e.l.f. Beauty, Inc. (e.l.f. Beauty) is a multi-brand beauty company that offers inclusive, accessible, clean, vegan, and cruelty free cosmetics and skin care products.
Brands
The company’s family of brands includes e.l.f. Cosmetics, e.l.f. SKIN, Naturium, Well People and Keys Soulcare. The company’s brands are available online and across leading beauty, mass-market and specialty retailers. The company has strong relationships with its retail customers, such as Target, Walmart, Ulta Beauty, Ama...
e.l.f. Beauty, Inc. (e.l.f. Beauty) is a multi-brand beauty company that offers inclusive, accessible, clean, vegan, and cruelty free cosmetics and skin care products.
Brands
The company’s family of brands includes e.l.f. Cosmetics, e.l.f. SKIN, Naturium, Well People and Keys Soulcare. The company’s brands are available online and across leading beauty, mass-market and specialty retailers. The company has strong relationships with its retail customers, such as Target, Walmart, Ulta Beauty, Amazon, and other leading retailers that has enabled it to expand distribution both domestically and internationally.
e.l.f. Cosmetics
Cosmetics has made the best of beauty accessible to every eye, lip and face. The company makes premium-quality, prestige-inspired cosmetics at an extraordinary value. The company offers a range of products that are clean, vegan, cruelty free and manufactured in a Fair-Trade Certified facility. As one of the first digital disruptors, e.l.f. continues to attract a highly engaged audience, leveraging social and digital platforms to connect with the company’s community.
e.l.f. SKIN
Win in skin the clean + kind way with e.l.f. SKIN. The company creates targeted, ingredient-focused, dermatologist-developed formulas for every eye, lip and face. The company offers a range of products that are clean, vegan, cruelty free and manufactured in a Fair-Trade Certified facility.
Naturium
Naturium unlocks the benefits of natural botanicals and powerful actives with innovative technology by formulating skin care formulas that work.
Well People
Well People has raised the standard for plant-powered, high-performance beauty. A clean beauty pioneer with approximately 100 EWG VERIFIED products, Well People was founded so that all people can be well people with dermatologist-developed, ‘clean’ and planet minded products.
Keys Soulcare
Keys Soulcare combines skin-nourishing offerings with soul-nurturing rituals to care for the whole self. The company’s premium-quality skin care formulas are also clean, cruelty free and manufactured in a Fair-Trade Certified facility.
Strategy
The company seeks to attract and engage consumers primarily through digital and social media, as compared to legacy beauty brands that engage consumers primarily through traditional media, such as magazines, newspapers, and television. It has a multi-faceted strategy to build brand awareness, affinity, and loyalty.
Markets
The company operates across beauty categories, including eye, lip and face makeup, beauty tools and accessories, and skin care products. Color cosmetics and skin care products are broadly sold through food, drug and mass channels, as well as through department stores, online and in specialty channels.
Distribution
The company employs an omni-channel distribution strategy and sells its products with retailers in the United States and internationally. The company also sells its products online through the company’s own direct e-commerce channels, as well as through other e-commerce websites. The company’s main channels of distribution are:
Domestic Retailers: The company sells its products in the United States primarily in the mass, drug store, food, dollar, and specialty retail channels.
E-commerce: E-commerce is an important component of the company’s engagement and innovation model. The company’s roots as an e-commerce company and its digital engagement model drive conversion on the company’s e-commerce websites and its mobile applications, where the company sells its full product offerings. The company’s products are also available at other e-commerce sites, such as Amazon, making its products widely accessible to the company’s consumers.
International Retailers: The company’s products are also sold in international markets, primarily in the United Kingdom (U.K.), Canada, and Germany.
In the fiscal year ended March 31, 2025, national and international retailers comprised 83% of the company’s net sales. The remaining 17% came from e-commerce channels.
The United States accounted for 81% of the company’s net sales in the fiscal year ended March 31, 2025. The remaining 19% was attributable to international markets.
Customers
The company has strong relationships with its retail customers, such as Target, Walmart, Ulta Beauty, Amazon and other leading retailers that has enabled it to expand distribution both domestically and internationally.
The company’s largest customers, Target, Walmart, Ulta Beauty and Amazon, accounted for 23%, 16%, 12% and 12%, respectively, of its net sales in the fiscal year ended March 31, 2025.
Seasonality
The company’s results of operations are subject to seasonal fluctuations, with net sales in the third and fourth fiscal quarters typically being higher than in the first and second fiscal quarters (year ended March 31, 2025). The higher net sales in the company’s third and fourth fiscal quarters are largely attributable to the increased levels of purchasing by retailers for the holiday season and customer shelf reset activities, respectively. Fluctuations throughout the year are also driven by the timing of product restocking or rearrangement by the company’s major retail customers as well as expansion into new retail customers.
Trademarks and Other Intellectual Property
The company’s intellectual property has substantial value and has contributed significantly to the success of its business. The company’s primary trademarks include ‘e.l.f.,’ ‘e.l.f.’ ‘eyes lips face,’ ‘e.l.f. SKIN,’ ‘Well People,’ ‘Naturium’ and ‘Keys Soulcare,’ all of which are registered or has registrations pending with the U.S. Patent and Trademark Office for its goods and services of primary interest. These trademarks are also registered or has registrations pending in various foreign countries in which the company operates. The company also has other trademark registrations and pending trademark applications for product names and tag lines. In addition to trademark protection, the company owns the U.S. Design Patents covering packaging, make-up tools and brush handle shapes and it owns numerous domain names, including the domain names of the company’s e-commerce websites.
Government Regulation
The company and its products are subject to various federal, state and international laws and regulations, including regulation in the United States by the U.S. Food and Drug Administration (FDA), the Consumer Product Safety Commission (the ‘CPSC’), the Federal Trade Commission (the ‘FTC’), and regulations outside of the United States by Health Canada and the European Commission, among others. These laws and regulations principally relate to the ingredients, proper labeling, advertising, packaging, marketing, manufacture, safety, shipment and disposal of the company’s products. Further, as the vast majority of the company’s products are imported from overseas manufacturers, it is subject to Customs Border Patrol clearance regulations prior to goods being released into the United States market.
In addition to the company’s cosmetic products, it also markets certain non-prescription drug products, including certain products that are intended to treat acne or be used as sunscreens, which are regulated as over the counter (‘OTC’) drug products by the FDA. Certain OTC drug products are subject to regulation pursuant to the FDA’s ‘monographs,’ which provide rules applicable to each therapeutic category of non-prescription drug, and establishes conditions, such as active ingredients, uses (indications), doses, labeling, and testing procedures, under which an OTC drug within that particular category may be generally recognized as a safe and effective (‘GRASE’), and therefore can be marketed without obtaining pre-market approval of an new drug application (‘NDA’) or abbreviated new drug application (‘ANDA’).
History
The company was founded in 2004. It was incorporated as a Delaware corporation in 2013. The company was formerly known as J.A. Cosmetics Holdings, Inc. and changed its name to e.l.f. Beauty, Inc. in 2016.