Who Owns elf Cosmetics? The Surprising Story Behind The Beauty Giant

Let's talk about who owns e.l.f. Cosmetics. The company belongs to e.l.f. Beauty, Inc., which trades publicly on the NYSE under the ticker symbol ELF. This beauty powerhouse has reshaped the scene, growing from a small startup to become America's third-largest mass cosmetics brand with a 9.5% market share as of August 2023.

The journey started when Joseph Shamah and Scott Vincent Borba began their mission to create affordable beauty products back in 2004. Their vision has definitely paid off. E.l.f. Beauty's market share doubled from 4.5% in 2019 to 10% in 2024. 

The company managed to keep an impressive streak of 19 consecutive quarters of sales growth. The brand stands out with its average product price of $9, making it available to many more customers than high-end competitors. The company's stock has soared 800% since its September 2016 IPO, with earnings growing by over 360%.

Let's take a closer look at e.l.f. Cosmetics' complete ownership structure and its fascinating history. The affordable beauty brand has grown into a billion-dollar powerhouse that acquired several other brands. The company now owns Well People, Keys Soulcare, and bought Naturium for $355 million recently.

Who Owns e.l.f. Cosmetics Today?

e.l.f. Beauty, Inc., a publicly traded holding company based in Oakland, California, owns those affordable beauty products you see everywhere. Let's take a closer look at who controls this beauty powerhouse.

e.l.f. Beauty, Inc. as the parent company

e.l.f. Beauty, Inc. runs the e.l.f. Cosmetics brand we know and love. This 20-year-old company has grown into a holding company that offers inclusive, available, clean, vegan, and cruelty-free cosmetics and skincare products.

The company has several subsidiaries under its umbrella. SEC filings show these include e.l.f. Cosmetics, Inc. (Delaware), W3LL People, Inc., Naturium Holdings, Inc., and international entities like e.l.f. Beauty UK Limited and e.l.f. (Shanghai) Trading Co., Ltd. This structure helps the company manage its growing brand portfolio efficiently.

CEO Tarang Amin leads the company. He replaced Joey Shamah after TPG Growth bought a majority stake in 2014.

The leadership team includes Mandy Fields (Senior Vice President, CFO), Kory Marchisotto (Senior Vice President, CMO), and Scott Milsten (Senior Vice President, General Counsel & CPO). The company employs about 475 people as of 2024 and continues to innovate through accessibility and inclusivity.

Publicly traded on NYSE under ticker ELF

The company went public on the New York Stock Exchange in September 2016 with the ticker symbol "ELF". Their IPO raised $141 million from 8.3 million shares. The market loved the brand - shares jumped 55% on day one of trading.

The ownership structure shows institutional investors hold about 93% of shares. Individual insiders own roughly 1.5%, and the public holds about 5.5%. Prominent financial institutions like Baillie Gifford & Co (14.08% of shares), BlackRock Inc. (9.55%), and Vanguard Group Inc. (9.51%) lead the institutional investors as of March 2025.

This strong institutional backing shows the financial markets' confidence in the company's direction. The company's addition to the S&P 400 index proves its status as a prominent beauty industry player.

Key brands under e.l.f. Beauty

e.l.f. Beauty has grown beyond its original brand. The company now owns several beauty brands:

• e.l.f. Cosmetics: The flagship brand offering affordable makeup products

• e.l.f. SKIN: Focused on skincare solutions

• WELL People: A clean beauty brand

• KEYS Soulcare: A lifestyle beauty brand created with Alicia Keys

• Naturium: Acquired in October 2023 for $355 million

The company has created successful franchises like Halo Glow, Holy Hydration, Camo, Power Grip, and Putty. This variety helps reach different customers while staying true to high-quality, available beauty products.

Their steadfast dedication to clean, vegan, cruelty-free beauty at great prices stimulates both the flagship brand's success and portfolio growth. This mix of values and smart business explains why e.l.f. Beauty keeps winning in the competitive beauty market.

The Founders Behind the Brand

e.l.f. Cosmetics started with two unlikely business partners who dreamed of making beauty products affordable. This billion-dollar brand's story began with a chance meeting and a simple observation about how people shop.

Who created e.l.f. Cosmetics?

Joseph Shamah and Scott Vincent Borba launched e.l.f. Cosmetics in June 2004, with help from Joseph's father, Alan Shamah. The name e.l.f. stands for "Eyes, Lips, Face", which reflects the original product categories they started with. Their partnership became the foundation of what grew into today's beauty powerhouse, e.l.f. Beauty, Inc.

The founders spotted a huge gap in the beauty market - quality makeup at reasonable prices. This insight pushed them to build a brand that would make premium products available to everyone, whatever their budget.

Joseph Shamah and Scott Vincent Borba

These founders came from completely different worlds. Joseph Shamah was just 23 and studying business at New York University when they met at a party in 2002. Scott Vincent Borba, on the other hand, was a 31-year-old beauty industry pro from Los Angeles who had helped launch prominent brands like Hard Candy cosmetics.

Their backgrounds couldn't have been more different, but they clicked over their shared dream of creating affordable yet quality cosmetics. They started brainstorming ideas within days of meeting, and in a few months, they had a detailed business plan ready.

Borba's beauty industry know-how was a great asset.

He had spent years working with scientists, dermatologists, and nutritionists to develop innovative skincare products that combined topical and edible ingredients. This expertise, along with Shamah's business sense and his family's international sourcing connections, created solid groundwork for their venture.

The inspiration from dollar store shoppers

The sort of thing I love about e.l.f.'s story comes from a simple observation. Borba got his big idea while driving past 99-cent stores in Los Angeles. He noticed luxury cars - BMWs and Mercedes-Benzes parked outside these discount stores.

Borba saw women carrying designer handbags buying cheap cosmetics in bulk. "I saw all these women with Louis Vuitton purses, and they were just buying truckloads of lip balms and nail polishes," he told CNN. This showed that even wealthy shoppers wanted beauty bargains.

This observation led to a vital business insight. Borba realized, "There's a major market here". People from all economic backgrounds wanted quality cosmetics at reasonable prices.

The founders' simple yet powerful belief shaped everything: "We feel women shouldn't have to skip lunch or not go out for dinner or have other cutbacks to afford makeup," Shamah explained to CNN. This customer-first approach ended up turning their startup into the beauty giant e.l.f. is today.

From Startup to Stock Market: e.l.f. Cosmetics History

e.l.f. Cosmetics' remarkable experience from a small startup to a publicly traded beauty powerhouse spans nearly two decades. The company's strategic growth and bold business moves shaped its dramatic ownership transformation. This laid the foundations for the company we know today.

Early growth and e-commerce focus

e.l.f. Cosmetics launched in 2004 and led the digital-first approach in beauty retail. The company built its foundation online instead of using traditional department store counters like other cosmetics brands. This innovative e-commerce strategy worked well. The company earned $1.5 million at the time of its first year. Their affordable products—most priced between $1 and $6—appealed faster to budget-conscious consumers.

The brand grew faster as net sales jumped from $83 million in 2012 to $191 million by 2015. This impressive 130% growth over three years showed e.l.f.'s business model worked. The company opened some physical retail locations, but its e-commerce roots stayed central to its identity.

TPG Growth acquisition in 2014

A defining moment arrived in 2014. TPG Growth, the middle-market investment platform of private equity firm TPG Capital, bought a majority stake in e.l.f. Cosmetics. The deal valued the company between $200 million and $300 million. This marked a crucial point in the brand's development.

Tarang Amin became CEO after this acquisition. He brought new leadership while keeping the brand's core values intact. TPG's guidance helped e.l.f. prepare to propel development. John Bailey, Principal at TPG Growth, said: "Through its differentiated approach, e.l.f.'s offering has resonated among a key segment of the cosmetics market... We believe that many opportunities lie ahead".

IPO and transition to public company in 2016

e.l.f. Beauty made its public market debut on September 22, 2016. The company listed on the New York Stock Exchange under the ticker symbol "ELF". The original public offering priced at $17 per share—higher than the expected range of $14-$16. This reflected strong investor interest.

The IPO raised $141 million by selling 8.3 million shares. The company used this money to pay down its $204 million debt. e.l.f.'s shares soared on its first trading day. The company ended up with an impressive $1.1 billion valuation.

The company made another strategic move in 2019. It closed all 22 standalone stores to focus solely on e-commerce and retail partnerships. This decision brought e.l.f. back to its digital-first roots, even as its scale had grown tremendously.

Inside the Shareholder Structure

A closer look at e.l.f. Cosmetics' ownership reveals a complex structure. Large financial institutions dominate the ownership, while company insiders and retail investors hold smaller stakes. The brand's explosive growth over the last several years has received strong support from this diverse shareholder base.

Top institutional investors like BlackRock and Vanguard

Financial institutions control about 110% of e.l.f. Beauty's shares. This is a big deal as it means that some shares are loaned out for short-selling. Baillie Gifford & Co. stands out as the largest institutional shareholder with a 14.08% stake. Their holdings of nearly 8 million shares are worth approximately $650 million. BlackRock Inc. comes next with 9.55% ownership, and Vanguard Group Inc. follows closely with 9.51%.

JPMorgan Chase & Co. (4.95%), Champlain Investment Partners (4.73%), and William Blair Investment Management (4.04%) round out the major institutional shareholders. Professional investors' strong presence shows their confidence in e.l.f. Beauty's future.

Insider ownership: CEO and executive team

The company's insiders hold a modest 2.55% ownership stake. CEO Tarang Amin heads the insider group with 1,183,400 shares. The core team's holdings include Head of Sales & Marketing Kory Marchisotto (131,977 shares), General Counsel Scott Milsten (111,870 shares), COO Joshua Franks (86,237 shares), and CFO Mandy Fields (77,146 shares).

Board members Richard Wolford (23,813 shares), Beth Pritchard (19,460 shares), and Lauren Levitan (19,318 shares) also maintain their stakes. Management's interests line up with company performance through this insider ownership.

Retail investors and public float

Retail investors - everyday people who buy shares through brokerages - own the remaining portion. E.l.f. Beauty reported 55,939,080 Stock A shares outstanding as of December 2023. The free-float consists of 53,820,668 shares that are available for public trading.

Regular investors own about 3.01% of e.l.f. Beauty. While this percentage seems small compared to institutional holdings, retail participation plays a vital role in market liquidity and share price discovery. More individual investors' attention is drawn to e.l.f.'s growth story and market performance since its public debut.

How e.l.f. Became a Beauty Powerhouse

e.l.f. Cosmetics started as a small startup and became a game-changer through its fresh take on affordable beauty products and digital marketing. Many people wonder who owns e.l.f. cosmetics and what led to their soaring win.

Affordable pricing and product quality

The secret behind e.l.f.'s success lies in its pricing strategy, with products ranging from $3-$15. Their signature lipstick costs just $3, making it available to budget-conscious consumers. CEO Tarang Amin managed to keep prices steady on about one-third of their products during inflation. The company balanced this by launching premium items in their lineup.

The brand shines as a "dupe" creator by offering similar alternatives to luxury products at a fraction of the cost. Their Halo Glow Liquid Filter delivers results like Charlotte Tilbury's product but costs way less. e.l.f.'s products are 60-75% lower in price compared to premium cosmetic brands.

Social media and influencer marketing

e.l.f. led the way in beauty marketing on new platforms and was among the first brands to accept new ideas on TikTok. Their "#eyeslipsface" campaign became a cultural phenomenon with its original brand anthem. This helped e.l.f. become the #1 cosmetics brand among female teens.

The brand works with micro-influencers (10k-100k followers), who make up 52% of their partnerships. This strategy builds genuine connections with targeted audiences. e.l.f.'s Beauty Squad program has grown to over 4.5 million members, creating a thriving community.

Expansion into skincare and new markets

e.l.f. has pushed beyond cosmetics into skincare, doubling its reach to 20% in this category. Their global growth shows impressive numbers, with markets outside the U.S. now making up 16% of total net sales and growing 91% year-over-year.

The company has smartly entered new territories including Germany (1,600 Rossmann locations), Mexico (Sephora), and Australia (Coles). The UK market shows remarkable growth as e.l.f. jumped from 8th to 4th place among mass makeup brands in just one year.

Sustainability and clean beauty initiatives

e.l.f. stands out as the first beauty company with a Fair Trade Certified™ third-party manufacturing facility. More than 85% of products now come from these facilities. Their "Project Unicorn" initiative has cut over 2.5 million pounds of excess packaging since 2019.

The brand aims to make 50% of all plastic packaging recyclable, reusable, or compostable by 2030. They also ban over 2,500 ingredients from their formulations. This is a big deal as it means that they go way beyond the FDA's restrictions on just 11 ingredients.

Conclusion

e.l.f. Beauty, Inc. owns e.l.f. Cosmetics and trades publicly on the New York Stock Exchange. This piece tracks a brand's rise from a small startup with $1.5 million in first-year sales to a beauty powerhouse that now controls nearly 10% of the U.S. mass cosmetics market.

e.l.f.'s success story breaks all conventional beauty industry rules. The company's products average around $9, yet it has achieved 19 straight quarters of sales growth. Its market share jumped from 4.5% to 10% between 2019 and 2024. This impressive growth comes from their groundbreaking approach to affordable quality, digital marketing expertise, and state-of-the-art products.

A simple observation of luxury car owners shopping at dollar stores turned into something bigger. Today, financial giants like Baillie Gifford, BlackRock, and Vanguard dominate e.l.f.'s ownership structure. The company's original vision stays strong: making beauty available to everyone through affordable pricing without compromising quality.

The brand has grown beyond its "Eyes, Lips, Face" roots. Strategic moves like acquiring Naturium and collaborating with celebrities like Alicia Keys have expanded e.l.f. Beauty's portfolio. The company stays true to its eco-friendly practices, clean ingredients, and cruelty-free commitments.

e.l.f.'s rise from an e-commerce startup to a NYSE-listed corporation means more than just profits. It shows how challenging industry standards through accessibility, digital innovation, and authentic marketing can reshape an entire market segment. While institutional investors now hold most shares, the brand still asks its founders' original question: why should anyone choose between quality cosmetics and their budget?

FAQs

Q1. Who currently owns e.l.f. Cosmetics?

e.l.f. Cosmetics is owned by e.l.f. Beauty, Inc., a publicly traded company listed on the New York Stock Exchange under the ticker symbol ELF. The company's ownership is primarily held by institutional investors, with some shares owned by company insiders and retail investors.

Q2. What inspired the creation of e.l.f. Cosmetics?

The inspiration for e.l.f. Cosmetics came from an observation made by co-founder Scott Vincent Borba. He noticed women with designer handbags purchasing bargain cosmetics in bulk at discount stores, revealing a market opportunity for affordable yet high-quality beauty products.

Q3. How did e.l.f. Cosmetics grow from a startup to a major beauty brand?

e.l.f. Cosmetics grew through a combination of affordable pricing, high-quality products, innovative digital marketing, and a focus on e-commerce. The company also expanded into skincare, entered new international markets, and maintained a strong commitment to sustainability and clean beauty initiatives.

Q4. What makes e.l.f. Cosmetics different from other beauty brands?

e.l.f. Cosmetics stands out for its affordable pricing strategy, with most products priced between $3-$15. The brand is known for creating "dupes" of luxury products at a fraction of the cost, while maintaining quality. Additionally, e.l.f. has been a pioneer in social media marketing, particularly on platforms like TikTok.

Q5. How has e.l.f. Cosmetics addressed sustainability in its products?

e.l.f. Cosmetics has implemented several sustainability initiatives. The company was the first beauty brand to have a third-party manufacturing facility Fair Trade Certified™. They've also committed to making 50% of all plastic packaging recyclable, reusable, or compostable by 2030, and have eliminated over 2.5 million pounds of excess packaging since 2019.