Model Hailey Bieber's makeup and skincare brand, Rhode, is being snapped up by Elf Beauty for about $1 billion, giving the budget cosmetic retailer access to a celebrity-endorsed product line that has become hugely popular among Gen Z and millennials.

Hailey Bieber’s bank balance is about to get a lot larger.e.l.f. Beauty (ELF) announced an agreement to buy Hailey Bieber’s skincare line, rhode, for $1 billion. Company officials lauded the move, and shareholders sent the stock up 15% in morning trading.