‘Inclusivity Is Not Optional' Says E.l.f. Beauty CEO

Forbes

11-07-2025

E.l.f. Beauty (NYSE: ELF) Rings The Opening Bell at the New York Stock Exchange, Monday, March 18, ... More 2024.
Diversity, equity and inclusion has become a prime battle ground for corporate America, but E.l.f. Beauty is not backing down from its inclusive positioning.
E.l.f. Beauty has never had a formal diversity, equity and inclusion program, according to its CEO, Tarang Amin. But the company culture has been intentionally designed around inclusivity. After all, Amin and his colleagues speak in terms of representing every eye, lip and face. E.l.f. Beauty's workforce is 74% women, over 40% diverse, and over 72% millennial and Gen Z, according to its 2024 DEI policies.
'Inclusivity is not optional. It's fundamental, and our entire business is based on that,' said Amin.
And that business is successful, with the company investing resources in demonstrating how diversity and inclusivity are integral to its success. Its latest earnings, released in late May, showed the company's full-year fiscal 2025 net sales grew 28%, with the fourth quarter representing the 25th consecutive quarter of net sales growth and market share gains. Net sales increased 4% to $332.6 million in the fourth quarter.
Notably, in May 2024, E.l.f. Beauty released a campaign centered on public board diversity, called 'So Many 'Dicks' So Few of Everyone Else.' Working with purpose-driven agency Oberland, E.l.f. Beauty conducted research on corporate boards in the U.S. learning that men named Richard, Rick, or Dick (Dicks) serving on public company boards outnumbered women and diverse groups. The out-of-home campaign included signage posted in the Financial District of New York City, noting the stats about current boards and inviting others to learn about how diversity can drive profitability for everyone. Additionally, in fiscal year 2024, E.l.f. Beauty donated over $1.2 million to various charities like It Gets Better Project, Project Glimmer, and Pull Up for Change through a combination of formal partnerships and corporate matching of employee donations.
Amin spoke with Forbes about DEI, including how the company builds an intentionally inclusive environment, what he thinks of the anti-DEI movement and whether the company's DEI positioning has ever risen to a board-level conversation.
Tarang Amin, chairman and CEO of E.l.f. Beauty since 2014.
What's the status of the DEI movement within the beauty industry today?
Tarang Amin: Well, certainly it's under pressure, like a lot of things going on. We've never actually had a DEI program or quotas or a number of the things that are being attacked. It's much more fundamental than that. Our mission is to make the best of beauty accessible to every eye, lip and face. Fundamentally believe in inclusivity and the power it has in terms of business. And I believe most people also feel that way.
I don't know when [culturally] it became a choice of being inclusive or having great business results. We're proof that both go hand in hand, and all the studies show that greater diversity leads to better results compared to homogeneous teams. I don't know any CEO who doesn't want the most talented workforce they can get. [My response is] to some of these attacks on these programs, 'It's in our best interest to have the best possible employees we can have.'
How do you integrate the principles of DEI without a formal program?
Amin: It comes with great intentionality of being inclusive. Our workforce [in 2025] is comprised of 74% women, 76% Gen Z and millennials, and 44% diverse individuals. It absolutely reflects the community that we serve. But we also believe in inclusivity in terms of leveraging each person's strengths. So I don't care who you are, what you look like, what your background is or what you want to do, because we have such a diverse team; every person leverages their unique strengths. The entire team is stronger. I feel that too many companies might say they care, but they don't really show it through their actions.
The most important work is the intention [and] commit[ment] to the ownership for our employees. We're committed to a high-performance team culture. We're one of the few companies that grant equity to every single employee every year, everywhere around the world. Our board of directors is one of only five public companies in the U.S. out of 4,000, that's two-thirds women and 44% diverse.
Does being diverse or inclusive beget a more diverse pool of employee candidates?
Amin: I think there's some truth to that. People tend to [hire] those whom they're more comfortable. Yet, when you come and interview with E.l.f. Beauty, you're interviewed by a diverse slate of people who are talking about the culture. [Our employees] are our best ambassadors. It certainly gives us an advantage there. I also think it helps when it comes to the mindset of those who are interviewing. It directly relates to our [internal survey] engagement scores, where over 94% were highly positive, and 98% commended E.l.f. Beauty as a place to work.
Has DEI and the company's approach ever been discussed at a C-Suite or board-level conversation?
Amin: No, not for us. We're 100% committed to this because it relates to our mission. If anything, we've been more vocal on this topic because businesses have either retreated or had to change their language. I get it -- different companies are under different pressures. However, we've been authentically inclusive for 21 years as a business, and if we change that stance, or if we said something different, I think that would be a violation of the community we serve.
What do you make of the broader anti-DEI conversation?
Amin: Even if you're not at E.l.f., if you're not in the beauty space, and your audience is not our audience, I would still argue that reflecting the community you serve is good business. And having a workforce that reflects your community is good business. People aren't talking those terms nearly enough – what you believe in and what you really stand for. And why? I call it the 'case for inclusiveness,' because the case for not being inclusive is highly suspect. What's wrong with representing the people you serve?
Like most things, there's a pendulum. Over time, people are going to see how [diversity] actually delivers great results, and we will absolutely be able to point to inclusivity that was a big part of those results. Let's get away from the rhetoric, and let's actually look at the real facts. The noise subsides over time. I always say facts are friends. And the data here is incredibly clear.The conversation has been slightly edited and condensed for clarity.