E.l.f. CEO Tarang Amin reflects on a tumultuous 2025

Hello and welcome to Modern CEO! I’m Stephanie Mehta, CEO and chief content officer of Mansueto Ventures. Each week this newsletter explores inclusive approaches to leadership drawn from conversations with executives and entrepreneurs, and from the pages of Inc. and Fast Company. If you received this newsletter from a friend, you can sign up to get it yourself every Monday.

When we named Tarang Amin Modern CEO of the Year in December 2024, the E.l.f. Beauty chairman and chief executive had racked up a string of notable successes. Under Amin’s leadership, the publicly traded cosmetics company had posted 23 consecutive quarters of net sales and market share growth. E.l.f. won plaudits for cheeky marketing efforts such as a coffin-shaped makeup kit collaboration with beverage company Liquid Death. Another initiative championed corporate board diversity via its “So Many Dicks” campaign, which cites research showing that men named Richard, Rick, or Dick outnumber women and diverse directors serving on public company boards. Indeed, such bold ads helped land Kory Marchisotto, E.l.f.’s chief marketing officer, on Fast Company’s 2024 list of CMOs of the Year as part of its Brands That Matter program.

In contrast, this year has been a rockier one for Amin. In May, the company, whose E.l.f. skincare and cosmetics products sell at affordable price points, said it would raise prices on all its products by $1 to offset the impact of new tariffs. (The company has said 75% of its products are made in China.) In August, E.l.f. said it would not provide shareholders with a financial outlook for its full fiscal year ending March 31, 2026, citing the “wide range” of potential impacts from those tariffs. That same month, it launched a parody ad featuring comedian Matt Rife that faced social media backlash as commenters highlighted jokes Rife made about domestic violence in a Netflix special.

Many CEOs might retreat from public view or tread carefully in this environment, but not Amin. Ahead of our search for the 2025 Modern CEO of the Year (more on that in a moment), Amin sat with me for a wide-ranging interview on the challenges of 2025, E.l.f.’s blockbuster $1 billion acquisition of Hailey Bieber’s Rhode brand, and why the company is expanding its Change the Board Game effort amid attacks on diversity programs. Here are the highlights in Amin’s own words:

Responding to tarrifs

Customer feedback on higher prices: “We announced [the $1-per-item price increases] to our community three months before we took prices up. . . . The response from our community actually was quite positive. They love the fact that we’re not trying to pull one over their eyes; that we’re transparent.”

Shareholder communications after pulling full-year guidance: “We just reported our 26th consecutive quarter of net sales and market share gains. What we emphasize with our investors is that we take a very long-term view. If you’re worried about short-term tariff impacts, maybe we’re not the stock for you.”

The Matt Rife controversy

Acknowledging the mistake: “In this onetime post, we clearly missed the mark. We’re all about delighting our community. This did not delight our entire community. And for that we apologize. I personally take that seriously.”

Staying edgy: “We clearly missed the mark on this one. Let’s learn from it, but don’t lose [our] mojo. Don’t become scared. Don’t become safe.”

Buying Rhode

Why Rhode stood out: “I’ve never seen a brand that went from zero to $212 million in net sales in less than three years [by selling] direct to consumer only with just 10 products. It is just incredible in terms of success.”

Hailey Bieber, acqui-hire: “Our approach to M&A is different than a lot of companies’. We never do synergy math or try to figure out where we can save. It’s all about growth for us. And so one of the prerequisites we have is we want the entire team. Our approach is, ‘Okay, how can we help you? How can we help you accelerate what you’re already doing really well?’”

Doubling down on board diversity

Change the Board Game 2.0: “We announced coalition partners that want to join us [in supporting boardroom inclusivity]. We’re going to continue to beat the drum, because these aren’t things that we do as a campaign. These are things we believe in.”

Who is the modern CEO of 2025?

For the second year, Modern CEO is seeking to recognize an executive who embodies the leadership qualities this newsletter has sought to highlight, such as promoting innovation, nurturing talent, and fostering excellence. Please fill out this form to nominate a chief executive—or yourself. We’ll dedicate a column in December to the Modern CEO of the Year.

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