From glazed donut skin to a billion dollar exit - Hailey Bieber’s Rhode just sold to E.l.f. in one of the biggest beauty acquisitions of the decade. But how did a minimalist skincare brand with fewer than 10 products pull off a $1B valuation in just three years?

In this episode, we dive into the strategy behind Rhode’s rise: the power of personal brand, community-first marketing, and the genius of scarcity. We also zoom out to look at what this deal says about the beauty industry today - from the crumbling lipstick index to the resurgence of consumer brand acquisitions, and why Gen Z is still buying lip gloss in a cost of living crisis.

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We hope you're So Invested.