The deal would mark a shift in strategy and expand into the prestige beauty market as e.l.f. faces weak demand from mass market customers.

The model, social media star–and wife of singer Justin Bieber–launched Rhode less than three years ago. On Wednesday afternoon, publicly traded e.l.f. Beauty announced that it is acquiring Hailey Bieber’s skincare and makeup company Rhode in a deal that is potentially worth $1 billion,