Wall Street and Gen Z don’t often find common ground, but there is one thing they seem to agree on: Both sides love E.l.f.
Beauty. The company, which is celebrating its 20th anniversary this year, is the number-one beauty brand among young consumers, according to Piper Sandler’s 2024 Taking Stock With Teens Survey. It’s also one of the top-performing companies on the New York Stock Exchange, notching its 22nd consecutive quarter of growth and surpassing $1 billion in sales for the first time in its history.
And while the recent downturn in the overall market has dampened the enthusiasm slightly, under the aegis of chairman and chief executive officer Tarang Amin, E.l.f.
is on a giant winning streak. To wit: Its share price has risen from It’s the second largest makeup brand in mass, just behind Maybelline New York, for the year-to-date ending in May, according to Circana, and is the top share gainer. Piper Sandler reported E.
l.f. is a top 10 skin care brand for teens, too, as well as one of the most desired beauty retailers.
Not bad for a company founded 20 years ago by father-son entrepreneurs Alan and Joseph Shamah (with help from makeup artist Scott Vincent Borba), who saw space in the market to provide high-quality cosmetics at a value-driven price. Since then, E.l.
f. Beauty has seen many iterations, including being acquired by private equity firm TPG in 2014, which brought on Tarang Amin, a coinvestor, as chief executive officer. An industry veteran with experien.