The Problem With $1 Billion Beauty Deals
Plus, Kris Jenner’s facelift, too much barrier repair, and a new season of '…And Just Like That.'
What was your biggest beauty news of the week? Was it Kris Jenner’s facelift? Chrissy Teigen’s hairline lowering procedure? Hailey Bieber selling Rhode to E.L.F. Beauty for $1 billion*?
All three of these were inescapable for me, but let’s start with Rhode since it is freshest in my mind. Obviously, this is a smart move on both brands’ parts. Rhode, thanks to Bieber, has an inherent cool factor that many companies have tried and failed to replicate. And it’s a cool that has translated to impressive sales numbers: $212 in net sales over the last 12 months—and that’s with less than a dozen products and only DTC distribution (the brand is just entering Sephora this fall). E.L.F., clearly, has a ton of cash, which they can now use to supercharge those already impressive numbers and to have Hailey and her serious beauty influence on their team. And, unlike with private equity firms who’ve recently bought up other indie beauty brands, consumers generally have positive feelings toward E.L.F.—the comments on our first Instagram post about the news were largely congratulatory, not concerned that this would spell the downfall of the brand.
There is one thing that annoys me (and, more importantly, David DeNicolo, who edits this newsletter and helped edit our Rhode news story) about the coverage. Maybe you noticed that I put an asterisk on that $1 billion figure, which you have likely seen all over the place because it’s how Rhode and E.L.F. are promoting the sale. It’s a bit misleading. The heading of the press release touts a “$1 Billion Deal,” but the actual details of the sale are at the bottom: It’s $600 million in cash, $200 million in E.L.F. stock (which will hopefully retain—or increase!—its value, but who knows), and “a potential earnout” of $200 million depending on how the brand grows over the next three years. And, obviously, even if the deal ultimately nets out to a billion dollars or two billion dollars or five billion dollars, this does not make Hailey a billionaire, as several outlets have reported: She is just one of the many people who work for or invest in Rhode who will be getting a payout.
Does this $200-$400 million rounding game really matter, when we’re talking about more money than most people will see in their entire lives? I think so. In a time when newsrooms are being gutted and AI chatbots are writing articles, it’s important that we few remaining human journalists aren’t giving in to the temptation of regurgitating press releases. If you want to read more more about our decision to write a slightly different headline on our announcement of the news, you can do so right here.
Liftoff
The world was already in a tizzy over Kris Jenner’s new look when Page Six outed the doctor behind it. According to the publication, Dr. Steven Levine, an NYC-based board-certified plastic surgeon, is responsible for her recent work.
, who regularly reports on plastic surgery for Allure and her own excellent Substack, , says that, if this report is credible, Jenner likely got a traditional SMAS facelift, which is Dr. Levine’s specialty. In a Substack post, which we excerpted on Allure, Edgar argues that this news makes a great case for old school plastic surgery techniques that are often maligned in favor of newer tricks, like the deep plane facelift. As one doctor told her:“There is no single study that has ever been published that says a deep plane facelift looks better or lasts longer. There's zero data.”
Too Much of a Good Thing
Celebrities might make plastic surgery seem ubiquitous, but the truth is there were only 1.5 million cosmetic surgery procedures done in the United States 2023, the most recent data available. Even if each of those procedures was done on a different person (which is definitely not the case) that would only account for 0.4% of the population. The other 99.6% of us are generally sticking to a scalpel-free at-home skin-care routine, which involves trying to navigate the world of what’s marketing and what’s legit. Most recently it seems that many of us fell too hard for the “your skin barrier is damaged and needs to be repaired” schtick that inevitably followed the era when we were all about exfoliation all of the time. As Lindy Segal reported this week, some estheticians are noticing an increase in irritated skin that seems to be caused by an overuse of heavy balms and hydrating masks.
On Screen
…And Just Like That season 2 premiered this week. I have never seen an episode of AJLT or Sex and the City so I won’t pretend to have a take—but Leah Prinzivalli does. In an essay for Allure, she wrote about how pleased she was to see that Carrie, Charlotte, and Miranda don’t have “aged up” hair in the SATC reboot, despite now falling into the “women of a certain age” category. “Carrie, Miranda, and Charlotte continue to defy expectations of how an older woman should act,” Prinzivalli writes. “They take it a step further by defying expectations of how an older woman should look, too.”
Wigging Out
ICYMI, we dropped our latest cover story, featuring Nicole Kidman, while I was out last week. Written by Danielle Pergament and photographed by Dan Beleiu, the interview took place in a hyperbaric chamber and highlights Kidman’s impressive recent résumé. (“She’s played a writer, a teacher, a guru, and a universe-crushing businesswoman with intense sexual proclivities all in the time it would take me to fold a fitted sheet,” Pergament writes.) Now that we’re over a week out from the live date, I am pleased to report that people seemed to really resonate with her enthusiasm for naps and wigs.
Caftans to Consider
Our features director, Dianna Singh, launched an eponymous line of dreamy caftans and sets this week. Am I biased because Dianna is a beloved coworker? You betcha! But I stand by the fact that anyone who’s a fan of comfy-but-cool clothes should give the line a look. And since she’s just a Slack chat away, I asked her to answer a couple questions in this ~exclusive~ interview.
How long have you been working on the line?
The “real” answer is about a year, but I guess you could say it’s been a life-long pursuit! I’ve loved fashion for even longer than I’ve loved beauty, but the beauty industry ultimately won me over with its positivity and connectivity. I hope to bring those same values to fashion.
Have you been secretly wearing some of the pieces? (I think yes??)
You caught me! I did some quiet crowdsourcing and posted early samples on my personal social media—and took note when kind commenters remarked on a particular color or silhouette. That’s how I ultimately decided to make what is now The Classic Caftan in both Butter Yellow and Peach Rose. I’ve seen beauty brands, like Glossier and Saie (
Based on reactions so far, what do you think is going to be the best seller?
The Bow Tie Caftan is currently a pre-order item, but people seem to be willing to wait a few weeks for it! It’s a nice “starter” caftan—it’s got enough fabric to be comfortable and flowy, but not so much as to overwhelm. And that green color! There’s just something about it.
Any details you can share about how/where the pieces are made?
Everything is made in India. As you can tell by my married name, my husband is Indian. I’ve learned a lot about Indian culture during the 13-plus years we’ve been together, but became particularly taken with Indian design—especially the gorgeous colors and prints—while planning our wedding in 2023. So when I met an incredible manufacturer out of Delhi, it felt like the stars aligned.
This week, I can’t stop talking about…
Tinted moisturizers and tinted SPFs are probably the products I get asked about most often, but it’s quite rare that I have an enthusiastic recommendation to share. Today, I bring you one such rec. Merit launched The Uniform earlier in May, and I have been wearing it all the time since the brand sent samples. It’s a great, lightweight everyday sunscreen that has the added bonus of evening out my skin tone—a true multi-purpose product that, at $38, costs less than many foundations you’ll find at Sephora.
Great recap and thanks for the mention ❤️