Good morning! Tate brothers are charged with rape, Christine Lagarde plans to finish her term as ECB president, and Hailey Bieber sells Rhode for a blockbuster $1 billion. – Blockbuster beauty. It’s been a slow few years for beauty M&A—industry-watchers have been waiting for the sales of big brands like Glossier and Rare Beauty.

Hailey Bieber celebrated selling Rhode to e.l.f. for $1 billion with a lavish dinner, at which she wore a black micro minidress. See the itty-bitty frock, here.

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.