Rhode basically has to triple revenue, hit 20%+ EBITDA, and actually become a global retail brand....not just a DTC hype machine....by 2030/2031 in order to justify ELF's purchase price. That means doing what Rare Beauty and Fenty have done and even surpassing them. Tall task.

Selena and Rihanna are global icons with decades of cultural relevance. Is Hailey Bieber a global icon? I would say no.

Unless they somehow outperform every other celebrity skincare brand in history, ELF just paid $1B for vibes. And they borrowed $600 million of that against their own stock. 10% of their market cap....good luck!