From CNBC.

Affordable cosmetics company, E.l.f. Beauty, posted its first billion-dollar fiscal year in 2024 and within a year, announced its blockbuster acquisition of Hailey Bieber’s Rhode in a $1 billion deal. The deal will bring the company into more premium channels such as Sephora after being in drugstores, Target, Walmart, Dollar General and Ulta. But Wall Street has been weary as of late. Its share dropped more than 10% the day after announcing a 30% drop in profits during its first quarter 2026 earnings. So, can E.l.f. keep up the momentum?

Chapters:
0:00 Introduction
2:12 Chapter 1. A whirlwind two decades
4:40 Chapter 2. A nimble company
8:39 Chapter 3. The Rhode deal
10:37 Chapter 4. Tariff mitigation and beyond

Produced and Shot by: Natalie Rice
Edited by: Nic Golden Henry
Additional Camera by: Katie Tarasov, Lisa Setyon
Animation: Emily Park
Senior Managing Producer: Tala Hadavi
Senior Director of Video: Jeniece Pettitt
Editorial Support by: Kae Park
Additional Footage: e.l.f. Beauty, Reuters, Getty Images
Additional Sources: NielsenIQ, PitchBook

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How E.l.f. Is Winning The Beauty Wars