Elf Beauty Inc. $ELF has entered into a landmark agreement to acquire Rhode beauty, the fast-growing cosmetics brand spearheaded by Hailey Bieber. The transaction, valued at USD 1 billion, comprises an initial USD 800 million in cash and equity, with an additional USD 200 million pegged to Rhode’s performance over the next three years. This structure aligns incentives, rewarding future growth while minimizing upfront risk for ELF.