Hailey Bieber is selling her skincare and beauty company, Rhode, to e.l.f. Beauty for a whopping $1 billion.
The mega-deal announced on Wednesday involves $800 million in a combination of cash and stock as well as a potential additional payout of $200 million, depending on the brand’s performance during the next three years, according to a press release.
“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 celebrity wrote in a post on Instagram.
Bieber announced she would now hold the titles of Rhode’s chief creative officer and head of innovation, and also serve as a strategic adviser to e.l.f.
“As I’ve said, this is only the beginning,” she added.
