E.l.f. Beauty, Inc. owns e.l.f. Cosmetics in 2025, trading publicly on the New York Stock Exchange under ticker symbol ELF. The beauty brand that launched with $1 products has built itself into a major player in the cosmetics industry.
E.l.f. Beauty posted a 77% year-over-year increase in net sales, hitting $1.02 billion for the fiscal year ending March 31, 2024. The company has expanded its reach through key acquisitions, including the $1 billion purchase of Hailey Bieber’s Rhode skincare brand in 2025. E.l.f. Beauty also acquired Naturium for $355 million in October 2023, showing its focus on growth through strategic deals.
Joseph Shamah and Scott Vincent Borba started the company in 2004 with a simple goal: make quality beauty products affordable. Today, e.l.f. stands as the third largest mass cosmetics brand in the U.S., capturing a 9.5% market share as of August 2023. While ownership has changed over the years, the brand stays true to its original mission of offering high-quality beauty products that don’t break the bank.
Who owns e.l.f. Cosmetics in 2025?
E.l.f. Beauty, Inc. operates as the parent company, publicly traded with institutional shareholders holding the majority stake.
e.l.f. Beauty, Inc. as the parent company
Since 2004, e.l.f. Beauty, Inc. has built a multi-brand portfolio that extends well beyond its original cosmetics line. The company now manages e.l.f. Cosmetics, e.l.f. SKIN, Naturium, Well People, and Keys Soulcare. These brands span eye, lip, and face makeup, beauty tools, accessories, and skincare products.
The company’s expansion strategy centers on strategic acquisitions. The Naturium purchase in 2023 doubled e.l.f.’s skincare presence. The Rhode acquisition, signed in 2025, represents e.l.f. Beauty’s most ambitious move yet—a definitive agreement to purchase Hailey Bieber’s lifestyle beauty brand. This deal, pending regulatory approvals, is set to close in the second quarter of Fiscal 2026.
Publicly traded on NYSE under ticker ELF
You can find e.l.f. Beauty trading on the New York Stock Exchange under ticker symbol “ELF”. The company changed its name from J.A. Cosmetics Holdings, Inc. to e.l.f. Beauty, Inc. in April 2016. Operating from Oakland, California, the company reported revenue of $1.02 billion for 2024.
The financial performance speaks for itself. E.l.f. Beauty posted an operating income of $150.00 million and net income of $128.00 million in 2024. Total assets reached $1.13 billion with total equity of $643.00 million in the same period.
Major institutional shareholders
Institutional investors control a significant portion of e.l.f. Beauty, holding 109.63% of shares across 591 different entities. Baillie Gifford & Co leads as the largest shareholder with 7.94 million shares, representing 14.09% of the company.
The top institutional shareholders include:
- Blackrock Inc. with 5.38 million shares (9.56%)
- Vanguard Group Inc with 5.36 million shares (9.52%)
- JPMorgan Chase & Co holding 2.79 million shares (4.96%)
- Champlain Investment Partners, LLC with 2.67 million shares (4.73%)
Insiders maintain meaningful ownership too, holding 2.56% of all shares. Joseph A. Shamah, one of the original founders, holds the largest insider position with 6.5 million shares, representing 11.55% of the company.
The founding story of e.l.f. Cosmetics
The e.l.f. story starts with a simple observation at a 99-cent makeup store in Los Angeles. Scott Vincent Borba, a beauty industry veteran who had previously launched Hard Candy cosmetics, noticed something interesting: expensive cars parked outside discount beauty retailers.
“I saw all these women with Louis Vuitton purses, and they were just buying truckloads of lip balms and nail polishes,” Borba explained in a CNN interview. This moment revealed a gap in the market—luxury consumers wanted affordable cosmetics without sacrificing quality.
Launched in 2004 by Joseph Shamah and Scott Vincent Borba
Borba’s observation led to a chance meeting with Joseph Shamah at a party in 2002. Shamah, then a 23-year-old New York University business student, connected with Borba’s vision. With help from Joseph’s father, Alan Shamah, the duo launched e.l.f. Cosmetics (eyes, lips, face) in June 2004.
Their approach was straightforward. “We feel women shouldn’t have to skip lunch or not go out for dinner or have other cutbacks to afford makeup,” Shamah told CNN.
Initial $1 product strategy
E.l.f. launched with just 13 makeup products, each priced at $1. This wasn’t just competitive pricing—it was a direct challenge to industry norms that linked quality with premium prices.
The $1 price point worked because it solved a real problem. Quality makeup was expensive, but cheaper alternatives often disappointed. E.l.f. found the sweet spot between affordability and performance.
Early success through e-commerce
Getting into retail stores proved difficult initially. But a breakthrough came when Glamour magazine wanted to feature an e.l.f. product. There was one catch: the product needed to be nationally available for their 2 million readers.
This requirement pushed e.l.f. to transform its website from a simple showcase into a fully functional e-commerce platform in 2004. The timing was ahead of its time—most beauty brands weren’t thinking digital-first yet.
The strategy paid off. Within the first year, the website shipped thousands of orders. Glamour featured e.l.f. products more than seven times, boosting brand awareness significantly. By 2008, the website accounted for approximately 50% of all sales, proving that direct-to-consumer could work in beauty long before it became the norm.
From private equity to public company
E.l.f. Cosmetics caught the attention of investors early on. The ownership story shows how a small beauty brand attracted serious money before making it to the public markets.
TPG Growth’s majority stake in 2011
TSG Consumer Partners made the first move in 2011, taking a minority stake in e.l.f. Cosmetics. This partnership gave the brand room to grow while keeping the founders in control.
Here’s where things changed. TPG Growth, the middle market investment arm of TPG Capital, stepped in during 2014 and acquired a majority stake from both the founders and TSG Consumer Partners. The deal was valued somewhere between $200 million and $300 million, though exact terms stayed private.
John Bailey, Principal at TPG Growth, saw the potential: “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, and are happy to partner with e.l.f. to build the company and accelerate its already impressive growth trajectory”.
IPO in 2016 and capital raised
After years under private equity ownership, e.l.f. Beauty went public on September 22, 2016, trading under ticker symbol “ELF”. The company priced shares at $17.00 each, beating its initial range of $14.00 to $16.00.
The numbers tell the story. E.l.f. Beauty sold 8.33 million shares total—4 million from the company and 4.33 million from existing shareholders. This raised about $141 million, with e.l.f. Beauty keeping $63.20 million after expenses while selling shareholders got $68.50 million.
The market loved it. Shares jumped 41% on day one, closing at $26.50 and valuing the company at $1.18 billion. E.l.f. Beauty used most of its proceeds to pay down $204 million in debt and handle general corporate needs.
Transition to institutional ownership
Going public opened the door to institutional investors. E.l.f. Beauty gradually shifted from private equity control to a broader shareholder base, all while staying focused on affordable, quality beauty products and expanding its market presence.
How e.l.f. Beauty expanded its empire
Tarang Amin led e.l.f. Beauty through a strategic expansion that changed the company from a single-brand operation into a multi-brand beauty powerhouse. Here’s how they built their portfolio.
Acquisition of W3LL PEOPLE and Naturium
E.l.f. Beauty’s first major acquisition came in 2020 with the $27 million purchase of clean beauty brand W3LL PEOPLE. This move marked the company’s shift toward portfolio diversification beyond its flagship e.l.f. Cosmetics brand.
The company’s growth strategy gained serious momentum in 2023 with the $355 million Naturium acquisition. This deal doubled e.l.f. Beauty’s skincare presence to approximately 18% of retail sales. Naturium brought impressive numbers—$90 million in net sales with $17 million in adjusted EBITDA. This combination of rapid growth and profitability made it an attractive target.
Rhode acquisition in 2025
E.l.f. Beauty’s biggest move came in May 2025 with the $1 billion agreement to acquire Hailey Bieber’s Rhode brand. The deal structure includes $800 million at closing (cash and stock combined) plus a potential $200 million earnout based on future performance over three years.
This acquisition serves a specific purpose: getting e.l.f. into the prestige beauty channel and new retail partners like Sephora. Rhode had doubled its consumer base over the previous year and generated $212 million in net sales, making it a strategic fit for e.l.f.’s expansion goals.
Brand portfolio: e.l.f. SKIN, Keys Soulcare, Well People
E.l.f. Beauty also grew internally, launching e.l.f. SKIN five years ago to accelerate its skincare potential. The company’s portfolio now includes Keys Soulcare, a lifestyle beauty brand created with Alicia Keys that focuses on wellness and self-care.
Each brand targets different market segments. E.l.f. Cosmetics dominates the value makeup space as the No. 1 brand in units across U.S. cosmetics, particularly appealing to Gen Z consumers. Naturium attracts millennials with higher price points (average $18) and uniquely draws 40% male consumers. This diverse approach lets e.l.f. Beauty reach different demographics across various price points.
Conclusion
E.l.f. Beauty, Inc. owns e.l.f. Cosmetics in 2025, trading as a publicly held company on the NYSE. The journey from $1 makeup products to a billion-dollar beauty empire shows what happens when you identify a real market need and stay focused on solving it.
The story started with a simple observation: women with expensive handbags shopping at 99-cent makeup stores. Shamah and Borba saw an opportunity to offer quality beauty products without the premium price tag. Their early focus on e-commerce proved smart, especially for 2004.
The company’s path from private equity to public trading opened doors for growth. The 2016 IPO raised capital and positioned e.l.f. Beauty for its acquisition strategy. Now institutional investors hold significant stakes, recognizing the company’s market strength and growth potential.
E.l.f. Beauty’s recent deals tell the story of smart expansion. W3LL PEOPLE, Naturium, and the $1 billion Rhode acquisition each serve different market segments while supporting the core mission of accessible beauty. The numbers speak for themselves: 77% year-over-year growth and over $1 billion in annual sales.
The brand has stayed true to its original vision even as ownership changed hands. E.l.f. Beauty now reaches different demographics across various price points, but the focus remains on making quality beauty products accessible to everyone.
Today, e.l.f. Beauty stands as more than just a budget option. It’s a legitimate industry leader with real market influence, proving that innovative business models and consistent brand values can create lasting success in competitive markets.
FAQs
Q1. Is e.l.f. Cosmetics still an affordable brand in 2025?
Yes, e.l.f. Cosmetics continues to offer affordable beauty products in 2025, staying true to its original vision of providing high-quality cosmetics at accessible price points. While the brand has expanded its portfolio, it remains committed to value-driven offerings.
Q2. How has e.l.f. Beauty’s acquisition strategy impacted its growth?
E.l.f. Beauty’s strategic acquisitions, including W3LL PEOPLE, Naturium, and Rhode, have significantly expanded its market reach and product range. These acquisitions have helped the company diversify its portfolio, target different demographics, and accelerate its growth in both makeup and skincare categories.
Q3. What makes e.l.f. Beauty stand out in the cosmetics industry?
E.l.f. Beauty stands out for its ability to offer high-quality products at affordable prices, its strong e-commerce presence, and its appeal to younger consumers, particularly Gen Z. The company has also successfully expanded from a single-brand focus to a multi-brand beauty powerhouse.
Q4. How has e.l.f. Beauty’s ownership structure changed since its founding?
E.l.f. Beauty has transitioned from a privately-owned company to a publicly-traded entity. It started with its founders, received investment from private equity firms, and then went public in 2016. Now, it’s primarily owned by institutional shareholders and trades on the New York Stock Exchange.
Q5. What role does e-commerce play in e.l.f. Beauty’s business model?
E-commerce has been crucial to e.l.f. Beauty’s success since its early days. The company’s digital-first approach, launched in 2004, was revolutionary for its time and continues to be a significant part of its business model, allowing for direct consumer engagement and sales.