NEW YORK — E.l.f. Beauty has acquired Hailey Bieber’s Rhode skincare brand in a $1 billion deal, the companies said.

E.L.F. Beauty acquired Mrs. Bieber’s cosmetics brand for $800 million in cash and stock upfront, with another $200 million contingent on future growth.

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.