Why E.l.f Beauty bought Hailey Bieber's Rhode for $1 billion

In its first fiscal quarter since President Donald Trump’s tariffs were announced, E.l.f. Beauty reported a 30% decline in net income, causing its shares to fall nearly 11% the day after its earnings report. E.l.f. sources 75% of its products from China.

Yet the company’s CEO, Tarang Amin, said he’s focused on E.l.f.’s 26 consecutive quarters of net sales growth, the company’s international and retail expansions, and the new $1 billion acquisition of Hailey Bieber’s popular skincare brand, Rhode.

Post from CNBC on August 25, 2025