New Delhi, May 29 -- Hailey Bieber is selling her makeup and skincare brand Rhode for $1 billion to Elf Beauty Inc.

The model's popular brand, loved by billions across the world, will give the budget cosmetic retailer Elf Beauty access to a celebrity-endorsed product line. Celebrity-owned or endorsed makeup and skincare brands are becoming increasingly popular among GenZ and millennials.

In a statement on Wednesday, Elf said it would pay $800 million to the shareholders of Rhode in a cash and stocks combination. There will also be an additional potential earnout consideration of $200 million subject to certain performance-related conditions.

Elf's acquisition of Rhode will help the budget beauty brand to diversify its portfolio, its Ch...