E.l.f. buys Hailey Bieber's skincare brand, Rhode, for $1 billion to target younger consumers.

E.l.f., a cosmetics company, acquired Hailey Bieber's luxury skincare brand, Rhode, for $1 billion, aiming to expand into the luxury skincare market and target younger consumers. The deal highlights the company's strategy to tap into the growing purchasing power of Gen Alpha, the generation born after 2010. Despite media speculation about Hailey potentially joining the "billionaire club," the acquisition's financial specifics for her are not detailed.