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After joining a call with Vogue Business, ahead of Elf Beauty’s Q2 earnings, it’s not long before CEO Tarang Amin mentions that this quarter marks the company’s 31st consecutive quarter of net sales growth. For Q2 2027, net sales rose 51% to $520.8 million, bolstered by retailer and e-commerce channels across the US and the globe. Gross margin grew 160 basis points to 71%, and adjusted EBITDA reached $123.4 million, up 86% year on year. The company, which comprises Elf, Rhode, Naturium and Well People, also updated its guidance for fiscal 2027, predicting net sales of $2 billion, up from $1.9 billion. While the company did not share a financial breakdown by brand, Amin tells Vogue Business that every brand grew. “It was a phenomenal quarter for us,” he says. Amin assumed his role in 2014, and since 2020, Elf Beauty has acquired Well People, Naturium, and most recently, Rhode (for $1 billion) in a bullish M&A sweep. During the summer, the Elf brand expanded into haircare, launching Elf Hair with a suite of products including a moisturizing shampoo and conditioner, an anti-frizz styling spray, and treatment oil. (Elf’s own brands also include Elf Cosmetics and Elf Skin.) Amin’s moves could reap a return on investment. According to Euromonitor, the global haircare category is forecast to grow 24% by 2030, reaching £129 billion, while outpacing the growth of established beauty verticals like makeup and fragrance (both in the double digits). Despite geopolitical uncertainty and inflation softening consumer sentiment, US shoppers are still buying beauty, especially online. This is a win for Elf, as a US-based “masstige” (mass but prestige-positioned) company that took on TikTok Shop before most competitors, and has captured millennial, Gen Z and Gen Alpha shoppers with its affordability, a key concern for shoppers in the US, as we saw with the “blue tsunami” mid-term results this week. At the same time, Elf Beauty — available online globally — is expanding its retail footprint in a bid to diversify revenue and scale. In fiscal 2025, Elf Beauty took on the Netherlands and Belgium, as well as Poland and Germany through partner Rossmann. The new territories joined the US, UK, Mexico, and Canada, where partners such as Walmart, Target, and Sephora have supported the brand. Then, in September this year, Rhode launched with Sephora in Europe, bringing the brand to more than 500 stores across 19 new markets. Elf Beauty claims that this has boosted quarterly results. As analysts and beauty retailers take stock, Amin shares his next steps. Vogue: Elf showed strong growth for Q1 2027. What led to this uplift? Well, we’ve been known for our value proposition for 22 years. And at a time when consumers are more concerned about affordability, our brands shine. It’s not only resonating now, but will continue to resonate as we go forward. I’d say the second thing for us is that we’re in an incredible category where consumers really care about innovation. We’re known for our innovation, taking inspiration from prestige and putting our Elf twist on it, and bringing it [out] at great value. Most important is our unique ability to engage our community. We were one of the first brands on TikTok. We have our own Twitch channel focused on female empowerment. We have the number one branded experience on Roblox. We live with our community, and we give them what they want. It’s made us the number one brand amongst Gen Z, Gen Alpha, and millennials. Vogue: You mentioned Gen Alpha, which has been a strong cohort for Elf for a while. As consumers, are Gen Alpha similar to, or completely different from, other generations? We’re seeing more similarities than dissimilarities. They’re digitally savvy consumers, so that [bodes] well [with] us leaning into connected commerce. We’re [a bestseller] on Amazon [and] on TikTok Shop. They are also seeking value. Then also, the way we engage with them is not about selling cosmetics or skincare. It’s engaging with them the way they want to engage. They also care about the values that a company stands for. We are double certified, cruelty-free — by Peta and Leaping Bunny. We are vegan, and we’re the only beauty company that’s Fair Trade certified. Vogue: How do you intend to grow while maintaining that commitment to quality? We have tremendous white space. As great as our results have been, only 25% of our business is outside of the US, compared to many at 70%. There’s already pent-up demand for our brands around the world. Sixty-five percent of Elf’s social [following] is outside the US; 75% of Rhode’s social [following] is outside the US. Just a few weeks ago, we launched Rhode with Sephora in Europe, [across] 19 countries. It was Sephora’s biggest launch ever. It beat our launch with Sephora in North America. The other thing we’re seeing is our brands are highly elastic. Consumers want to see this same prestige quality and incredible prices in other categories. Just a few years ago, we [launched] skincare. Elf Skin is already over a $200 million retail business. And more recently, we entered the haircare category — same concept, where we have a curated six-product line-up, all with very clear frames of reference to prestige [products] but all $10 or under. Just a few weeks ago, we entered the fragrance category with Elf Pop, a line of fragrance and body products. That elasticity of our brands gives us multiple vectors of growth. Vogue: What drew you to haircare, and how did you first notice momentum? We’ve been hearing hair requests from our community for years. There isn’t a category they don’t want to see Elf in. We have incredible partnerships with our customers around the world. Target is our longest-standing national retail partner in the US. They’re the ones who came to us with Elf Skin, saying, “We think there’s a huge opportunity. You’re the number one brand in face. You should go into skin.” That was a great insight for us. They came to us with Elf Hair as well, saying, “You