Who Owns E.l.f. Cosmetics

Key Stats

E.l.f. Beauty, Inc. owns E.l.f. Cosmetics and trades publicly on the New York Stock Exchange under ticker symbol ELF. The beauty company operates with a distributed ownership structure where institutional investment firms hold the majority stake, led by Baillie Gifford & Co with 14.09% ownership.

The cosmetics brand has transformed from a dollar-store disruptor into a multi-billion-dollar beauty empire since its 2004 founding. Recent strategic moves include acquiring Rhode Skin for up to $1 billion in May 2025 and completing the purchase of Naturium for $355 million in 2023.

E.l.f. Beauty ranks as the fourth-largest mass makeup brand in the United States, having surpassed legacy competitors through aggressive digital-first marketing and rapid product development cycles. The company’s operational model mirrors fast-fashion retail principles, launching products in 26 weeks compared to traditional beauty brands requiring multiple years for development.

History of E.l.f. Cosmetics Co-founders

Joseph Shamah and Scott Vincent Borba established E.l.f. Cosmetics in June 2004 in New York City. Their partnership emerged from a chance encounter at a social gathering in 2002, where they discovered shared vision about democratizing beauty product access.

Founding Vision

Joseph Shamah, then a 23-year-old New York University business student, collaborated with his father Alan Shamah to provide business infrastructure. Scott Vincent Borba contributed beauty industry expertise from launching brands including Hard Candy cosmetics, which Sephora featured prominently during the late 1990s.

The founders observed bargain-hunting behavior in dollar stores and recognized opportunity in the beauty market. They believed quality cosmetics could retail at revolutionary price points without compromising product performance or safety standards.

Brand Development

E.l.f. stands for Eyes Lips Face, representing the brand’s comprehensive approach to facial cosmetics. The company launched with 13 products priced at $1.00 each, sold exclusively through its website without physical retail presence.

This direct-to-consumer model bypassed traditional distribution channels, eliminating intermediary markups that inflated conventional cosmetics pricing. Much like Procter & Gamble’s brand management approach, the founders focused on creating exceptional value propositions that resonated with price-conscious consumers seeking professional-quality makeup.

Transition to Professional Management

Private equity firm TPG Growth acquired majority control in February 2014, installing Tarang Amin as CEO to replace co-founder Joey Shamah. This ownership transition marked a pivotal moment, bringing institutional capital and operational expertise that accelerated growth initiatives.

Under TPG stewardship, E.l.f. invested in supply chain infrastructure, retail partnerships, and digital marketing capabilities. The private equity ownership period concluded with the 2016 initial public offering that established current shareholder structure.

Largest Shareholders of E.l.f. Cosmetics

Institutional investors dominate the shareholder registry, collectively holding more than nine-tenths of outstanding equity. These investment firms purchase shares for mutual funds, pension portfolios, and exchange-traded funds serving millions of individual clients.

Baillie Gifford & Co

The Edinburgh-based investment manager maintains the largest position with 14.09% ownership representing 7.94 million shares as of March 2025. Baillie Gifford specializes in growth investing, focusing on companies demonstrating exceptional expansion potential and market disruption capabilities.

The firm’s substantial stake signals confidence in E.l.f. Beauty’s competitive positioning within the beauty sector. Baillie Gifford typically maintains long-term holding periods, providing ownership stability that supports management’s strategic vision.

BlackRock Inc

The world’s largest asset manager controls 9.56% of E.l.f. Beauty through 5.38 million shares. BlackRock’s investment management platform includes index funds tracking major market benchmarks alongside actively managed portfolios pursuing outperformance.

BlackRock’s ownership position reflects both passive index inclusion and active management decisions. The firm exercises significant voting power on corporate governance matters, proxy proposals, and director elections.

Vanguard Group

This investment giant holds 9.52% ownership with 5.36 million shares distributed across various fund vehicles. Vanguard pioneered low-cost index investing, managing trillions in assets for retail and institutional clients pursuing diversified market exposure.

The company’s stake primarily consists of passive holdings tracking broad market indices and beauty sector benchmarks. Vanguard’s presence indicates E.l.f. Beauty’s inclusion in major index compositions weighted by market capitalization.

Additional Major Investors

JPMorgan Chase maintains 4.96% ownership, while Champlain Investment Partners holds 4.73% and William Blair Investment Management owns 4.04%. These positions represent active management decisions based on fundamental analysis and growth projections.

State Street Global Advisors, Capital Research & Management, and other institutional investors round out the top shareholder list. The concentrated institutional ownership resembles patterns observed across consumer discretionary stocks and high-growth beauty companies.

Insider Ownership

Company executives and directors collectively own 2.56% of outstanding shares. CEO Tarang Amin holds 1,183,400 shares representing approximately 1.69% ownership valued at over $116 million.

Chief Marketing Officer Kory Marchisotto owns 131,977 shares, while General Counsel Scott Milsten maintains 111,870 shares. These holdings align management interests with shareholder returns, creating financial incentives for value creation and operational excellence.

Who Is on the Board of Directors for E.l.f. Cosmetics?

E.l.f. Beauty maintains a nine-member board composition emphasizing diversity, industry expertise, and strategic guidance capabilities. The board structure includes independent directors contributing specialized knowledge across technology, finance, marketing, and retail operations.

Executive Leadership

Tarang Amin serves as Chairman and Chief Executive Officer, having led the company since 2014. His background includes executive positions at Schiff Nutrition, where he increased enterprise value from $190 million to $1.5 billion, and The Clorox Company, where he managed billion-dollar business units.

Amin earned undergraduate and MBA degrees from Duke University before beginning his career at Procter & Gamble in brand management. His consumer products experience spans more than 25 years across nutrition, cleaning products, and beauty categories.

Retail and Beauty Expertise

Maureen Watson joined the board in August 2015, currently serving as Chief Product Officer at Madison Reed. She previously held Senior Vice President positions at Sephora USA and Lucky Brand Jeans, bringing deep understanding of prestige beauty retail dynamics and merchandising strategy.

Watson’s Middlebury College education in Political Science and French preceded extensive leadership roles at The Gap, Inc. Her board contributions focus on product development, retail channel strategy, and consumer insights.

Financial and Strategic Guidance

Lauren Cooks Levitan serves as director since June 2016, currently holding the President position at Faire, Inc., a wholesale marketplace provider. Her previous CFO roles at Faire and Fanatics demonstrate financial acumen across e-commerce and retail sectors.

Levitan co-founded Moxie Capital LLC, providing private equity investment to consumer-facing businesses. Her investment banking background at Cowen & Company and Robertson Stephens, combined with operational experience at Goldman Sachs, offers comprehensive financial perspective to board deliberations.

Tiffany Daniele joined in May 2022 as CFO of Union Square Hospitality Group. Her financial planning expertise developed through roles at Tapestry, Inc. and Kate Spade & Company brings luxury brand financial management insights.

Marketing and Brand Building

Kenny Mitchell joined November 2020, currently serving as Chief Marketing Officer of the Levi’s brand at Levi Strauss & Co. His previous CMO position at Snap Inc. and marketing leadership at McDonald’s Corporation and Gatorade demonstrate integrated marketing program expertise.

Mitchell earned his sociology and economics degree from Dartmouth College followed by an MBA from Tuck School of Business. His board contributions focus on brand strategy, digital marketing innovation, and consumer engagement tactics.

Technology and Operations

Gayle Tait serves as director since November 2022, previously holding CEO and President positions at Trove, a resale platform. Her seven-year tenure as Managing Director for Google Play’s prepaid business and 15 years at L’Oréal provide technology and international operations expertise.

Maria Ferreras joined August 2024 as Global Head of Partnerships at Netflix. She previously led business development for Netflix’s EMEA region and served in partnership roles at YouTube under Alphabet.

Retail Executive Experience

Chip Bergh joined the board in April 2025, currently serving as Senior Lecturer at Harvard Business School. His extensive career includes 13 years as President and CEO of Levi Strauss & Co. and 28 years at Procter & Gamble in brand management and executive leadership positions.

Who Owns E.l.f. Cosmetics?

E.l.f. Beauty, Inc. functions as the parent corporation of E.l.f. Cosmetics. The company completed its initial public offering in 2016, establishing a publicly traded ownership structure that replaced previous private equity control.

Public Company Structure

The cosmetics manufacturer operates under Delaware corporate law as a C-corporation registered with the Securities and Exchange Commission. Trading commenced on the New York Stock Exchange following the September 2016 IPO, which priced shares at $17 and raised substantial capital for expansion initiatives.

Similar to how Target operates as an independent publicly traded retailer, E.l.f. Beauty maintains no controlling shareholder or parent company. The distributed ownership model provides liquidity for investors while enabling management flexibility in strategic decision-making.

Corporate Governance

Chairman and CEO Tarang Amin leads the executive team alongside Chief Financial Officer Mandy Fields and Chief Marketing Officer Kory Marchisotto. The leadership structure separates ownership from operational control, with professional management executing strategy subject to board oversight and shareholder voting rights.

Recent Strategic Acquisitions

The company announced plans to acquire Hailey Bieber’s Rhode Skin brand in May 2025 for up to $1 billion. The deal structure includes $600 million cash, $200 million in E.l.f. Beauty stock, and potential earn-out payments of $200 million based on three-year performance metrics.

E.l.f. Beauty completed Naturium’s acquisition in October 2023 for $355 million. The skincare brand’s science-backed formulations and rapid growth trajectory aligned with E.l.f.’s expansion into skincare categories beyond color cosmetics.

FAQ

What company owns E.l.f. Cosmetics?

E.l.f. Beauty, Inc. owns E.l.f. Cosmetics as the parent corporation. The company trades publicly on the New York Stock Exchange under ticker ELF.

Who founded E.l.f. Cosmetics and when?

Joseph Shamah and Scott Vincent Borba founded E.l.f. Cosmetics in June 2004 in New York City with 13 products priced at $1.00 each.

Is E.l.f. Cosmetics publicly traded?

Yes, E.l.f. Beauty completed its initial public offering in September 2016 and trades on the NYSE under ticker symbol ELF.

Who are the largest shareholders of E.l.f. Cosmetics?

Baillie Gifford & Co holds 14.09%, BlackRock owns 9.56%, and Vanguard Group maintains 9.52%. Institutional investors collectively own approximately 95% of shares.

Who is the current CEO of E.l.f. Cosmetics?

Tarang Amin serves as Chairman and Chief Executive Officer of E.l.f. Beauty since 2014, previously leading Schiff Nutrition and holding executive roles at Clorox.