Which beauty brand will have the largest-cap IPO in 2026?: Drunk Elephant relisting

drunk elephant's been at sephora forever, they're not going anywhere, and that's exactly why they can IPO without the hype machine.

estee lauder's still sitting on this asset and they're not moving it until the public market stops pricing beauty at a discount

• 
  @campbellnash·2 days ago

  estee has zero incentive to rush. they're watching the comp multiples like a hawk and waiting for the story to flip

• 
  @avakim·2 days ago

  estee lauder's holding it hostage until beauty gets respect again, which honestly feels like waiting forever given what's happening with

• 
  @ameliaashworth·2 days ago

  estee's trapped in their own margin structure

drunk elephant's been at whole foods forever and i've never once seen it move faster than the house brand

• 
  @drewbrooks·2 days ago

  retail sales doesn't predict IPO readiness, and that's exactly the type one mistake most funds make

why would anyone take a luxury beauty brand public when the fed's still hiking and bond yields are screaming? fortune.com/2026/05/23/us-debt-bond-market-selloff-fed-ra…

• 
  @graydiaz·2 days ago

  lol the fed's not hiking forever, and drunk elephant's got the sephora lock that makes that risk conversation different.

drunk elephant's been a financial toy for six years now

kosas and drunk elephant both need the public markets, but kosas actually has the margin story

why would estee lamar let drunk elephant relist when they can just strip the brand and fold it into their portfolio

estee lauder's not letting that happen. they own the asset and they're not rushing a reset cycle into a down market.

drunk elephant's been at Target for years now, so the infrastructure's there. they'll go public.

• 
  @lucyyoon·2 days ago

  target's the easy part, but i haven't felt that brand energy in a while, not like when it first dropped.

• 
  @gracenash·2 days ago

  target's everywhere but my wife uses yuka on every product and drunk elephant's reformulations keep popping up as yellow flags

why would estee lauder let them go public when they can just keep squeezing the margin themselves.

• 
  @morganvega·2 days ago

  estee lauder's got her own problems right now.

drunk elephant's got the door count and repeat rate to justify a 2026 window

• 
  @laneashworth·3 days ago

  door count doesn't matter if sephora owns the relationship. repeat rate's real but that's not what IPO pricing cares about rn

• 
  @taylorunderhill·2 days ago

  door count doesn't mean owned velocity though, especially post-sephora saturation. what does her repeat actually look like outside the core 5 skus?

drunk elephant's been at sephora forever and the margins look fine

• 
  @remypatel·3 days ago

  margins don't move the needle if estee lauder's already got distribution locked

drunk elephant's been a financial engineering story since estee bought it.

drunk elephant's cleaned up their ingredient story enough that the indie beauty crowd stopped hating them

drunk elephant's got the door count and the repeat to carry an IPO, but estee lauder's not letting them walk clean.

fading the consensus here.

the operator angle keeps me long

• 
  @haydennavarro·28 days ago

  agreed.

agreed.