Celebrates e.l.f. Beauty’s ongoing commitment to make a positive impact
OAKLAND, Calif., September 27, 2022--(BUSINESS WIRE)--e.l.f. Beauty (NYSE: ELF) today released its first-ever Impact Report, detailing the Company’s environmental, social, and governance (ESG) initiatives and accomplishments for fiscal year 2022. The report highlights how e.l.f. Beauty is making a positive impact on people, the planet, and our furry friends.
"I am pleased to share our inaugural Impact Report, which underscores how e.l.f. Beauty has always been an inherently purpose-driven company," said Tarang Amin, e.l.f. Beauty's Chairman and Chief Executive Officer. "Our Impact Report is more than words that we say; it’s designed to guide our actions and inspire positive actions in others. I am proud of the e.l.f. Beauty team for everything we have already achieved in our ESG journey and look forward to sharing our progress in the months and years ahead."
By standing with every eye, lip, face and paw, we are committed to creating a culture internally—and in the world around us—where all individuals are encouraged to express their truest selves and are empowered to succeed. e.l.f. Beauty’s Impact Report celebrates how the Company lives up to these commitments.
We celebrate diversity. We are 1 of only 26 companies where underrepresented demographic groups represent at least a third of the Board (out of nearly 4,500 U.S. public companies) according to MSCI. We’re also proud that our employee base, which is over 75% women, over 40% diverse and over 65% millennial and Gen Z, is representative of the young, diverse communities we serve.
We make the best of beauty accessible. We uniquely bring premium quality products at an extraordinary value, and in FY 2022 we added two new superpowers: Fair Trade Certified™ and e.l.f. clean. We announced that we were the first beauty brand to have a third-party manufacturing facility Fair Trade Certified™. We also committed to 100% clean beauty—reformulating over 350 SKUs to comply with our standards of "clean."
We provide equal opportunities for growth and success. Our commitment to our culture and people was affirmed by Fortune, who named e.l.f. Beauty to its annual lists of Best Workplaces in 2021. Our overall employee engagement score was 89% in FY 2022—15 percentage points above the industry benchmark. 95% of our employees recommend e.l.f. as a great place to work.
We do the right thing for people by leading with positivity, inclusivity and accessibility. We support and empower underserved communities by partnering with likeminded organizations. In FY 2022, we donated nearly $185,000 to various charities through formal partnerships and corporate matching of employee donations. We look for new frontiers to champion empowerment. With this in mind, in FY 2022 we were one of the first beauty brands to launch a Twitch channel, with our "e.l.f. You" channel designed to support up-and-coming women creators.
We do the right thing for the planet. In FY 2022, we advanced our packaging sustainability strategies—eliminating more than one million pounds of excess packaging since the inception of "Project Unicorn," and setting a new goal for 100% of e.l.f. Beauty paper cartons to be Forest-Stewardship Council (FSC)-certified by FY 2025. We also completed our first measurement of greenhouse gas emissions to establish a baseline toward future environmental strategy development.
We do the right thing for our furry friends. We never test on animals and are proudly 100% cruelty-free worldwide. In FY 2022, we achieved double-certified "cruelty-free" status from People for the Ethical Treatment of Animals (PETA) and Leaping Bunny across all our brands.
For more information and to view e.l.f. Beauty’s FY 2022 Impact Report, visit https://www.elfbeauty.com/social-impact/.
Virtual Fireside Chat on ESG, Purpose & Impact, Hosted by Jefferies – Today at 2:00 PM ET
Tarang Amin, e.l.f. Beauty’s Chairman and Chief Executive Officer, and Scott Milsten, e.l.f. Beauty’s General Counsel and Chief People Officer, will participate in a virtual fireside chat today at 2:00 pm ET, to provide additional insight on the Company’s ESG initiatives and discuss how e.l.f. Beauty is establishing itself as a leader in both purpose and impact. The fireside chat will be hosted by Stephanie Wissink, Managing Director at Jefferies and Aniket Shah, Managing Director and Global Head of ESG and Sustainability Strategy at Jefferies.
To register for the live webcast of the fireside chat, please visit https://investor.elfbeauty.com/news-and-events/events.
About e.l.f. Beauty
e.l.f. Beauty, Inc. builds brands designed to disrupt industry norms, shape culture and connect communities through positivity, inclusivity and accessibility. Our deep commitment to clean, cruelty-free beauty at an incredible value has fueled the success of our flagship brand e.l.f. Cosmetics since 2004 and driven our portfolio expansion. Today, our multi-brand portfolio includes e.l.f. Cosmetics, e.l.f. SKIN, pioneering clean beauty brand Well People and Keys Soulcare, a groundbreaking lifestyle beauty brand created with Alicia Keys. Our family of brands is available online and across leading beauty, mass market and clean beauty specialty retailers in the U.S., and has a growing international presence.
Learn more by visiting investor.elfbeauty.com.
This press release contains forward-looking statements within the meaning of the federal securities laws, including those statements relating to the Company’s future ESG commitments, initiatives and goals. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, actual results and the timing of selected events may differ materially from those expectations. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the risks and uncertainties that are described in the Company's most recent Annual Report on Form 10-K, as updated from time to time in the Company's SEC filings, as well as the Company’s ability to effectively compete with other beauty companies; the Company’s ability to successfully introduce new products; the Company’s ability to attract new retail customers and/or expand business with its existing retail customers; the Company’s ability to optimize shelf space at its key retail customers; the loss of any of the Company’s key retail customers or if the general business performance of its key retail customers declines; the Company’s ability to effectively manage its SG&A and other expenses; and the uncertainty regarding the impact of the COVID-19 pandemic. Potential investors are urged to consider these factors carefully in evaluating the forward-looking statements. These forward-looking statements speak only as of the date hereof. Except as required by law, the Company assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.
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VP, Corporate Development & Investor Relations, e.l.f. Beauty
Head of Corporate Communications, e.l.f. Beauty