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Cosmetics company E.l.f. Beauty acquired Hailey Bieber’s skincare brand Rhode for $1 billion in May 2025. The acquisition will bring the company into Sephora and with it, a new audience. Yet, it financed the deal with $600 million of debt and the company is highly exposed to tariffs as the company sources nearly 75% of its products from China. Watch the video to learn more.