WEBVTT 00:00:00.000 --> 00:00:02.359 Welcome back to the Deep Dive. It is Monday, 00:00:02.520 --> 00:00:07.120 February 2nd, 2026. Look, usually when we talk 00:00:07.120 --> 00:00:09.099 about celebrity brands on this show, we're doing 00:00:09.099 --> 00:00:11.380 a postmortem. We're standing over the wreckage, 00:00:11.460 --> 00:00:14.320 poking at it with a stick, asking why the product 00:00:14.320 --> 00:00:16.660 was terrible or why the audience didn't buy it. 00:00:17.480 --> 00:00:20.379 Because let's be real, the graveyard of failed 00:00:20.379 --> 00:00:23.460 celebrity skincare lines is vast and overflowing. 00:00:23.519 --> 00:00:25.780 It is indeed. It's a running joke in the industry. 00:00:25.960 --> 00:00:29.160 For every Fenty Beauty, which is, you know, the 00:00:29.160 --> 00:00:31.100 gold standard. The absolute pinnacle. Right. 00:00:31.140 --> 00:00:33.679 For every one of those, there are a dozen brands 00:00:33.679 --> 00:00:36.380 that launched with a huge press release, a fancy 00:00:36.380 --> 00:00:39.460 party, and then just quietly disappeared from 00:00:39.460 --> 00:00:41.719 the shelves two years later. It's a saturated, 00:00:41.880 --> 00:00:44.200 brutal market. But today. Today is different. 00:00:44.340 --> 00:00:46.560 We're looking at a deal finalized last year that 00:00:46.560 --> 00:00:49.320 didn't just succeed. It reset the valuation benchmark 00:00:49.320 --> 00:00:51.859 for the entire beauty industry. We're talking 00:00:51.859 --> 00:00:54.920 about the ELF Beauty Acquisition of Road. For 00:00:54.920 --> 00:00:57.240 a billion dollars. A billion dollars. But the 00:00:57.240 --> 00:00:59.219 story here isn't just the money. It's the person 00:00:59.219 --> 00:01:01.679 who engineered it. We are talking about Hailey 00:01:01.679 --> 00:01:04.120 Bieber. And I think we need to set the stage 00:01:04.120 --> 00:01:06.579 properly here. Because if you rewind the clock, 00:01:06.799 --> 00:01:10.019 say five or six years, mentioning Hailey Bieber 00:01:10.019 --> 00:01:13.099 in a business context. It usually elicited an 00:01:13.099 --> 00:01:15.459 eye roll. Oh, absolutely. The association was 00:01:15.459 --> 00:01:19.519 model, maybe, or Justin Bieber's wife, or the 00:01:19.519 --> 00:01:22.980 dreaded Nepo baby label. That was the dominant 00:01:22.980 --> 00:01:25.200 narrative. Well, the plus one narrative was incredibly 00:01:25.200 --> 00:01:27.200 strong. The assumption was that she was just 00:01:27.200 --> 00:01:29.579 along for the ride, you know, enjoying the fruits 00:01:29.579 --> 00:01:31.920 of her husband's fame or her family's dynasty. 00:01:32.200 --> 00:01:35.739 Just there. Which is why this pivot is so fascinating. 00:01:36.040 --> 00:01:38.959 As of today, early 2026, we aren't looking at 00:01:38.959 --> 00:01:41.310 a plus one. We are looking at a tycoon. We are 00:01:41.310 --> 00:01:43.810 looking at the architect of a business that ELF 00:01:43.810 --> 00:01:46.950 Beauty, a massive publicly traded conglomerate, 00:01:46.950 --> 00:01:49.230 decided was worth 10 figures. That's the key, 00:01:49.310 --> 00:01:52.090 a public company. Yes. This wasn't some vanity 00:01:52.090 --> 00:01:54.730 valuation. This was Wall Street saying this asset 00:01:54.730 --> 00:01:56.870 is worth a billion dollars. That doesn't happen 00:01:56.870 --> 00:01:58.670 by accident. And it certainly doesn't happen 00:01:58.670 --> 00:02:00.310 just because you have a famous last name. So 00:02:00.310 --> 00:02:02.230 that's the tension I really want to explore today. 00:02:02.370 --> 00:02:05.069 Is this success simply the result of extreme 00:02:05.069 --> 00:02:07.349 privilege, you know, starting on third base and 00:02:07.349 --> 00:02:09.909 thinking you hit a triple? Or is there an actual, 00:02:10.009 --> 00:02:13.389 tangible, strategic genius at play here? And 00:02:13.389 --> 00:02:15.389 we can actually try to answer that because we 00:02:15.389 --> 00:02:17.689 have a massive stack of sources today. We do. 00:02:17.810 --> 00:02:20.430 We've got the business reports on that ELF acquisition, 00:02:20.569 --> 00:02:23.629 which are, I mean, surprisingly detailed. We've 00:02:23.629 --> 00:02:27.250 got deep archives from Vogue, from Elle, Marie 00:02:27.250 --> 00:02:30.750 Claire going back a decade. And we've got the 00:02:30.750 --> 00:02:33.430 biographical data and medical statements that 00:02:33.430 --> 00:02:36.050 paint a pretty complex picture of the person 00:02:36.050 --> 00:02:38.469 behind the brand. What stands out when you... 00:02:38.930 --> 00:02:41.189 synthesize all these documents is that Haley 00:02:41.189 --> 00:02:43.509 represents a shift in how personal branding works. 00:02:43.750 --> 00:02:45.550 It's not just about visibility anymore. It's 00:02:45.550 --> 00:02:47.210 about conversion. What do you mean by that? It's 00:02:47.210 --> 00:02:50.520 about converting fame into equity. Real tangible 00:02:50.520 --> 00:02:53.020 equity. And while the privilege is undeniable, 00:02:53.180 --> 00:02:55.379 and we absolutely have to discuss the Baldwin 00:02:55.379 --> 00:02:58.039 dynasty, the sources show a level of execution 00:02:58.039 --> 00:03:00.900 of actual nuts and bolts business acumen that 00:03:00.900 --> 00:03:03.280 is rare even among the ultra wealthy. OK, so 00:03:03.280 --> 00:03:06.680 let's unpack this properly then. We can't understand 00:03:06.680 --> 00:03:10.159 the billion dollar exit in 2025 without understanding 00:03:10.159 --> 00:03:12.240 where she actually came from. And I don't just 00:03:12.240 --> 00:03:13.939 mean the red carpet. You have to go way back. 00:03:14.080 --> 00:03:17.020 Before the Bieber name, before the modeling contracts. 00:03:17.919 --> 00:03:20.680 We need to go back to Tucson, Arizona, 1996. 00:03:20.879 --> 00:03:24.849 Right. November 22, 1996. Born Haley Road Baldwin. 00:03:25.069 --> 00:03:26.990 Now, everyone knows the Baldwin brothers. Her 00:03:26.990 --> 00:03:29.110 father is Stephen Baldwin, the youngest of that 00:03:29.110 --> 00:03:32.889 acting clan. Her uncle, of course, is Alec Baldwin. 00:03:33.030 --> 00:03:36.050 That is a heavy, heavy name to carry in Hollywood. 00:03:36.349 --> 00:03:39.030 It is. It opens doors, sure, but it also comes 00:03:39.030 --> 00:03:40.930 with a lot of baggage and a lot of preconceived 00:03:40.930 --> 00:03:43.550 notions about who you are. People assume you've 00:03:43.550 --> 00:03:45.669 had everything handed to you. It does, but I 00:03:45.669 --> 00:03:48.370 think focusing only on the Baldwin side is a 00:03:48.370 --> 00:03:50.550 mistake that a lot of unauthorized biographies 00:03:50.550 --> 00:03:52.789 make. If you really want to understand her aesthetic, 00:03:53.129 --> 00:03:55.610 Her drive. You have to look at the maternal side 00:03:55.610 --> 00:03:58.550 of the family. Her mother is Kenya Diodato. A 00:03:58.550 --> 00:04:01.689 Brazilian graphic designer, not an actress. Exactly. 00:04:01.689 --> 00:04:04.849 An artist in a totally different field. And Kenya's 00:04:04.849 --> 00:04:08.669 father, so Haley's grandfather, is Ymir Diodato. 00:04:08.770 --> 00:04:10.810 Wait, the musician, the Diodato. The legendary 00:04:10.810 --> 00:04:13.879 Brazilian musician. The one and only. He won 00:04:13.879 --> 00:04:16.300 a Grammy. He worked with everyone from Kool and 00:04:16.300 --> 00:04:19.439 the Gang to Bjork to Frank Sinatra. He was a 00:04:19.439 --> 00:04:22.279 massive deal in the fusion jazz world. Wow. So 00:04:22.279 --> 00:04:25.060 she isn't just Hollywood royalty. No. She has 00:04:25.060 --> 00:04:28.300 this deep artistic international lineage on her 00:04:28.300 --> 00:04:31.000 mother's side that gives her a completely different 00:04:31.000 --> 00:04:33.740 cultural grounding. It's more, I don't know, 00:04:33.819 --> 00:04:36.899 worldly. That makes sense. It explains a bit 00:04:36.899 --> 00:04:39.079 of that cosmopolitan flair she's always seemed 00:04:39.079 --> 00:04:41.120 to possess, even before she was traveling the 00:04:41.120 --> 00:04:44.279 world for modeling. Also, a fun fact I found 00:04:44.279 --> 00:04:47.139 in the notes, she was named after Halley's Comet. 00:04:47.240 --> 00:04:49.899 Which is kind of poetic considering her career 00:04:49.899 --> 00:04:52.420 trajectory, isn't it? A bright object that streaks 00:04:52.420 --> 00:04:54.660 across the sky. But here's the thing that really 00:04:54.660 --> 00:04:56.680 struck me in the research that I think is the 00:04:56.680 --> 00:04:59.339 key to her entire ethos. Okay. When you look 00:04:59.339 --> 00:05:01.600 at her childhood interviews or the retrospective 00:05:01.600 --> 00:05:04.180 pieces, she wasn't dreaming of being a celebrity. 00:05:04.360 --> 00:05:06.439 She wasn't practicing her autograph in the mirror. 00:05:06.540 --> 00:05:09.240 She was at the bar. Ballet. Serious, classical 00:05:09.240 --> 00:05:11.310 ballet. I want to pause on this for a second 00:05:11.310 --> 00:05:13.689 because I think when people hear celebrity did 00:05:13.689 --> 00:05:16.430 ballet, they think of a cute after -school hobby. 00:05:16.589 --> 00:05:19.389 Right. They think to -dos and, you know, a little 00:05:19.389 --> 00:05:22.050 recital for grandma and grandpa. This was not 00:05:22.050 --> 00:05:25.389 that. The sources indicate she trained for 12 00:05:25.389 --> 00:05:28.209 years. And if you know anything about elite ballet, 00:05:28.589 --> 00:05:31.129 you know that it is closer to military training 00:05:31.129 --> 00:05:34.129 than it is to a hobby. It's grueling. We are 00:05:34.129 --> 00:05:37.029 talking about training six days a week, bleeding 00:05:37.029 --> 00:05:39.689 toes, literal deformities in the feet, total 00:05:39.689 --> 00:05:43.310 dietary control, and immense psychological pressure 00:05:43.310 --> 00:05:46.350 from a very young age. It requires a level of 00:05:46.350 --> 00:05:49.350 discipline that most adults never achieve, let 00:05:49.350 --> 00:05:51.629 alone children. It's an athlete's mindset, really. 00:05:51.730 --> 00:05:53.889 You learn that physical pain is just information, 00:05:54.129 --> 00:05:56.129 not a reason to stop. You learn to push through 00:05:56.129 --> 00:05:59.050 barriers that seem impossible. Precisely. And 00:05:59.050 --> 00:06:01.269 she was serious about it. The plan wasn't to 00:06:01.269 --> 00:06:03.850 fall back on the family name. She spent summers 00:06:03.850 --> 00:06:06.170 at the American Ballet Theater in New York. This 00:06:06.170 --> 00:06:08.149 was her career plan. She wasn't going to be an 00:06:08.149 --> 00:06:10.050 actress. She was going to be a professional ballerina. 00:06:10.189 --> 00:06:13.129 And then, at the peak of that training, the first 00:06:13.129 --> 00:06:15.689 major pivot happens. And it wasn't by choice 00:06:15.689 --> 00:06:19.149 at all. No. She suffered a severe foot injury 00:06:19.149 --> 00:06:23.310 at age 16. A stress fracture, essentially. But 00:06:23.310 --> 00:06:26.009 serious enough that it completely ended the professional 00:06:26.009 --> 00:06:29.350 dream. Just over. Can you imagine that? You're 00:06:29.350 --> 00:06:32.790 16 years old. Your entire identity is dancer. 00:06:33.389 --> 00:06:36.970 Your social circle is dance. Your future is dance. 00:06:37.529 --> 00:06:40.009 And a doctor walks into a room and says, it's 00:06:40.009 --> 00:06:42.810 over. That is a massive identity crisis for a 00:06:42.810 --> 00:06:45.850 teenager. A huge one. Psychologically, that creates 00:06:45.850 --> 00:06:48.329 a void. And psychologists will tell you that 00:06:48.329 --> 00:06:50.329 for high -performing children, that energy, that 00:06:50.329 --> 00:06:53.129 discipline, it has to go somewhere. If they can't 00:06:53.129 --> 00:06:54.990 channel it into their sport, they often spiral. 00:06:55.470 --> 00:06:58.310 For Haley, she had to find a new vessel for that 00:06:58.310 --> 00:07:00.430 discipline immediately. And because she was a 00:07:00.430 --> 00:07:02.910 Baldwin and because she was undeniably striking, 00:07:03.310 --> 00:07:06.250 the door that opened was modeling. But notice 00:07:06.250 --> 00:07:08.069 how she approached it. This is so important. 00:07:08.290 --> 00:07:11.009 She didn't just rely on Uncle Alec making a phone 00:07:11.009 --> 00:07:13.670 call to a magazine. She signed with Ford Models 00:07:13.670 --> 00:07:16.490 in 2014. And Ford is. Ford is an institution. 00:07:16.990 --> 00:07:18.509 It's old school. It's where you go to learn the 00:07:18.509 --> 00:07:20.250 craft, to learn how to move, how to work with 00:07:20.250 --> 00:07:21.850 a photographer. It's not where you go just to 00:07:21.850 --> 00:07:24.569 be famous. So she treats modeling like ballet. 00:07:24.610 --> 00:07:27.670 She practices. She grinds. She learns the fundamentals. 00:07:27.870 --> 00:07:30.550 She does. Her first commercial campaign was for 00:07:30.550 --> 00:07:33.829 French Connection in the winter of 2014. A pretty 00:07:33.829 --> 00:07:36.930 standard start. Then she makes her runway debut 00:07:36.930 --> 00:07:40.990 for Topshop and Sonia Raquel. But here is where 00:07:40.990 --> 00:07:43.329 we need to look at the industry dynamics. Because 00:07:43.329 --> 00:07:46.290 it's easy to just say she was a model. But the 00:07:46.290 --> 00:07:49.350 kind of model she became matters immensely for 00:07:49.350 --> 00:07:51.569 the business she built later. You're talking 00:07:51.569 --> 00:07:53.990 about the split between commercial and high fashion, 00:07:54.069 --> 00:07:56.689 right? The two separate worlds. Correct. Usually, 00:07:56.689 --> 00:07:59.089 models have to pick a lane. You are either a 00:07:59.089 --> 00:08:01.910 commercial girl. You do catalogs, you sell jeans, 00:08:02.209 --> 00:08:04.769 you have a wholesome, approachable girl next 00:08:04.769 --> 00:08:07.350 door looks, think Sports Illustrated, or a Gap 00:08:07.350 --> 00:08:10.689 campaign. Or you are high fashion. You are edgy, 00:08:10.709 --> 00:08:13.050 maybe a bit strange looking, you're gaunt, you 00:08:13.050 --> 00:08:15.649 walk for Prada and Balenciaga, but you don't 00:08:15.649 --> 00:08:18.009 necessarily sell massive amounts of product to 00:08:18.009 --> 00:08:20.629 middle America. And Hailey? Hailey managed to 00:08:20.629 --> 00:08:22.730 do something that is notoriously difficult. She 00:08:22.730 --> 00:08:24.709 straddled both worlds perfectly. How does she 00:08:24.709 --> 00:08:26.610 pull that off? Because those two worlds, they 00:08:26.610 --> 00:08:29.470 usually look down on each other. They do. Well... 00:08:30.189 --> 00:08:32.529 Looking at the timeline, the big shift happens 00:08:32.529 --> 00:08:36.190 in March 2016. She leaves Ford and signs with 00:08:36.190 --> 00:08:38.669 IMG Models. Okay, and IMG is the heavy hitter. 00:08:38.710 --> 00:08:40.309 IMG is the top of the mountain. They represent 00:08:40.309 --> 00:08:43.730 the supers. That's the Gisele, Kate Moss, Gigi, 00:08:43.750 --> 00:08:46.279 and Bella Hadid level. It's a statement of intent. 00:08:46.539 --> 00:08:48.840 So that's her move into the high fashion space. 00:08:49.080 --> 00:08:51.419 Exactly. And when she is at IMG, you see the 00:08:51.419 --> 00:08:54.720 portfolio just explode. She is walking from Moschino 00:08:54.720 --> 00:08:57.419 alongside legends like Miranda Kerr and Alessandro 00:08:57.419 --> 00:09:00.440 Ambrosio. She's doing Dolce & Gabbana in Milan 00:09:00.440 --> 00:09:04.080 and Elie Saab in Paris. Those are high prestige, 00:09:04.179 --> 00:09:06.480 credibility building gigs. But she didn't stop 00:09:06.480 --> 00:09:09.279 selling denim. No. And that is the absolute genius 00:09:09.279 --> 00:09:11.360 of it. Yeah. While she is walking for Elie Saab 00:09:11.360 --> 00:09:13.559 in Paris, a very exclusive couture environment, 00:09:13.960 --> 00:09:17.000 she's also shooting campaigns for Guess, for 00:09:17.000 --> 00:09:20.740 UGG, for H &M's Coachella line. The most commercial 00:09:20.740 --> 00:09:22.639 of the commercial brands. Totally. And then she 00:09:22.639 --> 00:09:25.480 becomes the face of Levi's in 2019 and Bare Minerals 00:09:25.480 --> 00:09:28.000 in 2018. She never abandoned that commercial 00:09:28.000 --> 00:09:30.250 appeal. So if I'm understanding this correctly, 00:09:30.429 --> 00:09:32.610 she was basically building a personal brand that 00:09:32.610 --> 00:09:35.389 was aspirational enough for the fashion snobs 00:09:35.389 --> 00:09:37.730 in Paris, but still approachable enough for the 00:09:37.730 --> 00:09:40.269 girl at the mall in Ohio buying a new pair of 00:09:40.269 --> 00:09:43.149 jeans. That is the perfect summary. And that 00:09:43.149 --> 00:09:46.669 mastige positioning mass market plus prestige 00:09:46.669 --> 00:09:50.440 is exactly what rode the brand. would eventually 00:09:50.440 --> 00:09:53.919 become. She was A -B testing her own brand appeal 00:09:53.919 --> 00:09:56.899 for five years before she ever sold a single 00:09:56.899 --> 00:09:59.259 bottle of peptide glazing fluid. Which brings 00:09:59.259 --> 00:10:01.120 us to the main event. We have to talk about Road 00:10:01.120 --> 00:10:03.440 because, you know, in 2022 when she launched 00:10:03.440 --> 00:10:07.059 this, the world was absolutely drowning in celebrity 00:10:07.059 --> 00:10:09.779 skincare. Oh, the fatigue was so real. You had 00:10:09.779 --> 00:10:12.299 Brad Pitt releasing skincare made from grapes. 00:10:12.460 --> 00:10:15.340 You had Travis Barker. It felt like every celebrity 00:10:15.340 --> 00:10:17.279 with a pulse was launching a moisturizer. It 00:10:17.279 --> 00:10:19.919 felt like a cash grab. The skepticism was incredibly 00:10:19.919 --> 00:10:21.980 high. Through the roof. I remember the headlines. 00:10:22.200 --> 00:10:24.460 Does the world really need another celebrity 00:10:24.460 --> 00:10:29.750 moisturizer? So June 15th, 2022, Road launches, 00:10:29.769 --> 00:10:32.190 named after her middle name. And despite all 00:10:32.190 --> 00:10:34.309 that cynicism, something clicked. The product 00:10:34.309 --> 00:10:36.870 clicked. And this is where that ballet discipline 00:10:36.870 --> 00:10:39.289 that we talked about comes back in. The sources 00:10:39.289 --> 00:10:41.450 are clear on this. She didn't just slap her name 00:10:41.450 --> 00:10:43.690 on a white label product that some lab cooked 00:10:43.690 --> 00:10:45.710 up. Which is what a lot of them do. It's what 00:10:45.710 --> 00:10:48.309 most of them do. She was obsessively involved 00:10:48.309 --> 00:10:51.509 in the formulation. She hired top -tier dermatologists 00:10:51.509 --> 00:10:54.470 and cosmetic chemists. She focused on a very 00:10:54.470 --> 00:10:58.909 specific, almost unsexy part of skin care. Barrier 00:10:58.909 --> 00:11:01.649 repair. Barrier repair. It's not about promising 00:11:01.649 --> 00:11:04.669 a miracle in a jar. It's about fundamental skin 00:11:04.669 --> 00:11:07.250 health. It's a credible, science -backed approach, 00:11:07.429 --> 00:11:10.350 and it works. And the glazed donut trend. We 00:11:10.350 --> 00:11:12.950 can't ignore that. It was everywhere. Viral marketing 00:11:12.950 --> 00:11:15.789 genius. Absolute genius. She took a look. She 00:11:15.789 --> 00:11:18.980 was already known for that glowing. dewy, almost 00:11:18.980 --> 00:11:22.179 wet -looking skin, gave it a catchy, simple food 00:11:22.179 --> 00:11:24.860 -based name, and then sold the exact, very simple 00:11:24.860 --> 00:11:27.320 products that achieved it. It was so simple and 00:11:27.320 --> 00:11:29.279 so effective. So let's fast -forward to the numbers, 00:11:29.360 --> 00:11:30.940 because the numbers don't care about viral trends 00:11:30.940 --> 00:11:32.899 or cool names. They care about sales. And the 00:11:32.899 --> 00:11:35.860 sales were staggering. By the fiscal year ending 00:11:35.860 --> 00:11:40.980 March 31, 2025, Rode had hit $212 million in 00:11:40.980 --> 00:11:43.440 sales. $212 million. Let's just sit with that 00:11:43.440 --> 00:11:45.179 for a second. That is not a small indie brand. 00:11:45.259 --> 00:11:48.700 That is serious revenue. It is huge. For context, 00:11:48.940 --> 00:11:51.120 many celebrity brands that you think are successful 00:11:51.120 --> 00:11:54.139 struggle to pass the $50 million mark. Hitting 00:11:54.139 --> 00:11:57.220 over $200 million in less than three years puts 00:11:57.220 --> 00:11:59.460 you in the big leagues. And that is what caught 00:11:59.460 --> 00:12:02.899 the attention of ELF Beauty. Okay, so let's dive 00:12:02.899 --> 00:12:07.240 into this acquisition. May 28, 2025, ELF Beauty 00:12:07.240 --> 00:12:10.740 acquires Rode for one... billion dollars. But 00:12:10.740 --> 00:12:12.480 I want to play devil's advocate here for a minute. 00:12:12.600 --> 00:12:15.159 Please do. ELF is known for affordable dupes. 00:12:15.159 --> 00:12:17.740 You know, cheap, good makeup, the $6 concealer 00:12:17.740 --> 00:12:19.960 that everyone loves. Rode is more expensive. 00:12:20.039 --> 00:12:23.179 It has this luxury aesthetic. Why does ELF spend 00:12:23.179 --> 00:12:25.139 a billion dollars on this? It seems like an odd 00:12:25.139 --> 00:12:28.370 fit. It's all about portfolio diversity. Look, 00:12:28.450 --> 00:12:31.269 ELF absolutely dominates the mass market, the 00:12:31.269 --> 00:12:33.950 $6 mascara. But they needed a foothold in the 00:12:33.950 --> 00:12:36.690 prestige or mastiche skincare category. It's 00:12:36.690 --> 00:12:38.870 a different consumer. A consumer with more money 00:12:38.870 --> 00:12:42.139 to spend. Exactly. They saw that Haley had captured 00:12:42.139 --> 00:12:44.639 Gen Z and millennials in a way that the legacy 00:12:44.639 --> 00:12:47.139 brands, like, say, an Estee Lauder, were really 00:12:47.139 --> 00:12:49.259 struggling to do. So they weren't just buying 00:12:49.259 --> 00:12:51.899 the $212 million in revenue. They were buying 00:12:51.899 --> 00:12:54.299 the cultural relevance. They were buying a direct 00:12:54.299 --> 00:12:57.200 line to a younger demographic. And the deal structure 00:12:57.200 --> 00:12:59.860 itself is fascinating. It's not just a giant 00:12:59.860 --> 00:13:02.279 wire transfer for a billion dollars, is it? No. 00:13:02.279 --> 00:13:04.399 And this is where we see how smart the ELF executives 00:13:04.399 --> 00:13:06.860 are. They're protecting themselves. The deal 00:13:06.860 --> 00:13:09.320 was structured as $600 million in cash up front. 00:13:09.379 --> 00:13:11.759 Okay, a huge payday. A life -changing amount 00:13:11.759 --> 00:13:14.940 of money. Yeah. Then $200 million in ELF stock. 00:13:15.539 --> 00:13:18.200 But the final $200 million is something called 00:13:18.200 --> 00:13:21.039 an earn -out. Okay, unpack earn -out for us because 00:13:21.039 --> 00:13:23.000 that sounds like a trap. It's essentially a pair 00:13:23.000 --> 00:13:26.259 of golden handcuffs. That last $200 million is 00:13:26.259 --> 00:13:28.659 only payable over the next three years, so between 00:13:28.659 --> 00:13:32.379 2025 and 2028. And it is contingent on road -hitting 00:13:32.379 --> 00:13:35.000 specific aggressive growth targets. So if the 00:13:35.000 --> 00:13:37.899 brand flops next year or if sales stagnate, she 00:13:37.899 --> 00:13:41.120 loses out on potentially $200 million. Precisely. 00:13:41.600 --> 00:13:45.320 ELF is smart. They know that the brand is Haley. 00:13:45.539 --> 00:13:48.379 If she gets bored and walks away or if she stops 00:13:48.379 --> 00:13:51.159 posting about it on TikTok, the value plummets. 00:13:51.580 --> 00:13:54.100 This deal structure forces her to stay locked 00:13:54.100 --> 00:13:58.399 in, focused, and incentivized until 2028. It 00:13:58.399 --> 00:14:00.620 keeps the founder invested. And she's not just 00:14:00.620 --> 00:14:03.090 a figurehead now, right? She has a real title. 00:14:03.230 --> 00:14:05.389 A very real title. She is the chief creative 00:14:05.389 --> 00:14:08.009 officer and head of innovation for Rode. And 00:14:08.009 --> 00:14:10.490 uniquely, she is now also a strategic beauty 00:14:10.490 --> 00:14:13.070 advisor to the parent company, ELF, as a whole. 00:14:13.210 --> 00:14:15.909 Wow. So she's helping guide strategy for a multi 00:14:15.909 --> 00:14:18.629 -billion dollar public company. That is a wild, 00:14:18.710 --> 00:14:21.090 wild ascent from being the face of a campaign 00:14:21.090 --> 00:14:23.230 to being in the boardroom advising on corporate 00:14:23.230 --> 00:14:25.490 strategy. But it wasn't all smooth sailing to 00:14:25.490 --> 00:14:27.590 get here. We have to mention the lawsuit. The 00:14:27.590 --> 00:14:30.139 trademark battle. Yes. A big bump in the road 00:14:30.139 --> 00:14:31.980 right at the start. Right after the launch in 00:14:31.980 --> 00:14:35.379 2022, she gets sued. She was sued by a fashion 00:14:35.379 --> 00:14:39.019 company called R -H -O -D -E, spelled the same, 00:14:39.120 --> 00:14:42.460 but in all caps. It was founded by two women 00:14:42.460 --> 00:14:45.159 who had built a successful clothing brand for 00:14:45.159 --> 00:14:48.179 years. They sued for trademark infringement, 00:14:48.179 --> 00:14:50.960 arguing that Hailey's massive celebrity brand 00:14:50.960 --> 00:14:53.259 would completely drown them out in the market. 00:14:53.419 --> 00:14:55.259 And honestly, you can see their point. They had 00:14:55.259 --> 00:14:57.850 a point. They absolutely did. When a celebrity 00:14:57.850 --> 00:15:00.610 of her magnitude enters a room, they suck up 00:15:00.610 --> 00:15:04.230 all the oxygen. If you Google road now, you find 00:15:04.230 --> 00:15:06.990 Hailey Bieber, not the fashion brand. It was 00:15:06.990 --> 00:15:09.750 a classic David and Goliath situation. But this 00:15:09.750 --> 00:15:12.809 time, Hailey was Goliath. The courts eventually 00:15:12.809 --> 00:15:15.090 allowed her to proceed with the name, but it 00:15:15.090 --> 00:15:17.710 was a rocky, messy start. It showed that having 00:15:17.710 --> 00:15:20.149 a famous name makes you a target just as much 00:15:20.149 --> 00:15:22.230 as it gives you a boost. It's interesting you 00:15:22.230 --> 00:15:23.590 mentioned the name again because that brings 00:15:23.590 --> 00:15:26.070 me to another crucial piece of the puzzle, the 00:15:26.070 --> 00:15:28.909 name Haley Bieber itself. The intellectual property. 00:15:29.090 --> 00:15:31.450 Right. We tend to think of marriage as a romantic 00:15:31.450 --> 00:15:34.730 union, but in the celebrity world, it's also 00:15:34.730 --> 00:15:37.450 a brand merger. It's a business transaction in 00:15:37.450 --> 00:15:40.169 a way. 100%. She applied to trademark the name 00:15:40.169 --> 00:15:42.750 Haley Bieber for commercial purposes in 2018, 00:15:42.909 --> 00:15:44.950 right around the time of the marriage. And that 00:15:44.950 --> 00:15:48.169 was a critical, forward -thinking business move. 00:15:48.570 --> 00:15:50.710 Look, Haley Baldwin is a famous name in certain 00:15:50.710 --> 00:15:55.019 circles, but Haley Bieber. That is global superstardom. 00:15:55.080 --> 00:15:58.100 That is a name that resonates in markets in Asia, 00:15:58.200 --> 00:16:01.519 in South America, where Baldwin might not mean 00:16:01.519 --> 00:16:04.159 as much. It's a globally recognized asset. It 00:16:04.159 --> 00:16:07.259 is. By locking down that trademark for clothing 00:16:07.259 --> 00:16:09.940 and beauty products, she was securing the core 00:16:09.940 --> 00:16:11.820 asset that she would eventually monetize with 00:16:11.820 --> 00:16:13.919 Rode. It was a chess move. But she didn't just 00:16:13.919 --> 00:16:15.860 sit on the name. She worked on her media presence. 00:16:15.960 --> 00:16:17.759 I feel like people forget she was a TV host for 00:16:17.759 --> 00:16:20.379 a while. She was. And this was crucial training 00:16:20.379 --> 00:16:23.090 for what was to come. She hosted Drop the Mic 00:16:23.090 --> 00:16:26.590 starting in 2017. The rap battle show with Method 00:16:26.590 --> 00:16:29.629 Man, which on paper sounds like the most ridiculous 00:16:29.629 --> 00:16:31.750 concept. It sounds like a Mad Libs, doesn't it? 00:16:31.789 --> 00:16:34.529 A Baldwin ballerina and a Wu -Tang Clan legend. 00:16:34.769 --> 00:16:37.210 But she held her own. She was charismatic. She 00:16:37.210 --> 00:16:39.509 was quick. She was comfortable on camera. She 00:16:39.509 --> 00:16:43.370 also hosted the MTV EMAs in 2015 and the iHeartRadio 00:16:43.370 --> 00:16:45.850 Awards in Canada. Why does this matter for her 00:16:45.850 --> 00:16:48.309 business, though? What's the connection? Because 00:16:48.309 --> 00:16:51.190 founders need to be communicators. Modern founders 00:16:51.190 --> 00:16:53.750 are media personalities. When you are selling 00:16:53.750 --> 00:16:56.009 a vision to investors or explaining a product 00:16:56.009 --> 00:16:58.289 on TikTok to millions of people, you need to 00:16:58.289 --> 00:17:00.690 be comfortable with a microphone. That hosting 00:17:00.690 --> 00:17:03.509 experience gave her, the reps, the ability to 00:17:03.509 --> 00:17:06.349 control a room and control a narrative. Speaking 00:17:06.349 --> 00:17:08.589 of controlling narratives, we have to talk about 00:17:08.589 --> 00:17:11.490 the Justin factor. You can't tell the Haley story 00:17:11.490 --> 00:17:13.950 without the Justin story. You really can't. It's 00:17:13.950 --> 00:17:15.849 the elephant in the room for her entire career. 00:17:16.069 --> 00:17:17.970 So let's just look at the timeline. They date 00:17:17.970 --> 00:17:22.089 briefly back in 2015, 2016. It ends. Then in 00:17:22.089 --> 00:17:25.829 June 2018, they reconcile. And the speed, I mean, 00:17:25.829 --> 00:17:28.650 it was absolute whiplash for the public. It was 00:17:28.650 --> 00:17:31.220 warp speed. They get back together in June. They're 00:17:31.220 --> 00:17:34.140 engaged in July 2018. They're married at a courthouse 00:17:34.140 --> 00:17:36.940 in New York in November 2018. It was incredibly 00:17:36.940 --> 00:17:39.160 fast. And I remember the public reaction was, 00:17:39.259 --> 00:17:43.279 it was not kind, to put it mildly. It was vicious. 00:17:43.359 --> 00:17:46.220 You have to remember, the Jelena fan base, the 00:17:46.220 --> 00:17:48.480 fans of Justin and his previous girlfriend Selena 00:17:48.480 --> 00:17:53.440 Gomez, was massive and intensely loyal. To them, 00:17:53.539 --> 00:17:56.920 Haley was the interloper. She walked into a hurricane 00:17:56.920 --> 00:18:00.700 of online hate. That level of scrutiny of daily, 00:18:00.759 --> 00:18:03.359 hourly negativity, it could have crushed someone. 00:18:03.539 --> 00:18:05.859 It could have. And she has admitted in interviews 00:18:05.859 --> 00:18:08.119 that it almost did. But I think this is where 00:18:08.119 --> 00:18:10.539 their shared faith comes into the story. They 00:18:10.539 --> 00:18:13.390 both attend. Church Home, which is this very 00:18:13.390 --> 00:18:16.430 popular evangelical celebrity friendly church. 00:18:16.609 --> 00:18:18.769 Right. The one run by Pastor Judah Smith. Yes. 00:18:18.849 --> 00:18:20.690 And reading the interviews with both of them, 00:18:20.710 --> 00:18:23.089 it seems that their shared faith was the anchor 00:18:23.089 --> 00:18:25.549 in that storm. It gave them a shared language 00:18:25.549 --> 00:18:27.950 and a shared community that was separate from 00:18:27.950 --> 00:18:29.970 the Hollywood industry. It allowed them to build 00:18:29.970 --> 00:18:32.509 a kind of fortress around their marriage. And 00:18:32.509 --> 00:18:35.789 now looking at them in early 2026, they've expanded 00:18:35.789 --> 00:18:38.170 that fortress. They have a son. Jack Blues Bieber. 00:18:38.720 --> 00:18:41.920 Born August 23, 2024. Which means she was navigating 00:18:41.920 --> 00:18:44.119 the first year of motherhood, the sleepless nights, 00:18:44.259 --> 00:18:46.660 the everything at the exact same time she was 00:18:46.660 --> 00:18:48.779 in the final stages of negotiating this billion 00:18:48.779 --> 00:18:51.920 -dollar exit with ELF. That is a staggering amount 00:18:51.920 --> 00:18:55.400 of pressure to be under. Newborns are hard. Multi 00:18:55.400 --> 00:18:58.519 -billion -dollar M &A deals are hard. Doing both 00:18:58.519 --> 00:19:01.680 simultaneously. That requires a support system 00:19:01.680 --> 00:19:04.490 and an incredible... almost inhuman amount of 00:19:04.490 --> 00:19:06.549 focus. And probably a lot of sleepless nights 00:19:06.549 --> 00:19:08.730 in La Quinta, California. Right. They moved. 00:19:08.849 --> 00:19:11.190 They left that secluded lake house they had in 00:19:11.190 --> 00:19:14.170 Ontario, Canada, and settled in La Quinta, which 00:19:14.170 --> 00:19:17.329 is near Palm Springs. Why La Quinta? Of all places, 00:19:17.390 --> 00:19:19.509 why not Beverly Hills or Malibu like everyone 00:19:19.509 --> 00:19:22.910 else? Privacy. La Quinta is a wealthy enclave. 00:19:22.910 --> 00:19:25.519 It's quiet. It's in the desert. It's close enough 00:19:25.519 --> 00:19:27.539 to L .A. for a meeting when you need it, but 00:19:27.539 --> 00:19:29.539 it's far enough away that the paparazzi aren't 00:19:29.539 --> 00:19:32.640 camped on your lawn 24 -7. It signals a real 00:19:32.640 --> 00:19:35.359 desire for normal -ish family life away from 00:19:35.359 --> 00:19:37.759 the chaos. Normal -ish is probably the best they 00:19:37.759 --> 00:19:40.059 can hope for. But privacy has been a major theme 00:19:40.059 --> 00:19:41.720 for them, especially because of the health scares. 00:19:41.940 --> 00:19:44.299 And this is a chapter that I think really changed 00:19:44.299 --> 00:19:46.599 the public perception of Haley Bieber. I agree 00:19:46.599 --> 00:19:49.140 completely. The perfect model image, that untouchable 00:19:49.140 --> 00:19:52.140 facade, it just shattered on March 10, 2022. 00:19:52.460 --> 00:19:54.859 Take us through that day. based on what she shared. 00:19:55.059 --> 00:19:57.380 She was having breakfast with Justin, a normal 00:19:57.380 --> 00:19:59.920 morning, and suddenly she couldn't speak properly. 00:20:00.339 --> 00:20:02.579 The right side of her face started drooping. 00:20:02.720 --> 00:20:05.740 She was having stroke -like symptoms. At 25 years 00:20:05.740 --> 00:20:09.660 old, it's just, it's chilling to even think about. 00:20:09.859 --> 00:20:12.460 It's terrifying. She was rushed to the hospital. 00:20:12.680 --> 00:20:15.920 It turned out to be a TIA, a transient ischemic 00:20:15.920 --> 00:20:18.019 attack, which is often called a mini -stroke. 00:20:18.220 --> 00:20:20.960 And the cause was even more shocking. The cause 00:20:20.960 --> 00:20:25.420 was a PFO. A patent for him an oval. It's a small 00:20:25.420 --> 00:20:27.279 hole in the heart that everyone has in the womb, 00:20:27.420 --> 00:20:30.539 but it usually closes after birth. Hers didn't. 00:20:30.700 --> 00:20:33.619 A small blood clot traveled from her body, passed 00:20:33.619 --> 00:20:35.240 through that hole in her heart, and went straight 00:20:35.240 --> 00:20:37.500 up to her brain. And she had to have heart surgery 00:20:37.500 --> 00:20:40.220 to close it. She did. And here is where the branding 00:20:40.220 --> 00:20:42.279 aspect comes back in. And I don't mean that in 00:20:42.279 --> 00:20:44.140 a cynical way. She didn't hide it. She didn't 00:20:44.140 --> 00:20:46.480 release a vague statement about exhaustion. She 00:20:46.480 --> 00:20:49.299 got on YouTube and made a 12 -minute video explaining 00:20:49.299 --> 00:20:52.500 the anatomy of a PFO. She used medical terms. 00:20:52.680 --> 00:20:55.279 She showed her vulnerability. It totally humanized 00:20:55.279 --> 00:20:58.319 her. Immensely. It's hard to send hate to someone 00:20:58.319 --> 00:21:00.940 on Instagram when they are calmly talking you 00:21:00.940 --> 00:21:03.880 through their recent heart surgery. It shifted 00:21:03.880 --> 00:21:07.680 the narrative from pampered princess to resilient 00:21:07.680 --> 00:21:09.740 survivor. And she kept doing that. She talked 00:21:09.740 --> 00:21:11.900 about the ovarian cyst, which she said was the 00:21:11.900 --> 00:21:14.759 size of an apple. Right. She posted a photo of 00:21:14.759 --> 00:21:18.119 her bloated stomach on Instagram and said, this 00:21:18.119 --> 00:21:21.740 isn't a baby. It's an ovarian cyst. It was so 00:21:21.740 --> 00:21:24.539 raw and so direct. It connected with millions 00:21:24.539 --> 00:21:26.440 of women who deal with that kind of invisible 00:21:26.440 --> 00:21:28.680 pain every day. And then there was the mental 00:21:28.680 --> 00:21:32.140 health aspect. In April 2023, during the height 00:21:32.140 --> 00:21:34.619 of all that online drama involving Selena Gomez, 00:21:34.900 --> 00:21:37.160 she just came out and admitted she was fragile 00:21:37.160 --> 00:21:39.400 and having a hard time. That vulnerability is 00:21:39.400 --> 00:21:42.420 a strategic asset in today's market. In the 90s, 00:21:42.420 --> 00:21:44.839 supermodels were supposed to be untouchable goddesses. 00:21:44.839 --> 00:21:47.640 You never saw them sweat. Today, Gen Z values 00:21:47.640 --> 00:21:50.240 authenticity above all else. They want to know 00:21:50.240 --> 00:21:52.839 you suffer like they do. By sharing her pain, 00:21:53.059 --> 00:21:55.759 Haley built trust. And as you said before, trust 00:21:55.759 --> 00:21:57.740 is the currency that sells skincare. Exactly. 00:21:57.779 --> 00:22:00.099 You trust her, so you trust her barrier repair 00:22:00.099 --> 00:22:02.039 cream. It's a direct line. It's a fascinating 00:22:02.039 --> 00:22:05.079 evolution of the celebrity archetype. But there 00:22:05.079 --> 00:22:07.539 is one area where she hasn't just gone with the 00:22:07.539 --> 00:22:10.059 flow of public opinion. And that's politics. 00:22:10.279 --> 00:22:12.319 This is a sticky one, especially within our own 00:22:12.319 --> 00:22:15.200 family. Her dad, Stephen Baldwin, is a very, 00:22:15.279 --> 00:22:17.420 very vocal supporter of Donald Trump. He is. 00:22:17.480 --> 00:22:19.119 He's arguably one of the most vocal celebrity 00:22:19.119 --> 00:22:21.579 supporters of the Amadei movement. He's been 00:22:21.579 --> 00:22:25.039 consistent on that for years. And Haley. Haley 00:22:25.039 --> 00:22:27.700 went in the completely opposite direction. In 00:22:27.700 --> 00:22:31.240 2020, she endorsed Joe Biden. And before that, 00:22:31.319 --> 00:22:33.579 during the primaries, she was posting in support 00:22:33.579 --> 00:22:36.019 of Bernie Sanders. That is that has to be an 00:22:36.019 --> 00:22:38.140 awkward Thanksgiving dinner conversation. It 00:22:38.140 --> 00:22:40.539 creates a very relatable public conflict. A lot 00:22:40.539 --> 00:22:42.779 of young people in America deal with that exact 00:22:42.779 --> 00:22:45.559 political polarization within their own families. 00:22:45.819 --> 00:22:49.359 Seeing Haley navigate that publicly saying, I 00:22:49.359 --> 00:22:51.380 love my dad, but I fundamentally disagree with 00:22:51.380 --> 00:22:54.779 his politics. It actually makes her more relatable 00:22:54.779 --> 00:22:56.880 to her audience. And she hasn't been quiet about 00:22:56.880 --> 00:22:59.619 her own advocacy. She's taken some real stands. 00:23:00.369 --> 00:23:03.170 No. When Roe v. Wade was overturned in 2022, 00:23:03.609 --> 00:23:05.990 she didn't just post a broken heart emoji and 00:23:05.990 --> 00:23:09.329 move on. She called it an extreme loss and a 00:23:09.329 --> 00:23:12.230 loss for every woman in this country. She even 00:23:12.230 --> 00:23:14.930 signed her name to that full page Bans Off Our 00:23:14.930 --> 00:23:17.910 Bodies ad in The New York Times in May 2022. 00:23:18.369 --> 00:23:20.930 Which is a risk. Republicans buy skincare, too. 00:23:21.339 --> 00:23:23.519 The old school business advice is to always stay 00:23:23.519 --> 00:23:26.460 neutral. Republicans buy sneakers, too, as Michael 00:23:26.460 --> 00:23:29.380 Jordan famously or allegedly said. Exactly. But 00:23:29.380 --> 00:23:31.980 Haley and her team made a calculation. They calculated 00:23:31.980 --> 00:23:34.400 that her core demographic young women cared more 00:23:34.400 --> 00:23:36.660 about her taking a principled stand than they 00:23:36.660 --> 00:23:38.980 did about neutrality. And looking at the sales 00:23:38.980 --> 00:23:40.900 numbers that followed, it seems she was right. 00:23:41.039 --> 00:23:43.180 It really is a complex picture when you lay it 00:23:43.180 --> 00:23:45.240 all out. We have the ballerina discipline forged 00:23:45.240 --> 00:23:47.779 in childhood. We have the nepotism launchpad 00:23:47.779 --> 00:23:50.400 of the Baldwin name. We have the savvy maneuvering 00:23:50.400 --> 00:23:52.079 between commercial and high fashion modeling. 00:23:52.160 --> 00:23:54.640 We have the trauma of the health scares. And 00:23:54.640 --> 00:23:57.700 finally, the flawless business execution of road. 00:23:58.000 --> 00:24:00.720 It's the perfect storm. She took the cards she 00:24:00.720 --> 00:24:02.500 was dealt. And yes, she was dealt a very, very 00:24:02.500 --> 00:24:04.700 good hand. Let's be clear about that. But she 00:24:04.700 --> 00:24:07.180 played them. with the skill and foresight of 00:24:07.180 --> 00:24:10.759 a poker pro. She didn't just coast. So we've 00:24:10.759 --> 00:24:14.500 arrived at the present. It's early 2026. Rode 00:24:14.500 --> 00:24:17.940 is now a billion dollar brand owned by ELF. Haley 00:24:17.940 --> 00:24:20.500 is a C -suite executive and a strategic advisor. 00:24:20.819 --> 00:24:23.799 She's a mother. Where does this go from here? 00:24:23.940 --> 00:24:26.079 What's the next act? Well, this raises the question 00:24:26.079 --> 00:24:27.559 I've been thinking about all week while going 00:24:27.559 --> 00:24:30.339 through these sources. The one big provocative 00:24:30.339 --> 00:24:34.190 thought. We know about the Arnout. She is financially 00:24:34.190 --> 00:24:36.990 and contractually locked into this business until 00:24:36.990 --> 00:24:39.930 at least 2028. In that time, she is gaining invaluable 00:24:39.930 --> 00:24:42.730 corporate governance experience at a public company. 00:24:42.910 --> 00:24:45.430 She is building a fortune that is entirely independent 00:24:45.430 --> 00:24:48.450 of her husband's music royalties. Right. Her 00:24:48.450 --> 00:24:51.349 own empire. Meanwhile, Justin Bieber hasn't toured 00:24:51.349 --> 00:24:54.750 in years. He sold his music catalog rights for 00:24:54.750 --> 00:24:57.269 a huge sum, which is often a move artists make 00:24:57.269 --> 00:25:00.170 when they're stepping back. He seems to be prioritizing 00:25:00.170 --> 00:25:02.390 his health and his family. He is stepping back 00:25:02.390 --> 00:25:04.490 from the spotlight. Haley is stepping up into 00:25:04.490 --> 00:25:06.490 a different kind of spotlight. Are you suggesting 00:25:06.490 --> 00:25:08.150 what I think you're suggesting? I'm asking the 00:25:08.150 --> 00:25:11.109 question, are we moving toward a world where 00:25:11.109 --> 00:25:13.349 the power dynamic in that relationship completely 00:25:13.349 --> 00:25:16.539 flips? where Hailey Bieber is no longer defined 00:25:16.539 --> 00:25:20.359 as Justin Bieber's wife, but Justin Bieber becomes 00:25:20.359 --> 00:25:23.319 known primarily as the husband of the billionaire 00:25:23.319 --> 00:25:26.559 mogul Hailey Bieber. The ultimate pivot from 00:25:26.559 --> 00:25:29.359 being seen as the plus one to being the one. 00:25:29.579 --> 00:25:31.980 It's not just possible. Looking at the trajectory 00:25:31.980 --> 00:25:34.160 of both of their careers right now, I would argue 00:25:34.160 --> 00:25:37.359 it's probable. Her star in the business world 00:25:37.359 --> 00:25:39.829 is rising. just as his and the pop world seems 00:25:39.829 --> 00:25:42.069 to be setting. That is a wild thought to leave 00:25:42.069 --> 00:25:44.329 our listeners with, the complete eclipse of the 00:25:44.329 --> 00:25:46.910 pop star by the entrepreneur. It's the new American 00:25:46.910 --> 00:25:49.230 dream, in a way. Well, that is all we have time 00:25:49.230 --> 00:25:52.430 for today on this deep dive into the business, 00:25:52.710 --> 00:25:55.950 the brand, and the life of Hailey Bieber, a billion 00:25:55.950 --> 00:25:58.450 -dollar story that started at a ballet bar in 00:25:58.450 --> 00:26:00.589 Arizona. It's been a fascinating ride to unpack. 00:26:00.869 --> 00:26:02.730 Stay curious, everyone. We'll catch you on the 00:26:02.730 --> 00:26:03.430 next deep dive.