E.l.f. Beauty has acquired Hailey Bieber's Rhode for $1 billion, betting on its glossy skincare and makeup range amid celebrity beauty fatigue. Discover how this acquisition could influence the cosmetics market.

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.

The new owner of Hailey Bieber’s skincare company has a strong track record of connecting with Gen Z. But there are risks to this deal, the most significant of which is Bieber herself.