ELF hit the $1 billion mark in fiscal 2023, specifically $1.023 billion. Sales soared 77% driven by strength across the retailer and ecommerce channels, according to the company.

Last fall, ELF spent $333 million to purchase Natrium, a fast-growing prestige skin care brand.

ELF brass predicts a slowdown in 2024 as sales will “only” grow 20-22% to $1.23-$1.25 billion.

Why is ELF Beauty doing so well? Maybe it’s due to diversity. ELF is one of only four US publicly traded companies (out of more than 4,200) with a board that’s two-thirds women and one-third diverse.

“One of the most important things a diverse board does is bring in multiple viewpoints to make better decisions. At ELF Beauty, empathy is part of our business model because it brings us closer to our community and the things people in the community care about,” said CEO Tarang Amin. “A diverse board also helps us stay culturally relevant among multiple affinities. It’s the unique combination and diverse school of thought that helps us lead innovation and brand demand in the industry.”

Recognizing that putting more diversity in seats of power will take the partnership of other companies, ELF’s ambition is to help double the rate of women and diverse members added to corporate boards by 2027. To get there, ELF launched a “So many Dicks” campaign to highlight the fact that corporate boards often have more members named Richard, Rick or Dick than women or people of color.

For example, There were 566 men named Richard, Rick, or Dick (Dicks) serving on these public company boards. Black women and Asian women barely outnumber men named Dick, with only 806 Black and 774 Asian women.

Sales: $578 million

ELF Beauty delivered what the company is calling “outstanding” results for Q4 and the full fiscal year 2023.

For the three months ended March 31, 2023, net sales increased 78% to $187.4 million primarily driven by strength across retailer and e-commerce channels. For the full year, net sales increased 48% to $578.8 million.

“Our outstanding results in fiscal 2023 underscore the power of the ELF brand and the world class team at ELF Beauty,” said Tarang Amin, chairman and CEO. “We grew net sales by 78% in Q4, marking our seventeenth consecutive quarter of net sales growth. We gained 270 basis points of market share in the quarter and increased our ranking to the number three US mass cosmetics brand for the first time, according to Nielsen. As we look ahead, we believe we are still in the early innings of unlocking the full potential we see for ELF Beauty.”

Net sales for fiscal 2024 are projected to be $705-$720 million.

On the heels of its much-talked-about first television commercial featured on Super Bowl LVII, ELF Cosmetics is leaning further into entertainment with the launch of its new digital series, “Vanity Table Talk.” The social-first show is a playful mashup of popular formats, including the late-night talk show and the TikTok-native Get Ready With Me.

Actress Jennifer Coolidge pulls up a seat and shares more comedic quips at the ELF vanity, which inspired the Vanity Table Talk series. Viewers can watch as Coolidge shares funny insights into her relationship with makeup, including her daily routine and ideal lipstick name. She is an outspoken animal rights advocate and longtime fan of the brand’s products.

Sales: $392 million

Fueled by national and international retailers alongside a strong presence on social media, ELF beauty’s net sales increased 23% to more than $392 million for the fiscal year ended March 31, 2022. The company builds brands designed to disrupt industry norms, shape culture and connect communities through positivity, inclusivity and accessibility, it contends. Products are available online and across leading beauty, mass market and clean beauty specialty retailers.

Dunkin’ and ELF created a limited edition makeup collection.

Trending on social media, ELF Cosmetics recently revealed the official makeup artists and skin care expert signed on to work with The Future X, a first-of-its-kind pop group scouted on TikTok by internationally renowned producer Simon Fuller.

Reaching more than 12 billion views, ELF Cosmetics’ #elfitup hashtag challenge on TikTok had consumers eager to learn who was selected for the role. CUTAlso noteworthy for the beauty company this year is the expansion of Keys Soulcare into “color-skincare” hybrids with the new the Make You collection. Created by singer, artist, entrepreneur and New York Times best-selling author Alicia Keys and board-certified dermatologist Dr. Renée Snyder, the new Keys Soulcare offerings include Comforting Tinted Lip Balms, Sheer Flush Cheek Tint, Soft Stay Brow Gel and a Natural Flush Complexion Brush. Each product nourishes the skin with light washes of buildable color, dermatologist-developed, clean and cruelty-free, said the company.