Latest / Omni Talk Retail / Is Rhode Worth $1B? E.L.F. (and Anne) Think So 👀

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Is Rhode Worth $1B? E.L.F. (and Anne) Think So 👀 · Omni Talk Retail

• 0:00
  Elf
• 0:00
  Beauty
• 0:00
  last
• 0:01
  week.
• 0:01
  Can't
• 0:01
  wait
• 0:01
  to
• 0:01
  get
• 0:01
  your
• 0:01
  thoughts
• 0:02
  on
• 0:02
  this.
• 0:02
  Agreed
• 0:02
  to
• 0:03
  buy
• 0:03
  Hailey
• 0:03
  Bieber's
• 0:04
  Road,
• 0:05
  which
• 0:05
  I
• 0:05
  had
• 0:05
  to
• 0:06
  ask
• 0:06
  Ann,
• 0:06
  how
• 0:07
  you
• 0:07
  actually
• 0:07
  say
• 0:07
  that
• 0:07
  because
• 0:08
  it's
• 0:08
  Rhode,
• 0:10
  whose
• 0:10
  trademark
• 0:11
  look
• 0:11
  is
• 0:12
  it's
• 0:12
  glossy,
• 0:13
  dewy
• 0:13
  skin,
• 0:14
  AKA
• 0:15
  glazed
• 0:15
  donut.
• 0:16
  Also
• 0:16
  something
• 0:16
  I
• 0:17
  had
• 0:17
  to
• 0:17
  ask
• 0:17
  Ann
• 0:17
  about
• 0:18
  that
• 0:18
  I
• 0:18
  learned
• 0:18
  from
• 0:19
  you
• 0:19
  yesterday.
• 0:19
  So
• 0:20
  for.
• 0:20
  And
• 0:20
  they
• 0:20
  acquired
• 0:21
  it
• 0:21
  for
• 0:21
  $1
• 0:22
  billion.
• 0:22
  Again,
• 0:23
  according
• 0:23
  to
• 0:23
  Bloomberg.
• 0:24
  In
• 0:24
  RD,
• 0:25
  Alpha's
• 0:25
  betting
• 0:25
  on
• 0:25
  a
• 0:26
  premium
• 0:26
  range
• 0:27
  containing
• 0:27
  just
• 0:27
  10
• 0:28
  main
• 0:28
  or
• 0:28
  hero
• 0:29
  products,
• 0:29
  including
• 0:30
  Pocket
• 0:30
  Blush
• 0:31
  and
• 0:31
  Glazing
• 0:32
  Milk,
• 0:32
  which
• 0:32
  blur
• 0:33
  the
• 0:33
  boundaries
• 0:33
  between
• 0:34
  skincare
• 0:34
  and
• 0:35
  makeup.
• 0:36
  This
• 0:36
  look,
• 0:37
  this
• 0:37
  looks
• 0:38
  like
• 0:38
  a
• 0:38
  good
• 0:38
  fit
• 0:39
  with
• 0:39
  Elf
• 0:39
  selection,
• 0:40
  which
• 0:40
  is
• 0:40
  more
• 0:40
  focused
• 0:41
  on
• 0:41
  cosmetics
• 0:41
  and
• 0:41
  is
• 0:42
  cheaper.
• 0:42
  For
• 0:42
  example,
• 0:42
  Elf's
• 0:43
  average
• 0:43
  price
• 0:44
  point
• 0:44
  is
• 0:44
  about
• 0:44
  $6.50.
• 0:45
  And.
• 0:46
  I
• 0:46
  didn't
• 0:46
  know
• 0:46
  that.
• 0:46
  Yeah,
• 0:47
  compared
• 0:47
  with
• 0:47
  almost
• 0:48
  $9.50
• 0:49
  for
• 0:49
  mass
• 0:50
  market
• 0:50
  cosmetics
• 0:51
  brands.
• 0:52
  Whereas
• 0:52
  Rhodes
• 0:53
  average
• 0:53
  in
• 0:54
  is
• 0:54
  about
• 0:54
  $29.
• 0:55
  So
• 0:55
  a
• 0:55
  significant
• 0:56
  increase.
• 0:57
  But
• 0:57
  Elf
• 0:57
  is
• 0:57
  also
• 0:58
  paying
• 0:58
  a
• 0:58
  pretty
• 0:59
  polished
• 0:59
  price
• 1:00
  for
• 1:00
  Road,
• 1:01
  also
• 1:01
  known
• 1:01
  for
• 1:02
  its
• 1:02
  sleek,
• 1:02
  minimal
• 1:03
  package.
• 1:03
  I
• 1:03
  can't
• 1:03
  take
• 1:03
  credit
• 1:03
  for
• 1:04
  that.
• 1:04
  I
• 1:04
  got
• 1:04
  to
• 1:04
  give
• 1:04
  credit
• 1:04
  to
• 1:05
  Bloomberg
• 1:05
  for
• 1:05
  that
• 1:05
  one.
• 1:06
  The
• 1:06
  $800
• 1:07
  million
• 1:07
  in
• 1:07
  cash
• 1:08
  and
• 1:08
  stock
• 1:08
  payable
• 1:08
  at
• 1:08
  the
• 1:08
  close
• 1:09
  of
• 1:09
  the
• 1:09
  deal
• 1:09
  expected
• 1:09
  before
• 1:10
  September
• 1:10
  equates
• 1:11
  to
• 1:11
  a
• 1:11
  3.8
• 1:12
  times
• 1:13
  road
• 1:13
  sales
• 1:14
  of
• 1:14
  212
• 1:14
  million
• 1:15
  in
• 1:15
  the
• 1:15
  year
• 1:16
  that
• 1:17
  it
• 1:17
  went
• 1:17
  and
• 1:17
  concluded
• 1:18
  on
• 1:18
  March
• 1:18
  31st
• 1:19
  of
• 1:19
  2025.
• 1:20
  And
• 1:20
  that
• 1:20
  if
• 1:21
  you
• 1:21
  include
• 1:21
  the
• 1:21
  additional
• 1:22
  $200
• 1:22
  million
• 1:23
  payable
• 1:23
  based
• 1:23
  on
• 1:22
  road
• 1:24
  performance
• 1:24
  over
• 1:24
  the
• 1:24
  next
• 1:25
  three
• 1:25
  years,
• 1:25
  multiple
• 1:26
  is
• 1:26
  actually
• 1:26
  4.7
• 1:27
  times.
• 1:28
  So,
• 1:28
  and
• 1:28
  my
• 1:28
  question
• 1:29
  for
• 1:29
  you
• 1:29
  is
• 1:29
  this.
• 1:30
  Do
• 1:30
  you
• 1:30
  think
• 1:30
  ELF
• 1:31
  will
• 1:31
  see
• 1:31
  the
• 1:31
  long
• 1:32
  term
• 1:32
  payoff
• 1:32
  it
• 1:32
  hopes
• 1:33
  from
• 1:33
  acquiring
• 1:34
  Road?
• 1:35
  You
• 1:36
  know,
• 1:36
  I
• 1:36
  think
• 1:36
  that
• 1:37
  it's
• 1:37
  hard
• 1:37
  to
• 1:37
  say
• 1:38
  whether
• 1:38
  or
• 1:38
  not
• 1:38
  that
• 1:39
  will
• 1:39
  be.
• 1:39
  No
• 1:39
  one
• 1:39
  has
• 1:39
  the
• 1:40
  crystal
• 1:40
  ball.
• 1:40
  However,
• 1:41
  they're
• 1:41
  hedging.
• 1:42
  I
• 1:42
  think
• 1:42
  this
• 1:42
  is
• 1:42
  a
• 1:42
  really
• 1:43
  good
• 1:43
  move.
• 1:43
  No,
• 1:43
  I'm
• 1:44
  not
• 1:44
  hedging.
• 1:44
  I
• 1:44
  think
• 1:44
  this
• 1:44
  is
• 1:45
  a
• 1:45
  really
• 1:45
  good
• 1:45
  move
• 1:45
  from
• 1:45
  alf.
• 1:46
  I'm
• 1:46
  gonna
• 1:46
  start
• 1:46
  bringing
• 1:46
  prune
• 1:47
  shears
• 1:47
  to
• 1:47
  the,
• 1:48
  to
• 1:48
  the.
• 1:48
  To
• 1:48
  the
• 1:49
  podcast
• 1:49
  every
• 1:50
  time
• 1:50
  you
• 1:50
  hedge.
• 1:51
  Well,
• 1:51
  I
• 1:51
  mean,
• 1:52
  I
• 1:52
  think
• 1:52
  I'm
• 1:52
  just
• 1:52
  making
• 1:53
  a,
• 1:54
  a
• 1:54
  reasonable
• 1:55
  analysis
• 1:55
  of
• 1:55
  this.
• 1:56
  Of
• 1:56
  this,
• 1:56
  considering
• 1:57
  both
• 1:57
  sides
• 1:57
  of
• 1:58
  the
• 1:58
  story.
• 1:58
  It
• 1:58
  sounds
• 1:59
  like
• 1:59
  you.
• 1:59
  Sounds
• 1:59
  like
• 1:59
  you're
• 1:59
  leading
• 2:00
  one
• 2:00
  way,
• 2:00
  though,
• 2:00
  so
• 2:00
  I'm
• 2:00
  curious
• 2:01
  to
• 2:01
  hear
• 2:01
  what
• 2:01
  it
• 2:01
  is.
• 2:01
  Yeah,
• 2:02
  I
• 2:02
  mean,
• 2:02
  I'm
• 2:03
  certainly
• 2:03
  not
• 2:04
  hating
• 2:05
  this
• 2:05
  as
• 2:05
  much
• 2:05
  as
• 2:05
  the
• 2:05
  Bloomberg
• 2:06
  reporter
• 2:06
  who
• 2:06
  wrote
• 2:07
  this
• 2:07
  article
• 2:07
  is,
• 2:07
  but.
• 2:08
  Oh,
• 2:08
  you
• 2:08
  think
• 2:08
  they
• 2:09
  hated
• 2:09
  it?
• 2:09
  You
• 2:09
  think
• 2:09
  the
• 2:09
  Bloomberg
• 2:10
  reporter.
• 2:10
  I
• 2:11
  think
• 2:11
  that
• 2:11
  they
• 2:11
  were
• 2:11
  not
• 2:12
  positive
• 2:12
  on
• 2:13
  this
• 2:13
  and
• 2:13
  I
• 2:14
  certainly
• 2:14
  is
• 2:14
  a
• 2:14
  big
• 2:14
  crisis.
• 2:16
  Yeah,
• 2:16
  I
• 2:16
  mean,
• 2:16
  it's
• 2:17
  a,
• 2:17
  it's
• 2:17
  a
• 2:17
  lot
• 2:17
  of
• 2:18
  Money
• 2:18
  going
• 2:18
  into
• 2:19
  a
• 2:19
  category
• 2:20
  that
• 2:20
  hasn't
• 2:20
  seen
• 2:20
  a
• 2:21
  lot
• 2:21
  of
• 2:21
  growth.
• 2:21
  I
• 2:21
  mean
• 2:22
  you
• 2:22
  have
• 2:22
  other
• 2:23
  beauty
• 2:25
  like
• 2:25
  we'll
• 2:25
  say
• 2:25
  influencer,
• 2:26
  celebrity
• 2:27
  led
• 2:27
  beauty
• 2:28
  companies
• 2:28
  that
• 2:28
  aren't
• 2:28
  doing
• 2:29
  as
• 2:29
  well.
• 2:30
  Cody
• 2:30
  had
• 2:30
  to
• 2:30
  sell
• 2:31
  Kylie
• 2:31
  cosmetics
• 2:32
  because
• 2:32
  it
• 2:32
  wasn't
• 2:33
  or
• 2:33
  sorry
• 2:33
  not
• 2:33
  Kylie
• 2:34
  Kim
• 2:34
  Kim
• 2:35
  Kardashian's
• 2:36
  makeup
• 2:36
  line
• 2:37
  and
• 2:37
  fragrance
• 2:37
  line
• 2:38
  because
• 2:38
  it
• 2:38
  wasn't
• 2:38
  doing
• 2:38
  as
• 2:38
  well
• 2:39
  like
• 2:39
  there.
• 2:40
  This
• 2:40
  has
• 2:40
  not
• 2:40
  been
• 2:40
  the
• 2:41
  time
• 2:41
  for
• 2:41
  celebrity
• 2:42
  inspired
• 2:42
  brands.
• 2:43
  However,
• 2:44
  I
• 2:44
  think
• 2:44
  that
• 2:45
  ROAD
• 2:45
  is
• 2:45
  is
• 2:46
  different
• 2:46
  here.
• 2:47
  If
• 2:47
  you
• 2:48
  look
• 2:48
  at
• 2:48
  Haley's
• 2:49
  Bieber's
• 2:49
  involvement,
• 2:50
  true
• 2:51
  involvement,
• 2:51
  we
• 2:51
  had
• 2:51
  this
• 2:52
  discussion
• 2:52
  yesterday
• 2:53
  in
• 2:53
  the
• 2:53
  creation
• 2:54
  of,
• 2:54
  of
• 2:54
  each
• 2:55
  of
• 2:55
  the
• 2:55
  products.
• 2:55
  She's
• 2:56
  been
• 2:56
  very
• 2:56
  specific
• 2:57
  to
• 2:58
  only
• 2:58
  be
• 2:58
  releasing
• 2:59
  a
• 2:59
  small
• 2:59
  number
• 3:00
  of
• 3:00
  products.
• 3:01
  I
• 3:01
  mean
• 3:01
  I
• 3:01
  think
• 3:02
  that
• 3:02
  this
• 3:03
  stands
• 3:03
  a
• 3:04
  better
• 3:04
  chance
• 3:04
  than
• 3:05
  some
• 3:05
  of
• 3:05
  the
• 3:05
  others
• 3:05
  would.
• 3:06
  And
• 3:06
  it's
• 3:06
  the
• 3:06
  reason
• 3:07
  why
• 3:07
  ELF
• 3:07
  is
• 3:08
  buying
• 3:09
  Road
• 3:09
  Over.
• 3:10
  You
• 3:10
  know
• 3:10
  Selena,
• 3:11
  Selena
• 3:11
  Gomez's
• 3:12
  rare
• 3:12
  beauty
• 3:12
  or
• 3:12
  makeup
• 3:13
  by
• 3:13
  Mario
• 3:13
  or
• 3:13
  another
• 3:13
  one.
• 3:14
  I
• 3:14
  know
• 3:14
  you,
• 3:14
  I
• 3:14
  know
• 3:15
  you
• 3:15
  know
• 3:15
  all
• 3:15
  the
• 3:15
  names
• 3:15
  that
• 3:15
  I'm
• 3:16
  talking
• 3:16
  about
• 3:16
  right
• 3:16
  now,
• 3:16
  Chris.
• 3:17
  But,
• 3:17
  but
• 3:18
  I
• 3:18
  actually
• 3:18
  do
• 3:18
  know
• 3:19
  those.
• 3:19
  In
• 3:19
  fairness
• 3:19
  to
• 3:20
  me,
• 3:20
  I
• 3:20
  actually
• 3:20
  do
• 3:20
  know
• 3:20
  those.
• 3:21
  I
• 3:22
  just
• 3:22
  didn't
• 3:22
  know
• 3:22
  ROAD
• 3:24
  well.
• 3:24
  But
• 3:24
  I
• 3:24
  think
• 3:25
  that
• 3:25
  the,
• 3:25
  the
• 3:25
  benefit
• 3:26
  here
• 3:26
  is
• 3:26
  really
• 3:27
  going
• 3:27
  to
• 3:27
  be
• 3:27
  on
• 3:27
  elf's
• 3:28
  side.
• 3:28
  However,
• 3:29
  I
• 3:29
  think
• 3:29
  they're
• 3:29
  going
• 3:30
  to
• 3:30
  learn
• 3:30
  a
• 3:30
  lot
• 3:30
  from
• 3:32
  this
• 3:32
  premium
• 3:33
  line.
• 3:33
  Bringing
• 3:33
  them
• 3:34
  in
• 3:34
  as
• 3:34
  you
• 3:34
  mentioned
• 3:34
  like
• 3:35
  E
• 3:35
  L
• 3:35
  F
• 3:35
  started
• 3:35
  out
• 3:35
  as
• 3:36
  a,
• 3:36
  as
• 3:37
  a
• 3:37
  high
• 3:37
  end
• 3:38
  approachable
• 3:39
  like
• 3:39
  high
• 3:39
  end
• 3:40
  beauty
• 3:40
  quality
• 3:40
  products,
• 3:41
  low
• 3:41
  price
• 3:42
  point.
• 3:42
  Like
• 3:42
  they
• 3:42
  started
• 3:42
  their
• 3:43
  products
• 3:43
  I
• 3:43
  think
• 3:43
  it
• 3:43
  was
• 3:43
  at
• 3:43
  like
• 3:44
  13
• 3:45
  and
• 3:45
  $5
• 3:45
  when
• 3:46
  they
• 3:46
  came
• 3:46
  out
• 3:46
  years
• 3:47
  ago.
• 3:48
  So
• 3:48
  I
• 3:49
  think
• 3:49
  that
• 3:49
  the
• 3:49
  opportunity
• 3:50
  here
• 3:50
  for
• 3:51
  ELF
• 3:51
  is
• 3:51
  really
• 3:52
  to
• 3:52
  start
• 3:53
  to
• 3:53
  attract
• 3:54
  and
• 3:54
  learn
• 3:55
  from
• 3:56
  ROAD
• 3:56
  and
• 3:56
  how
• 3:57
  they
• 3:57
  might
• 3:57
  be
• 3:57
  able
• 3:57
  to
• 3:57
  start
• 3:58
  to
• 3:58
  get
• 3:59
  into
• 3:59
  the
• 3:59
  premiumization
• 4:00
  of
• 4:00
  their
• 4:01
  products
• 4:01
  because
• 4:02
  it's
• 4:02
  going
• 4:02
  to
• 4:02
  cost
• 4:03
  them
• 4:03
  more
• 4:03
  to,
• 4:03
  to
• 4:04
  produce
• 4:04
  them.
• 4:04
  They
• 4:05
  talked
• 4:05
  last
• 4:06
  week
• 4:06
  at
• 4:06
  the
• 4:06
  same
• 4:06
  time
• 4:07
  they
• 4:07
  bought,
• 4:07
  they
• 4:07
  made
• 4:07
  this
• 4:08
  deal
• 4:08
  about
• 4:08
  how
• 4:08
  tariffs
• 4:09
  are
• 4:09
  going
• 4:09
  to
• 4:09
  increase
• 4:09
  the
• 4:10
  prices
• 4:10
  of
• 4:10
  their
• 4:10
  products
• 4:10
  by
• 4:11
  a
• 4:11
  dollar
• 4:11
  per
• 4:11
  product.
• 4:12
  I
• 4:12
  think
• 4:13
  it
• 4:13
  allows
• 4:13
  them
• 4:14
  to
• 4:14
  start
• 4:14
  to,
• 4:15
  to
• 4:15
  start
• 4:15
  to
• 4:15
  eek
• 4:16
  into
• 4:16
  that
• 4:16
  upper
• 4:16
  echelon
• 4:17
  category
• 4:18
  and
• 4:18
  maybe
• 4:18
  they
• 4:18
  have
• 4:19
  Haley
• 4:19
  like
• 4:20
  inspire
• 4:20
  a
• 4:20
  collection
• 4:21
  or
• 4:21
  they
• 4:22
  have
• 4:22
  Haley
• 4:22
  partner
• 4:23
  with
• 4:23
  them
• 4:23
  on
• 4:23
  like
• 4:23
  a
• 4:24
  mid
• 4:24
  level
• 4:24
  collection.
• 4:25
  That
• 4:25
  I
• 4:25
  think
• 4:25
  is
• 4:25
  a
• 4:26
  really
• 4:26
  important
• 4:27
  category
• 4:28
  and
• 4:28
  a
• 4:28
  really
• 4:28
  important
• 4:29
  audience
• 4:29
  to
• 4:29
  try
• 4:30
  to
• 4:30
  get
• 4:30
  after
• 4:30
  right
• 4:30
  now.
• 4:31
  So
• 4:31
  people
• 4:31
  who
• 4:31
  can,
• 4:32
  who
• 4:32
  maybe
• 4:32
  can
• 4:32
  spend
• 4:33
  a
• 4:33
  little
• 4:33
  bit
• 4:33
  more
• 4:33
  than
• 4:33
  the
• 4:33
  ELF
• 4:34
  price
• 4:34
  point
• 4:34
  but
• 4:34
  aren't
• 4:34
  ready
• 4:35
  to
• 4:35
  pay
• 4:35
  $28
• 4:36
  for
• 4:36
  a,
• 4:36
  for
• 4:37
  a.
• 4:38
  The
• 4:38
  glazed
• 4:39
  donut.
• 4:39
  Look
• 4:39
  Chris.
• 4:40
  So
• 4:40
  I
• 4:40
  love
• 4:41
  it.
• 4:41
  I'm
• 4:41
  very
• 4:41
  happy
• 4:42
  with
• 4:42
  this
• 4:42
  move.
• 4:43
  But
• 4:44
  no.
• 4:44
  So
• 4:44
  now
• 4:44
  you
• 4:44
  love
• 4:45
  it.
• 4:45
  Okay,
• 4:45
  good
• 4:45
  to
• 4:45
  Know.
• 4:46
  Good
• 4:46
  to
• 4:46
  know.
• 4:48
  I
• 4:48
  don't
• 4:48
  know.
• 4:48
  I
• 4:48
  mean
• 4:49
  I
• 4:49
  have
• 4:50
  no
• 4:50
  idea.
• 4:50
  And
• 4:50
  I
• 4:50
  will
• 4:51
  willingly
• 4:51
  admit
• 4:51
  to
• 4:52
  the
• 4:52
  audience
• 4:52
  that
• 4:53
  I
• 4:53
  know
• 4:53
  literally
• 4:54
  nothing
• 4:54
  about
• 4:54
  the
• 4:54
  CPG
• 4:55
  beauty
• 4:55
  space.
• 4:56
  So,
• 4:56
  you
• 4:56
  know,
• 4:56
  I'm
• 4:56
  not
• 4:57
  gonna
• 4:57
  have
• 4:57
  much
• 4:57
  to
• 4:57
  say
• 4:57
  here
• 4:58
  but
• 4:58
  I
• 4:58
  think,
• 4:58
  you
• 4:59
  know,
• 4:59
  listening
• 4:59
  to
• 4:59
  you
• 4:59
  talk
• 5:00
  there
• 5:00
  are
• 5:01
  a
• 5:01
  lot
• 5:01
  of
• 5:01
  things
• 5:01
  that
• 5:01
  have
• 5:02
  to
• 5:02
  be
• 5:02
  true
• 5:02
  for
• 5:03
  this
• 5:03
  to
• 5:03
  work
• 5:03
  out.
• 5:04
  And
• 5:04
  every
• 5:04
  time
• 5:04
  I
• 5:04
  hear
• 5:05
  that
• 5:05
  I
• 5:05
  get
• 5:05
  a
• 5:05
  little
• 5:05
  concerned.
• 5:06
  Especially
• 5:06
  when
• 5:07
  the
• 5:07
  price
• 5:07
  point
• 5:07
  is
• 5:07
  that
• 5:08
  different
• 5:09
  from
• 5:09
  what
• 5:09
  you
• 5:10
  know,
• 5:10
  the
• 5:10
  acquiring
• 5:10
  brand
• 5:11
  typically
• 5:11
  is
• 5:11
  known
• 5:11
  for
• 5:12
  and
• 5:12
  successful
• 5:12
  for.
• 5:13
  So
• 5:13
  it's
• 5:13
  a
• 5:13
  different.
• 5:14
  It's
• 5:14
  a
• 5:14
  different
• 5:14
  muscle
• 5:15
  that
• 5:15
  elf's
• 5:15
  going
• 5:15
  to
• 5:16
  have
• 5:16
  to
• 5:16
  use
• 5:16
  to
• 5:16
  make
• 5:16
  this
• 5:16
  successful.
• 5:17
  So
• 5:18
  I
• 5:18
  think
• 5:18
  that,
• 5:18
  I
• 5:19
  think
• 5:19
  net
• 5:19
  net
• 5:19
  actually
• 5:20
  hearing
• 5:20
  you
• 5:20
  talk,
• 5:20
  I'm
• 5:21
  actually
• 5:21
  a
• 5:21
  little
• 5:21
  bit
• 5:21
  more
• 5:22
  skeptical
• 5:23
  of
• 5:23
  this
• 5:23
  working
• 5:24
  out.
• 5:26
  To
• 5:26
  say
• 5:26
  nothing
• 5:26
  of
• 5:26
  the
• 5:27
  fact
• 5:27
  I
• 5:27
  have
• 5:27
  no
• 5:27
  idea
• 5:28
  how,
• 5:28
  you
• 5:28
  know,
• 5:29
  Hailey
• 5:29
  Bieber's
• 5:30
  social
• 5:30
  influence
• 5:30
  is
• 5:31
  going
• 5:31
  to
• 5:31
  continue
• 5:31
  to,
• 5:33
  you
• 5:33
  know,
• 5:33
  move
• 5:33
  forward
• 5:33
  over
• 5:34
  the
• 5:34
  next
• 5:34
  decade.
• 5:35
  But
• 5:35
  which
• 5:36
  is
• 5:36
  a
• 5:36
  real
• 5:36
  factor
• 5:36
  too.
• 5:37
  You
• 5:37
  have
• 5:37
  to
• 5:37
  factor
• 5:37
  that
• 5:37
  into
• 5:38
  the
• 5:38
  probability
• 5:38
  of
• 5:38
  success.
• 5:39
  But.
• 5:39
  Right.
• 5:39
  But
• 5:39
  I,
• 5:40
  you
• 5:40
  know,
• 5:40
  my
• 5:40
  last
• 5:40
  shout
• 5:41
  out
• 5:41
  to
• 5:41
  Haley,
• 5:41
  fellow
• 5:42
  stroke
• 5:42
  survivor
• 5:43
  for
• 5:43
  getting
• 5:43
  her
• 5:43
  B.
• 5:43
  And
• 5:44
  you
• 5:44
  know
• 5:44
  she
• 5:44
  got
• 5:45
  her
• 5:45
  B.
• 5:45
  Like
• 5:46
  she
• 5:46
  got
• 5:46
  her
• 5:46
  to
• 5:46
  be
• 5:47
  is
• 5:47
  actually
• 5:47
  to
• 5:47
  your
• 5:48
  point,
• 5:48
  she
• 5:48
  got
• 5:49
  the
• 5:49
  Bieber
• 5:49
  and
• 5:50
  the
• 5:50
  billions.
• 5:50
  So
• 5:50
  yes,
• 5:51
  I
• 5:51
  think
• 5:51
  the
• 5:52
  billions
• 5:52
  are
• 5:52
  the
• 5:52
  ones
• 5:52
  that
• 5:53
  I'd
• 5:53
  hang
• 5:53
  on
• 5:53
  to
• 5:53
  more
• 5:54
  closely
• 5:55
  than
• 5:55
  the
• 5:55
  other
• 5:56
  than
• 5:56
  the
• 5:56
  Beaver
• 5:56
  last
• 5:57
  name.
• 5:57
  But.
• 5:58
  But
• 5:58
  yeah,
• 5:59
  it
• 5:59
  sounds
• 5:59
  like
• 5:59
  there's
• 5:59
  been.
• 5:59
  Some
• 6:00
  friction
• 6:00
  in
• 6:00
  that
• 6:00
  on
• 6:01
  that
• 6:01
  side
• 6:01
  of
• 6:01
  things
• 6:02
  too.
• 6:02
  Yeah.
• 6:02
  I
• 6:02
  mean
• 6:03
  apologize.
• 6:03
  Yes.
• 6:04
  Y.
• 6:04
  I
• 6:04
  know
• 6:04
  about
• 6:04
  this
• 6:05
  stuff.
• 6:05
  Oh
• 6:05
  my
• 6:05
  God.
• 6:06
  I
• 6:06
  do
• 6:06
  think
• 6:06
  that
• 6:07
  like
• 6:07
  you
• 6:08
  have
• 6:08
  to
• 6:08
  give
• 6:08
  Haley
• 6:09
  credit
• 6:09
  though.
• 6:09
  Like
• 6:10
  Glossier.
• 6:10
  Glossier
• 6:11
  couldn't
• 6:11
  do
• 6:11
  this
• 6:12
  and
• 6:12
  they
• 6:13
  were
• 6:13
  this
• 6:13
  also
• 6:13
  a
• 6:13
  direct
• 6:14
  to
• 6:14
  consumer
• 6:14
  skincare
• 6:15
  brand
• 6:15
  not
• 6:16
  founded
• 6:16
  on
• 6:16
  a
• 6:16
  celebrity.
• 6:17
  Like
• 6:18
  there
• 6:18
  is
• 6:18
  some
• 6:18
  opportunity
• 6:19
  here
• 6:19
  and
• 6:19
  I.
• 6:20
  So
• 6:20
  if
• 6:20
  anyone
• 6:21
  can.
• 6:21
  Can
• 6:22
  make
• 6:22
  this
• 6:22
  work,
• 6:22
  I
• 6:22
  think
• 6:23
  Haley's
• 6:23
  the
• 6:23
  right
• 6:23
  person
• 6:24
  to
• 6:24
  bet
• 6:24
  on.
• 6:24
  But
• 6:25
  you're
• 6:25
  totally
• 6:25
  right.
• 6:26
  There's
• 6:26
  a
• 6:26
  lot
• 6:26
  of
• 6:26
  other
• 6:26
  external
• 6:27
  factors
• 6:27
  that
• 6:27
  could
• 6:28
  impact
• 6:28
  the
• 6:28
  success
• 6:28
  of
• 6:29
  this
• 6:29
  down
• 6:29
  the
• 6:29
  road.
• 6:30
  Yeah.
• 6:30
  But
• 6:30
  in
• 6:30
  fairness
• 6:31
  to
• 6:31
  Glossier,
• 6:31
  Glossier
• 6:32
  probably
• 6:32
  had
• 6:32
  offers
• 6:32
  and
• 6:33
  probably
• 6:33
  either
• 6:33
  didn't
• 6:33
  take
• 6:34
  them
• 6:34
  or
• 6:34
  has
• 6:34
  chosen
• 6:35
  not
• 6:35
  to
• 6:35
  take
• 6:35
  them
• 6:35
  too.
• 6:36
  Because
• 6:36
  typically
• 6:37
  with
• 6:37
  these
• 6:37
  like
• 6:37
  you
• 6:38
  know,
• 6:38
  typically
• 6:38
  with
• 6:38
  these
• 6:39
  like
• 6:39
  celebrity
• 6:40
  inspired
• 6:40
  brands,
• 6:41
  they're
• 6:41
  built
• 6:42
  to
• 6:42
  do
• 6:42
  exactly
• 6:43
  this.
• 6:43
  They're
• 6:43
  built
• 6:43
  to
• 6:43
  get
• 6:44
  acquired
• 6:44
  at
• 6:44
  a
• 6:44
  high
• 6:44
  multiple
• 6:45
  very
• 6:45
  quickly
• 6:46
  because
• 6:46
  generally
• 6:46
  speaking
• 6:47
  they're
• 6:47
  run
• 6:47
  by
• 6:47
  legal
• 6:47
  teams
• 6:47
  out
• 6:48
  of
• 6:48
  la.
• 6:49
  I
• 6:49
  don't
• 6:49
  know
• 6:49
  that
• 6:49
  that's
• 6:50
  the
• 6:50
  case
• 6:50
  here
• 6:50
  but
• 6:50
  I
• 6:50
  imagine
• 6:51
  somebody
• 6:51
  is
• 6:52
  playing
• 6:52
  is
• 6:53
  telling
• 6:53
  Hayley
• 6:53
  where
• 6:53
  to
• 6:54
  go
• 6:54
  and
• 6:54
  what
• 6:54
  to
• 6:54
  do
• 6:54
  and
• 6:54
  what,
• 6:55
  what
• 6:55
  products
• 6:56
  to
• 6:56
  evaluate,
• 6:57
  you
• 6:57
  know,
• 6:58
  at
• 6:58
  a
• 6:58
  certain
• 6:58
  time.
• 6:59
  So,
• 6:59
  you
• 6:59
  know,
• 7:00
  you
• 7:00
  know
• 7:00
  how
• 7:00
  this
• 7:00
  works.
• 7:01
  Let's
• 7:01
  just
• 7:01
  say.
• 7:02
  Let's
• 7:02
  just
• 7:02
  say
• 7:02
  I
• 7:02
  bet
• 7:02
  Emily
• 7:03
  Weiss
• 7:03
  is
• 7:03
  not
• 7:03
  super
• 7:04
  thrilled
• 7:04
  right
• 7:05
  now
• 7:05
  that
• 7:05
  this
• 7:06
  just
• 7:06
  happened.
• 7:06
  And
• 7:07
  of
• 7:07
  all
• 7:07
  the
• 7:07
  work
• 7:07
  she's
• 7:08
  been
• 7:08
  doing
• 7:08
  for
• 7:08
  the
• 7:08
  last,
• 7:09
  what,
• 7:09
  10
• 7:09
  years,
• 7:10
  she
• 7:11
  didn't
• 7:11
  quite
• 7:11
  net
• 7:12
  that.
• 7:13
  Yeah,
• 7:14
  I
• 7:14
  bet
• 7:14
  she's
• 7:14
  wishing.
• 7:15
  Yeah.
• 7:15
  I
• 7:15
  mean,
• 7:15
  I
• 7:15
  have
• 7:16
  no
• 7:16
  idea,
• 7:16
  but
• 7:16
  I
• 7:16
  bet
• 7:16
  she's
• 7:17
  wishing
• 7:17
  she
• 7:17
  sold
• 7:17
  out
• 7:18
  a
• 7:18
  long
• 7:18
  time,
• 7:18
  potentially
• 7:19
  wishing
• 7:19
  she
• 7:19
  sold
• 7:19
  out
• 7:19
  a
• 7:19
  long
• 7:20
  time
• 7:20
  ago.
• 7:20
  But
• 7:20
  then
• 7:20
  that's
• 7:20
  not
• 7:20
  true
• 7:21
  to
• 7:21
  her
• 7:21
  ethos
• 7:21
  of
• 7:21
  her
• 7:21
  brand
• 7:22
  either,
• 7:22
  so
• 7:22
  who
• 7:22
  knows?
• 7:23
  But.