E.l.f. Beauty CFO Mandy Fields on pricing, tariffs and creator-led marketing
The cosmetics company is leaning on its affordable portfolio and social media strategy after tariff refunds prompted it to rethink some price increases, CFO Mandy Fields says.
At a glance
- E.l.f. Beauty CFO Mandy Fields says about 75% of the portfolio is priced at $10 or less, helping the brand as consumers watch spending.
- E.l.f. absorbed more than $50 million in tariff costs, raised prices by about $1 in 2025, then received about $50 million in refunds after tariffs were struck down.
- E.l.f. spends 23% to 25% of net sales on marketing and digital, with most creator spending going to mid-tier and smaller influencers, Fields says.
Mandy Fields, CFO of E.l.f. Beauty since 2019, said the cosmetics and skincare company is balancing its mission of making beauty accessible with tariff-driven pricing changes and a marketing strategy built around social media creators. Fields, a CNBC CFO Council member, has helped lead E.l.f. through rapid growth, including the $1 billion acquisition of Rhode in 2025 and the $355 million acquisition of Naturium in 2023.
The company recorded its 30th consecutive quarter of net sales growth in August. Annual net sales for its 2026 fiscal year, which ended in March, were $1.636 billion, up 25% year over year. Fields said E.l.f. remains intentional about upholding its original values and its mission of making the best of beauty accessible.
Tariffs and pricing
Fields said consumers are "choiceful with how they spend," but E.l.f.'s affordability puts it in a good spot. About 75% of its portfolio is $10 or less, and she said shoppers still choose the brand because of its value, innovation, marketing and digital accessibility.
Tariffs created major headwinds. E.l.f. sources roughly 40% of its products from China and took a hit of more than $50 million last year. In August 2025, it raised prices by about $1 across its portfolio, citing tariffs and inflation. Fields said the higher prices ultimately caused sales to decrease. The company was transparent about the increases, and CEO Tarang Amin told CNBC's Jim Cramer at the time that consumers appreciated the openness.
After the Supreme Court struck down tariff policies, E.l.f. received about $50 million in tariff refunds plus interest payments related to the duties. That helped net income grow by about 100% and gross margin rise by 14 percentage points from a year earlier in its first quarter ending in August, according to its earnings report. E.l.f. then rolled back many of the price increases. It found that only 10% of items saw a meaningful jump in sales as a result, and it is using a portion of the refund to keep those items at the lower price point. Most of the refund is going toward marketing.
Marketing and creators
Fields said E.l.f. spends 23% to 25% of net sales on marketing and digital. Influencers and creators have transformed how beauty goes to market, she said, and people look to them to learn about new products. While E.l.f. works with some bigger influencers, most of its spending goes to mid-tier and smaller creators because of their authentic connection to their communities. Many E.l.f. posts are organic: the company may send product, but creators decide whether to talk about it.
Listening to consumers
E.l.f. pays close attention to what consumers ask for on social media. Fields described "zero distance" between the company and its community, citing comments on posts and TikTok lives. That feedback has led to product launches including bronzing drops, requested on a TikTok live, and a pickle lip balm tied to a social media trend. Fields said responding quickly is part of E.l.f.'s "secret sauce." She also said she enjoys studying what makes people buy products and why some marketing works better than others, and that the CFO role gives her a view across the entire company.
Source: CNBC Top News.
Questions and answers
- How much did tariffs cost E.l.f. Beauty?
- E.l.f. took a hit of more than $50 million last year. It later received about $50 million in tariff refunds plus interest after the Supreme Court struck down the tariff policies.
- What is E.l.f. Beauty's pricing strategy?
- Fields says about 75% of the portfolio is $10 or less. E.l.f. raised prices by about $1 in August 2025 due to tariffs and inflation, then rolled back many increases after receiving refunds.
- How does E.l.f. Beauty use influencers?
- E.l.f. spends 23% to 25% of net sales on marketing and digital. It works with some big influencers but most spending goes to mid-tier and smaller creators, and many posts are organic.
