E.l.f. Beauty Stock Rises 12 Percent Following Rhode Acquisition
E.l.f. Beauty saw its stock price increase 12 percent in July following strong quarterly sales and the acquisition of luxury cosmetics brand Rhode.
The stock price of E.l.f. Beauty rose 12 percent during July, according to data from S&P Global Market Intelligence. This growth followed a resilient fourth quarter ending March 31, in which the company reported a 35 percent year-over-year increase in sales and a 73 percent gross margin, despite the ongoing impact of tariffs on goods produced in China.
The company expanded its market reach by acquiring Rhode, the luxury cosmetics line founded by Hailey Bieber. This acquisition represents the first entry of E.l.f. Beauty into the luxury segment. The Rhode line has already generated 113 million dollars for the company and achieved record-breaking launch results at Sephora in the United Kingdom.
Beyond the luxury market, E.l.f. Beauty recently announced the launch of a new hair care line as it continues to diversify its product portfolio.
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