E.l.f. Beauty is acquiring Hailey Bieber's skincare brand, Rhode, for up to $1 billion. The deal, E.l.f.'s largest ever, includes $800 million upfront and a potential $200 million based on Rhode's future performance. Rhode, launched just three years ago, boasts $212 million in net sales. The acquisition is expected to close later this year, expanding e.l.f.'s presence in the skincare market. E.l.f. stock fell slightly following the announcement, despite exceeding quarterly earnings expectations.

Prepared by Christopher Adams and reviewed by editorial team.