Jack Crivici-Kramer

Beauty.

e.l.f.

stands for eyes, lips, and face, and it's sold enough blush to make you blush.

e.l.f., it's Gen Z's favorite beauty brand.

It's Gen Alpha's top-selling beauty brand.

Jen Bader isn't even born yet, but they're probably prepping their elf mascara.

Because elf beauty basically invented the dupe.

80% of the value for 20% of the price.

Because as Terang will tell you, duping is actually the moral thing to do.

Oh, by the way, elf also bought Hailey Bieber's road beauty for 1 billion bucks last year.

Because Terang can spot what's hot faster than a Kardashian can.

No company has democratized an industry like Elf has for your face.

Because Terang here has figured out how to sell a $3 lipstick profitably, even during peak inflation.

Jack, I'm going to sprinkle on some context.

For two and a half years, Elf grew at least 30% every quarter for 10 straight quarters.

Even Costco got jealous.

True.

But according to Terang, Elf Beauty isn't in the beauty industry.

No, no, no, no, no.

Elf is actually in the entertainment industry.