New Delhi, May 29 -- The fast-expanding beauty industry is projected to grow at a rate of 8.4 per cent per year through 2028, as per Euromonitor International estimates - and with celebrities jumping into the wagon by launching their own brands, this momentum is here to stay. Beauty brands like Fenty Beauty have turned its celebrity founders like Rihanna into billionaires.

On Wednesday, model Hailey Bieber sold her beauty and skincare brand Rhode to Elf Beauty Inc. in a $1 billion deal. 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 conditio...