Podcast Summary: The Best One Yet
Episode: “Makeup King” — e.l.f. Beauty CEO Tarang Amin’s Interview with TBOY
Original Air Date: January 19, 2026
Hosts: Jack Crivici-Kramer & Nick Martell
Guest: Tarang Amin, CEO of e.l.f. Beauty
Overview
In this dynamic, fast-paced episode, Nick and Jack sit down with Tarang Amin, the charismatic CEO of e.l.f. Beauty. The conversation centers on how e.l.f. became a powerhouse in the beauty industry by democratizing quality cosmetics, pioneering the concept of "dupes," keeping prices low amid inflation and tariffs, and making bold moves like acquiring Hailey Bieber’s Rhode Beauty. Amin pulls back the curtain on supply chain innovations, founder-led acquisitions, community-driven product development, and why he sees e.l.f. not just as a beauty company—but an entertainment brand.
Key Discussion Points & Insights
1. Tarang’s Unlikely Path and Leadership Philosophy
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Tarang Amin’s background: Born in Kenya to Indian parents, former executive in consumer goods (Pantene, kitty litter, etc.), joined e.l.f. 12 years ago, shortly after its founding.
- “You don’t really wear makeup…do you need to use the product?” – [04:31]
- Tarang reveals he does use e.l.f. products for interviews: poreless putty primer, camo concealer, and more.
- [04:37] Tarang Amin: “That’s why I look so fabulous.”
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On Using the Product:
- Essential for a CEO to be familiar, but more important is having a team that reflects and represents the community served.
- e.l.f.’s workforce: 74% women, 66% Gen Z/millennial, 44% diverse.
- “Our team … absolutely represent the community we serve … are one of the best sources of insights I have.” — [05:05] Tarang Amin
2. How e.l.f. Achieves “Luxury for All”—Pricing, Value & Supply Chain
- e.l.f. as the original “dupe” brand: delivers prestige-level products for a fraction of the price.
- E.g., $3 lipstick or lip liner held at that price for years, even during record inflation.
[06:55] Nick: “How do you keep a top selling product just three bucks in the face of inflation? How is that physically possible?”
[07:04] Tarang Amin:
“The founders … introduced the brand in 2004, selling cosmetics over the Internet for $1. Everyone thought they were crazy … But they figured it out and we've kept that spirit of disruption ever since.”
- Hybrid Supply Chain Model:
- “Unique supply chain innovation model … suppliers who believe in our standards on quality, on lean manufacturing ...” [08:20]
- e.l.f. maintains long-term partnerships, sometimes asking suppliers to duplicate facilities outside China to diversify and remain agile.
3. Weathering Tariffs and Price Communication
- In 2025, tariffs on Chinese goods hit up to 170%; e.l.f. paid on average 60% tariffs.
- e.l.f. announced a $1 price increase across all products, explaining the rationale directly to their community.
[10:04] Tarang Amin:
“Our approach is we’re always transparent with our community … the overwhelming response was really positive. People ... love that you’re always upfront with us.”
- e.l.f. has posted 27 consecutive quarters of net sales market share gains and 20%+ sales growth, even during trade war disruptions.
4. Acquisition of Rhode and Philosophy on Brand Integration
- e.l.f. bought Hailey Bieber’s Rhode Beauty for $1B in 2025 after its rapid rise to $212M DTC net sales with just 10 products.
- Rhode's product drops spurred “consumer fervor”: lines around the block for product launches.
- Uniquely, e.l.f. brings acquired teams/founders fully onboard with minimal integration, aiming to support—not overwrite—the original vision and operations.
[18:32] Tarang Amin:
“Our acquisition approach is different. We don’t do any synergy math. We don’t think about over integration. When we buy a brand, we want the entire team.”
- Celebrity founders like Hailey Bieber are deeply involved in product and brand strategy, not just lending a name.
- Roadmap: transfer operational excellence (e.g., field sales), but let the ethos and curation remain.
5. Celebrity Brands, Culture & The "Coty Curse"
- References rival Coty’s troubled acquisitions of Kylie Cosmetics and KKW Beauty (Kim Kardashian).
- e.l.f. claims success by only acquiring select, culturally aligned brands and keeping founders heavily involved.
[22:46] Tarang Amin:
“Our vision is to support a founder’s vision and … help them realize what they want ... We’re also really choiceful. In our 21-year history, we’ve only made three acquisitions.”
6. Strategic Store Closures and Digital Dominance
- In 2019, e.l.f. shuttered all 27 of its physical stores to double-down on digital and partnerships with major retailers.
- Invested $16M store budget directly into digital/marketing.
- e.l.f. reaches tens of millions more via Target, Walmart, Ulta, Amazon, etc.
[28:31] Tarang Amin:
“What’s the role for 27 boutiques? … We took the $16 million we were spending on stores and doubled down on marketing and digital and we saw an immediate improvement.”
- No plans to re-enter owned retail—prefers large retail partners and strong digital presence.
7. Democratizing Beauty Through “Dupes” (Without Calling Them That)
- The e.l.f. model: re-engineer prestige products based on consumer requests, at a transparent, affordable price.
- Example: Christian Dior’s $38 lip oil “dupe” became e.l.f.’s $8 version—with formula tweaks based on consumer feedback (bigger applicator, hydrating formula).
[36:03] Tarang Amin (on the ethics of dupes):
"I actually think it’s immoral to charge a consumer 40, 50 bucks for something that … [can be] just as good or better quality … We take great pride in being able to put our e.l.f. twist on and be able to have the best of prestige at a fraction of the price."
- Many ideas are “scrolled” from social (zero distance between C-suite and comment sections—e.g., TikTok Live prompts products to move up in pipeline).
8. Community-Driven Innovation & Decision-Making
- Internal “innovation teams” exist, but all employees are encouraged to participate and contribute product input.
- “[Product review] is an open ticket … anyone in the company can join.” — [43:15]
- Employees are compensated with equity—over $220M since IPO, stock up 8x.
- All staff eligible for bonus (0–200%)—one team, one dream.
[45:43] Tarang Amin:
“I want meaningful wealth creation for every single person because they’re the people who are driving our results.”
- Every major decision balances intuition and data, but founder/creator passion matters most.
9. Bold Brand Voice and Societal Impact
- e.l.f. campaigns on boardroom diversity (e.g., "So Many Dicks") addressed lack of representation, with 98% positive sentiment from their audience.
- The board: >2/3 women and 44% diverse—one of just five such public companies in the U.S.
[52:26] Tarang Amin:
"There are more men named Richard, Rick or Dick on America’s corporate boards than entire groups of underrepresented populations."
“We believe business has a role for societal good.”
- DEI is not a side program but baked into hiring, board selection, and marketing—a reflection of the consumer base.
10. Beauty as Entertainment
- e.l.f. sees itself more as an entertainment company, engaging community on platforms like Twitch and Roblox.
- Marketing operates on “minimum viable control for maximum achievable freedom.”
- Empower staff closest to the community. Example: sending a care package to a viral ocean traveler, without excessive top-down branding.
[47:59] Tarang Amin:
“It’s less transactional and more of, let’s build a real relationship … a lot of times is how you entertain them … make fun of yourself …”
Notable Quotes & Memorable Moments
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On pricing integrity:
“We have an everyday low price. We don’t play games with the consumer. … Even when people display our products, we tell them do it at full retail, because it’s such a great value.” — [12:17] Tarang Amin
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On employee empowerment:
“We say we rise or fall together. … Last year was our sixth consecutive year of paying out 200% of target bonus.” — [44:59] Tarang Amin
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On founder involvement (Hailey Bieber):
“Haley is a celebrity for sure. But she’s way more than a celebrity. She’s one of the most thoughtful founders I’ve ever met. … This is her baby and she’s all in.” — [21:15] Tarang Amin
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On the moral case for dupes:
“I actually think it’s immoral to charge a consumer 40, 50 bucks for something … We take great pride in … making the best of prestige at a fraction of the price.” — [36:03] Tarang Amin
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On owning strategy:
“Our vision is to support a founder’s vision and to really support a founder and help them realize what they want. Haley would be the first one … to tell you e.l.f. has done everything we said we’d do…” — [22:46] Tarang Amin
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On minimum viable control:
"Minimum viable control to enable maximum achievable freedom." — [50:46] Tarang Amin
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On company ethos:
“If you represent the community you serve, you get better results. And I think we’re living proof of that.” — [54:53] Tarang Amin
Important Timestamps
- 04:37 – Tarang admits he uses e.l.f. products
- 05:05 – Team diversity at e.l.f.
- 06:55 – Keeping $3 pricing during inflation
- 07:45 – Supply chain innovation explained
- 10:04 – Impact and transparency on tariffs
- 18:32 – Acquisition approach for founder-led brands
- 22:46 – Why e.l.f.’s acquisitions succeed where others fail (“Coty curse”)
- 28:31 – Closing e.l.f.’s physical stores; pivot to digital/retail partners
- 36:03 – The "moral authority" for making dupes affordable
- 43:15 – Anyone at e.l.f. can join product reviews (open innovation)
- 44:59 – Employee bonuses—"one team, one dream"
- 47:59 – Why e.l.f. is in the “entertainment industry”
- 50:46 – Minimum viable control, maximum achievable freedom
- 52:26 – “So Many Dicks” diversity campaign explained
- 56:32 – Tarang’s final “takeaway” for e.l.f. Beauty
Rapid-Fire Round: Fun Facts & Favorites
- Best non-e.l.f./Rhode brand: Arc'teryx (outdoor gear) – [57:13]
- Best business book: Doris Kearns Goodwin’s Team of Rivals (on Abraham Lincoln)—[57:26]
- Admired business leader: Jensen Huang (Nvidia)—[57:47]
- Best beauty hack: e.l.f. poreless putty primer—[58:10]
- Dream future collab: Top secret, “coming in two weeks”—[58:46]
- Best Bay Area restaurant: Kokkari (Greek cuisine)—[59:16]
- CEO self-stock ticker: HPT (High Performance Teamwork) or OTOD (One Team, One Dream)—[59:31]
- Morning skincare: Cleansing, hydration with e.l.f. Holy Hydration, SPF (Suntouchables)—[59:55]
Takeaway (From Tarang Amin)
“Making the best accessible to every eye, lip and face has been the cornerstone of our success for 21 years. And we do that by reflecting and listening to the communities we serve. … If you do that and have a passionate team of owners in a high-performance team setting, anything's possible.” — [56:32]
Summary prepared by The Best One Yet Recap Team
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