India, May 30 -- Hailey Bieber's beauty and skincare brand, Rhode, has been acquired by California-based cosmetics company e.l.f. Beauty Inc. in a $1 billion deal. The move is a "powerhouse alliance between e.l.f. Beauty and rhode" which "is built on both brands' shared focus on disruption and product innovation, setting the stage for transformative global expansion", the official press release read.

Bieber revealed the news on social media by writing, "I found a like-minded disruptor with a vision to be a different kind of company that believes in big ideas and innovation in the same way that I do and will help us continue to grow the brand." The post revealed Bieber's new role as Chief Creative Officer and Head of Innovation at Rhode, ...