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On the Rhode

A recent S.E.C. filing from Rhode’s new parentco revealed surprising new financial details about Hailey Bieber’s lip gloss juggernaut. But the more salient takeaway was what it seemed to signal about E.l.f.’s anxieties regarding the growth trajectory of its new portfolio company.

hailey bieber rhode
Perhaps all the hand-wringing is premature and based on an incomplete view of Rhode’s business: After all, the brand’s recent Sephora launch was the most successful debut ever for the LVMH retailer, with approximately $15 million in sales on the first day across its North American stores and online. Photo: Yana Yatsuk/Courtesy of Rhode
Rachel Strugatz
October 29, 2025

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Earlier this month, in advance of next week’s Q2 earnings, E.l.f. Beauty filed a report with the S.E.C. that offered some surprising financial details about Hailey Bieber’s Rhode, which it acquired in May in a deal valued at up to $1 billion. In many ways, the filing confirmed what we already know: Rhode’s marketing is best-in-class, and the company only spends a fraction of its revenue on advertising, thanks largely to Bieber’s star power and collaborations with the likes of Tate McRae, Harris Dickinson, and Claudia Schiffer. Also, its EBITDA margins are extremely healthy.