Hailey Bieber's makeup and skincare brand, Rhode, is being snapped up by Elf Beauty for about $1 billion US, giving the budget cosmetic retailer access to a celebrity-endorsed product line that has become hugely popular among Gen Z and millennials.

A press release announced that e.l.f. Beauty acquired rhode in a $1 billion deal, in which Bieber will serve as rhode's Chief Creative Officer and Head of Innovation. As the Head of Innovation, she will oversee "creative, product innovation and marketing," according to a press release. She'll also be a strategic advisor to e.l.f. Beauty.

Celebrity influencer Hailey Bieber is selling her beauty brand, rhode, to e.l.f. Beauty in a $1 billion deal. The big picture: Bieber's brand has mushroomed into a sales powerhouse three years after it was founded. The brand accumulated $212 million in revenue in the 12 months ended March 31.