Hailey Bieber sold Rhode to e.l.f. for $1 billion in three years. Charlotte Tilbury took 7 years to clear $1 billion. Byredo took 16. The Rhode deal closed August 5, 2025. Rhode shipped 10 products at the time of sale. The 8-K disclosure was unusually granular for beauty M&A. $212 million in net sales for the 12 months ending March 31, 2025. Cost of goods around 19% of revenue. Zero physical retail. Direct-to-consumer only. That COGS line is the part Wall Street kept rereading. Estée Lauder…