Jack Crivici-Kramer

We've got some questions about the comment section.

We'll get to that in a bit because that's an exciting area.

But first, Jack, I think there was some tariff math we were curious about, right?

You mentioned 60% was the effective tariff rate you dealt with in 2025.

Does that mean that $10 items have to become $16 items?

We're trying to understand the tariff math like the audience is.

So Wall Street seems to think that the trade war ultimately cut the value of wealth in half based on the stock price.

So how can you overcome the cost of tariffs and prove Wall Street wrong?

What is that market share?

I think Elf Beauty's arrival at Target is one of the reasons we started saying Tarjay.

I remember, I mean, you talked about how fragmented the beauty industry.

I think you shared this wild stat with us in our prep call with you, Tarang, about how there are only 26 beauty brands with over $100 million in business, despite all the broody brands you see at Sephora.

That's it.

You're going to have to watch out, Tarang, or we could partner on this, but Jack and I are coming out with an ear cream because these microphones and these headsets really chafe our ears, I should point out.

Tarang, by the way, you just mentioned the topic we were so excited to also talk to you about, Rode.

The same month that you announced you were raising prices by a dollar across the board at Elf,

You then made the coolest acquisition of the year, $1 billion for Rode Beauty, Hailey Bieber's skincare company.

What was it about Rode and Hailey Bieber?

What are they doing that no one else was doing that you wanted a piece of?

How uncommon is that?