e.l.f. Beauty
Gen Z's favourite beauty brand
"We are a bold disruptor with a kind heart ... building brands that disrupt norms, shape culture, connect communities ... We stand with every eye, lip, face and paw with a deep commitment to inclusive, accessible, cruelty-free beauty. Celebrating the beauty of every eye, lip and face is fundamental to our DNA. It’s in our name and inspires us as a company. We are committed to creating a culture internally – and in the world around us – where all individuals are encouraged to express their truest selves, are empowered to succeed and where we do the right thing for people, the planet and animals."
e.l.f. Beauty was founded in June 2004 by Joseph Shamah, a 23-year-old New York University business student, Scott Vincent Borba, a beauty industry veteran, and Joey’s father, Alan Shamah. The name “e.l.f.” stands for Eyes, Lips, Face, reflecting the brand’s initial focus on affordable makeup products.
What set e.l.f. apart from the start was its commitment to offering high-quality cosmetics at an incredibly low price point. Initially, products were priced at just $1, making them accessible to a wide audience. The brand was also one of the first digitally native beauty brands, selling exclusively online before expanding to retail stores.
The brand quickly gained popularity and expanded its product line. In 2005, Target began carrying e.l.f. products, which helped the brand reach a broader audience. By 2010, e.l.f. had secured a minority investment from TSG Consumer Partners, allowing for further growth and expansion.
Over the years, the company has diversified its product range to include not just makeup, but also bath products, skincare items, and professional tools. The brand has also expanded internationally, selling products in 17 countries and partnering with major retailers like Walmart, Kmart, and Ulta Beauty.
e.l.f. has embraced technology and innovation, launching features like virtual makeup try-on to enhance the shopping experience. This has been particularly appealing to Gen Z consumers, who appreciate the convenience and interactivity of digital tools.
In 2014, Tarang Amin took over as CEO, leading the company through a period of significant growth and transformation. Under his leadership, e.l.f. has continued to innovate and expand its market presence. Amin was named Modern CEO of the Year in 2023 for his efforts in steering the company towards sustainable growth and success.
In 2023, e.l.f. made a notable acquisition by purchasing the skin-care brand Naturium for $355 million, further expanding its product portfolio and market reach.
The brand’s journey from a budget-friendly online startup to a globally recognized beauty brand is a testament to its innovative approach and commitment to affordable, high-quality products.