Who Owns Elf in 2025? A Clear Guide to The Beauty Brand's Leadership

E.l.f. Beauty operates as a publicly traded company on the New York Stock Exchange, which means shareholders collectively own the beauty brand. If you're curious about how this affordable cosmetics company reached its current position, the story involves strategic acquisitions, consistent leadership, and impressive financial growth.

Joseph Shamah and Scott Vincent Borba founded e.l.f. Cosmetics in 2004 in Oakland, California. What started as a small venture has grown into a significant player in the beauty industry, generating $5 million in sales during that first year alone.

The numbers tell the growth story clearly. E.l.f. Beauty reached $579 million in revenue for fiscal year 2023, with projections showing $1.02 billion for 2024 and $1.31 billion for 2025. The company went through major ownership changes in 2014 when private investment firm TPG acquired a majority stake, but it has since returned to public ownership.

Tarang Amin has served as CEO since January 2014, providing steady leadership throughout this period of expansion. Under his guidance, the company maintains its commitment to inclusive, accessible, clean, vegan, and cruelty-free cosmetics across e-commerce, national retailers, and international markets.

Here's what you need to know about e.l.f.'s ownership structure, leadership team, and the strategic decisions that shaped the company's current position.

The founding story of e.l.f. Cosmetics

The story of e.l.f. Cosmetics starts with a chance meeting that changed how people think about affordable beauty. What began as a small venture built on a simple idea has grown into the publicly traded powerhouse you see today.

Who are the founders of e.l.f.?

Joseph Shamah and Scott-Vincent Borba officially established e.l.f. Cosmetics in June 2004. Shamah was just 23 years old and studying business at New York University when he brought fresh entrepreneurial energy to the partnership.

Borba contributed valuable industry experience, having previously helped launch successful beauty brands like Hard Candy cosmetics. Joseph's father, Alan Shamah, also played a supporting role in getting the company off the ground.

These two founders first crossed paths at a party in 2002, two full years before they would formalize their business partnership. That chance encounter led to a collaboration that would disrupt the entire cosmetics industry.

The inspiration behind the brand

The founders spotted a significant gap in the market—quality makeup at truly affordable prices. Their concept was revolutionary: offer products at just $1.00 each, a price point that no one else was willing to try.

Rather than follow traditional retail models, they launched with personal funds and focused on just 13 carefully selected products. This approach let them concentrate on quality while maintaining those groundbreaking price points. They also established a direct-to-consumer website as their primary sales channel, building accessibility that quickly attracted a loyal customer base.

The brand launched from New York City, where the founders began their mission to democratize beauty products. Their vision was clear: make quality cosmetics available to everyone, regardless of budget.

How the name 'e.l.f.' came to be

The brand name has a practical origin that captures exactly what the company offers. E.l.f. stands for "eyes, lips, face"—the core areas of makeup application the brand initially focused on. This clever acronym works as both the company name and a foundational message that tells customers exactly what they'll find.

The simplicity aligned perfectly with the company's straightforward business model. From those original 13 products, the brand has expanded to develop more than 300 items spanning makeup, skincare, bath products, and professional tools.

Despite this growth, they've maintained the commitment to accessibility and value that made the brand distinctive from day one.

From startup to public company

E.l.f. Beauty's path from online startup to industry powerhouse demonstrates how a simple idea can disrupt an entire market. The company's growth story centers on one bold decision: selling quality makeup for just one dollar.

Early growth and $1 product strategy

E.l.f. launched in 2004 with lipstick priced at one dollar online. This pricing strategy immediately resonated with consumers, generating $1.5 million in sales during the company's first year. The brand kept products affordable throughout its growth, with items typically retailing around $5 on average.

This value-focused approach delivered results. E.l.f. climbed to become the fourth largest mass retailer of beauty products in the United States by 2022, surpassing established competitor Revlon. Only industry giants Maybelline New York, L'Oréal Paris, and Cover Girl held larger market positions.

Going public and TPG's involvement

A pivotal moment came in 2014 when TPG Growth acquired e.l.f. for between $200 million and $300 million. This acquisition provided both capital and strategic guidance for the company's next growth phase.

Two years later, e.l.f. went public. The IPO exceeded expectations, pricing at $17 per share—above the indicated range of $14-$16. The company raised $141 million, using proceeds primarily to reduce approximately $204 million in debt and fund corporate purposes.

Leadership and continued expansion

Tarang Amin has led the company through this entire transformation. Under his guidance, e.l.f. achieved a significant milestone in 2024, becoming the top-selling mass cosmetics brand in the United States by unit sales.

The company's strategic vision expanded beyond core makeup offerings. E.l.f. delivered more than $1 billion in sales from March 2023 to March 2024, representing a 77% increase over the previous fiscal year. The recent acquisition of Hailey Bieber's beauty brand Rhode for $1 billion further solidifies e.l.f.'s position as a major industry player.

What started as a dollar lipstick idea has evolved into a billion-dollar beauty empire, proving that accessible pricing can build sustainable market dominance.

Who owns e.l.f. in 2025?

E.l.f. Beauty trades on the New York Stock Exchange under ticker symbol "ELF" with shareholders owning the company through public stock ownership. As of June 3, 2025, the company maintains a market capitalization of $6.47 billion with 56.3 million outstanding shares.

Top institutional shareholders

E.l.f. Beauty operates with a distributed ownership structure typical of public companies. Institutional investors, mutual funds, and individual shareholders collectively own stakes in the company.

While specific details about institutional shareholders aren't extensively documented in recent filings, this diverse ownership base provides stability and allows the company to access capital markets for continued growth.

Public trading status and stock performance

The stock has demonstrated remarkable performance throughout 2025. As of June 3, shares trade at $114.78, with the company's 52-week range spanning from $49.40 to $219.77. This indicates considerable volatility but ultimately strong performance.

The financial metrics tell the story:

• Earnings per share (EPS) of $1.92

• Price-to-earnings (P/E) ratio of 59.78

• Trailing 12-month revenue of $1.31 billion

E.l.f. Beauty has maintained its growth trajectory for 25 consecutive quarters—a feat achieved by only six public consumer companies out of 546 tracked.

How ownership has evolved over time

The ownership structure has changed dramatically since its founding. After TPG's acquisition in 2014 and the subsequent IPO in 2016, the company has steadily increased its public float.

The performance numbers show why this evolution matters. E.l.f. delivered a 28% increase in net sales and a 26% rise in adjusted EBITDA in fiscal 2025. Revenue growth reached 46.27% over the last twelve months, coupled with an industry-leading gross profit margin of 71.11%.

Despite slight stock fluctuations after earnings reports—including a 1.33% dip after exceeding Q4 2025 forecasts—the company's fundamental ownership structure remains solid as it continues expanding internationally and integrating strategic acquisitions.

Leadership and vision in 2025

Chairman and CEO Tarang Amin has led e.l.f. Beauty since 2014 with a leadership approach that delivers results. Under his guidance, the company reported 23 straight quarters of net sales and market share growth, with projections showing 28% to 30% growth in sales for fiscal 2025.

CEO Tarang Amin's leadership style

Amin's leadership centers on community connection and speed. "We're known for our speed in terms of product innovation and for having an incredibly diverse team that reflects our community," he explains. This approach lets the company respond quickly to what consumers want—they developed and launched an $8 lip oil in just 16 months.

Amin doesn't back down when faced with criticism. "Activists or those who like to attack companies have a very loud voice. The louder voice is what you really believe in and your true constituents," he says. This stance keeps e.l.f. focused on its core mission rather than getting distracted by external pressure.

Key executives shaping the brand

The executive team supporting Amin includes several key leaders:

• Mandy Fields - Chief Financial Officer

• Kory Marchisotto - Chief Marketing Officer and President of Keys Soulcare

• Scott Milsten - General Counsel & Chief People Officer

• Jennie Laar - Chief Commercial Officer

• Josh Franks - Senior Vice President of Operations

• Fanny Xu - Vice President and General Manager of China Operations

This team works together to make quality beauty products accessible to everyone.

How leadership aligns with brand values

The leadership team puts e.l.f.'s values into practice through specific actions. The company runs team effectiveness surveys to ensure psychological safety and open communication. This matches their stated values of treating team members with respect and using each other's strengths.

Diversity starts at the board level. "Our board has 78% women and 44% diverse representation," Amin notes. This commitment extends throughout the organization, creating a culture where employees feel valued.

The leadership approach aligns with e.l.f.'s description of itself as "a bold disruptor with a kind heart" that builds "brands designed to disrupt industry norms, shape culture and connect communities through positivity, inclusivity and accessibility".

The ownership story continues

E.l.f. Beauty operates as a publicly traded company in 2025, with shareholders collectively holding ownership through the New York Stock Exchange. The journey from that original $1 lipstick concept to today's billion-dollar beauty brand shows what happens when consistent leadership meets market opportunity.

Tarang Amin's decade-plus tenure as CEO demonstrates the value of stable leadership during rapid growth. His team's focus on community connection and inclusivity isn't just marketing speak—it's reflected in hiring practices, product development speed, and the company's ability to maintain 25 consecutive quarters of growth.

The numbers speak for themselves, but the real story lies in execution. E.l.f. identified a gap in affordable, quality cosmetics and built a business model that scales without losing its core mission. The recent Rhode acquisition signals continued expansion, but the company's success stems from staying true to its original vision of accessible beauty.

What makes e.l.f. different isn't just the pricing strategy or the diverse leadership team. It's the alignment between what the company says and what it does. When leadership values match business practices, sustainable growth follows.

For anyone studying successful brand evolution, e.l.f. offers clear lessons: identify genuine market needs, maintain consistent leadership, and scale without losing your founding principles. While shareholders own the company on paper, e.l.f.'s real ownership belongs to the vision that started it all—making quality beauty products available to everyone.

FAQs

Q1. Who currently leads e.l.f. Beauty as CEO?

Tarang Amin has been serving as the Chairman and CEO of e.l.f. Beauty since 2014, leading the company through significant growth and expansion.

Q2. What was the acquisition price for Hailey Bieber's Rhode brand by e.l.f. Beauty?

E.l.f. Beauty recently acquired Hailey Bieber's beauty brand Rhode for $1 billion, further strengthening its position in the beauty industry.

Q3. How is e.l.f. Beauty owned in 2025?

E.l.f. Beauty is a publicly traded company on the New York Stock Exchange, with ownership distributed among various shareholders, including institutional investors and individual stockholders.

Q4. What sets e.l.f. Beauty's leadership approach apart?

The company's leadership team, led by CEO Tarang Amin, focuses on community connection, inclusivity, and rapid innovation, aligning closely with the brand's core values of accessibility and diversity.

Q5. How has e.l.f. Beauty's financial performance been in recent years?

E.l.f. Beauty has demonstrated impressive financial growth, with 25 consecutive quarters of growth, reaching $1.31 billion in trailing 12-month revenue, and projecting 28% to 30% sales growth for fiscal 2025.