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Affordable cosmetics company, E.l.f. Beauty, posted its first billion-dollar fiscal year in 2024 and within a year, announced its blockbuster acquisition of Hailey Bieber's Rhode in a $1 billion deal. The deal will bring the company into more premium channels such as Sephora after being in drugstores, Target, Walmart, Dollar General and Ulta. But Wall Street has been weary as of late. Its share dropped more than 10% the day after announcing a 30% drop in profits during its first quarter 2026 earnings. So, can E.l.f. keep up the momentum? Chapters: 0:00 Introduction 2:12 Chapter 1. A whirlwind two decades 4:40 Chapter 2. A nimble company 8:39 Chapter 3. The Rhode deal 10:37 Chapter 4. Tariff mitigation and beyond Produced and Shot by: Natalie Rice Edited by: Nic Golden Henry Additional Camera by: Katie Tarasov, Lisa Setyon Animation: Emily Park Senior Managing Producer: Tala Hadavi Senior Director of Video: Jeniece Pettitt Editorial Support by: Kae Park Additional Footage: e.l.f. Beauty, Reuters, Getty Images Additional Sources: NielsenIQ, PitchBook » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Watch CNBC on the go with CNBC+: https://www.cnbc.com/WatchCNBCPlus About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Want to stand out, grow your network, and get more job opportunities? Sign up for Smarter by CNBC Make It's new online course, How to Build a Standout Personal Brand: Online, In Person, and At Work. Sign up today with coupon code EARLYBIRD for an introductory discount of 30% off the regular course price of $67 (plus tax). Offer valid through September 2, 2025: https://cnb.cx/4nUBgbA Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC on Threads: https://cnb.cx/threads Follow CNBC News on X: https://cnb.cx/FollowCNBC Follow CNBC on WhatsApp: https://cnb.cx/WhatsAppCNBC #CNBC How E.l.f. Is Winning The Beauty Wars