Jack Crivici-Kramer

I think you're a beautiful man, but you don't wear makeup as far as we're aware.

Do you need to use the product?

Can you tell us how important is it to use the product if you're going to be a CEO of a company?

The Elfs have Riznik.

I think there's six, seven all over Terang over here.

I believe that's the business school term, Jack.

Well, Yetis, whether you wear makeup or don't wear makeup, this is why we were so excited to bring Terang and Elf onto the show.

We've been studying this business for years.

Just over one year ago, after President Trump got elected, we said Elf Beauty explained the economy.

This was the days after the November 2024 election.

In the election year of 2024, Elf Beauty sales rose by 46% because you offered what every voter apparently badly wanted, affordability.

And Terang, Jack and I have been keeping track on a whiteboard over here.

There's the $1.50 Costco hot dog soda combo, the $0.99 Arizona iced tea, and as we've always said, the $3 Elf Beauty lip liner.

As prices as everything rose over the last few years, Elf Beauty has had a lipstick that remained the same.

three bucks inflation peaked from 2022 to 2024 and yet during that two-year period everybody flocked to elf and the stock price grew by 8x which leads to our question how do you keep a top selling product just three bucks in the face of inflation how frankly is that physically possible

Taryn, can we talk about that creative supply chain though?

Because that's what we're really curious about is how do you physically do it?

When we're in a world where there are tariffs, where there is inflation, are you switching what factories you're working with?

Are you moving from Chinese production to Malaysian production?

What is it that allows you to keep a product price super low?