Photo by Kelsey Curtis  on Unsplash Introduction In May 2025, Oakland-based e.l.f. Beauty announced its $1 billion acquisition of Rhode, the influencer-led skincare brand founded by Hailey Bieber. The deal  included $800 million in cash and stock, plus an additional $200 million in earn-out payments tied to Rhode’s post-acquisition performance. This transaction is e.l.f.’s largest acquisition to date and a defining moment for the influencer-driven beauty sector. At first glance, the deal...