E.l.f. Beauty acquired Rhode for $1 billion a year ago. It’s been a great investment so far

Today the beauty conglomerate E.l.f. Beauty released its earnings, delivering growth of 36% in net sales, to $479.4 million, across its portfolio of brands. The brightest spot in the company’s portfolio? Hailey Bieber’s Rhode, which E.l.f. acquired just over a year ago in a deal worth up to $1 billion, just three years after the brand launched. Rhode has built a niche demonstrating that skincare products under $30 can feel luxurious. It has also created viral ad campaigns starring unexpected celebrities including the actor Harris Dickinson and the Love Story star Sarah Pidgeon. In doing so,...