When e.l.f. Beauty acquired Rhode Skin in a blockbuster $1 billion deal, it sent shockwaves through the creator economy. Observers had plenty of questions: What did the deal mean for one of beauty’s hottest up-and-coming brands? Does this signal a return to a robust beauty M&A market? Which beauty brands were the next hot acquisition targets? And was Rhode really worth the price?
But for those who have been following the momentum of creator-led brands like Rhode, those shockwaves weren’t all that shocking.
The historical context behind Rhode’s breakthrough
Rhode’s acquisition didn’t happen in a vacuum. It came on the heels of multiple recent acquisitions, all of which involved brands that had increased their cultural footprint and bottom-line revenue by building community via creators.
Looking at the last five years alone, we’ve seen the following deals for standout beauty brands:
- Charlotte Tilbury, acquired by Puig in 2020 for $1.5 billion.
- Paula’s Choice, acquired by Unilever in 2021 for $2.2 billion.
- Byredo, acquired by Puig in 2022 for an estimated €1 billion (approximately $1.07 billion at the time).
- K18 Hair, acquired by Unilever in 2023 for an estimated $700 million.
- Deciem, acquired by the Estée Lauder Companies in 2024 for an estimated $860 million.
And this isn’t just happening in beauty. Poppi, another brand that built its reputation on a savvy creator program with Alix Earle as a content and equity partner, was acquired by PepsiCo in 2025 for $1.95 billion.
These brands didn’t just exhibit impressive growth prior to their acquisition; they’ve continued growing ever since. Comparing their Earned Media Value (EMV) totals in the year they were acquired versus 2024, these brands have averaged a 94% growth rate, justifying their parent organizations’ initial investments and further demonstrating the sustainable power of creator marketing.
