Celebrity beauty is back. Elf Beauty has agreed to buy Hailey Bieber’s Rhode, with its trademark look of glossy, dewy skin, for US$1 billion ($1.2 billion).

E.l.f. Beauty ( ELF 2.17%) stock has been through the wringer over the past few years, and it's down a whopping 40% over the past year. That's despite robust growth over that time, and a brand that continues to surge and gain market share.

As celebrity brands boom, Hailey Bieber’s rhode announced it will be acquired by e.l.f. Beauty for as much as $1 billion. The consideration consists of $800 million at closing in a mix of cash and equity, along with an earn out of up to $200 million based on the growth metrics over the next three years.

Justin Bieber has some pointed advice for those concerned about his well-being. The “Love Yourself” singer took to Instagram on Tuesday, June 10, after a fan shared a screenshot of a text message exchange they had with their grandfather about the 31-year-old pop star. “I am worried about Justin Bieber,” the person’s grandpa wrote.