l.f. revolutionized the industry with its commitment to affordability, inclusivity and innovation when it launched in 2024. Like rhode, its savvy use of social media and trends-driven marketing strategy have ensured its cultural relevance, especially among younger audiences, while its strong digital presence and direct-to-consumer model have driven impressive growth and customer loyalty. With so much alignment between the two brands, Bieber — who remains chief creative and innovation officer of rhode — immediately knew e.l.f. would be the perfect fit in terms of philosophy and personality.

“The acquisition provides e.l.f.'s financial and operational support for rhode’s continued growth and global expansion efforts,” said Nick Vlahos, CEO of rhode.

“Hailey’s understanding of what was needed in the beauty industry and what resonates in today’s cultural landscape is one of the elements that led to this incredible success. Further, the brand’s innate ability to create products and content for this generation is what will continue to fuel its success.”

Michael D. Ratner

Co-founder and co-executive chairman, rhode

 

A long-term partnership

J.P. Morgan supported rhode early on through the firm’s Commercial Banking business, providing support to help it scale. Then, in February this year, conservations began about a potential buyer, with J.P. Morgan eventually assembling a team with broad expertise to manage the historic sale. “We have the benefit of being able to build long-term relationships, not just focus on one transaction. They key thing that we try to develop with our clients is true trust,” Dunlop said.  

Isabelle Wijnolst, a member of the Commercial Bank’s Innovation Economy team at J.P. Morgan, echoed these sentiments, saying the deal demonstrates the firm’s commitment to supporting high-growth, disruptive commerce companies and is an example of how it can help brands from inception to exit. “Most importantly, rhode trusted us to be a strategic advisor and support system for their overall mission,” she said. 

"The acquisition provides e.l.f.'s financial and operational support for rhode’s continued growth and global expansion efforts."

Nick Vlahos

CEO, rhode

 

“We value our long-term partnership with J.P. Morgan. Their belief in rhode and guidance from early in the business and throughout this process makes them a trusted advisor,” added Michael D. Ratner, co-founder and co-executive chairman of rhode.

All in all, this partnership highlights the breadth and depth of J.P. Morgan’s capabilities, underscoring its position as the bank-of-choice for marquee transactions. As the number one advisor in Global Consumer & Retail M&A by deal volume in 2025, the firm continues to deliver strategic solutions for clients across the beauty industry and beyond. 

“We monitor the beauty ecosystem closely and were impressed by rhode from the brand’s inception,” said Fei-Fei Zhang, head of Emerging Beauty Investment Banking at J.P. Morgan. “It was a privilege to partner with their team from the early growth phase through this successful strategic acquisition.” Watch the full video above to see how J.P. Morgan helped rhode achieve its next chapter.

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