E.l.f. Beauty CFO Mandy Fields on consumers, pricing and building a foundation in cosmetics

E.l.f. Beauty CFO Mandy Fields

Courtesy: e.l.f. Beauty

CNBC CFO Council member Mandy Fields has helped lead E.l.f. Beauty through massive growth in recent years. The cosmetics and skincare company has evolved from a small budget-friendly makeup brand focused on cruelty-free products into a global powerhouse.  

That includes the $1 billion acquisition of lifestyle beauty brand Rhode in 2025 and the $355 million acquisition of skincare company Naturium in 2023, as well as its own organic growth — the company recorded its 30th consecutive quarter of net sales growth in August. Annual net sales for E.l.f.'s 2026 fiscal year, which ended in March, were $1.636 billion, up 25% year-over year. 

Fields, who was named CFO in 2019, said that even as the business has expanded, E.l.f. has made it a priority to uphold its original values. "We are intentional about staying true to that mission of making the best of beauty accessible," she said. "That really is something that we think about and talk about all of the time." 

Like many retailers, Fields has seen consumers be "choiceful with how they spend." But because of E.l.f.'s affordability, she said, the company is in a good spot.  

"Seventy-five percent of our portfolio is $10 or less," she said. " [Consumers] are still voting for E.l.f. because of the value proposition, the innovation, the fun marketing and digital that we bring to the table, the accessibility."  

Elf Beauty cosmetics

Courtesy: ELF Beauty

That mission to make beauty accessible faced major headwinds as the Trump administration rolled out its tariff policy. 

E.l.f., which sources roughly 40% of its products from China, took a hit of more than $50 million last year. In August 2025, the company increased prices by about $1 across its portfolio of products, a decision driven both by tariffs and inflation. 

The company was transparent about the increases, and while E.l.f. CEO Tarang Amin told CNBC's Jim Cramer at the time that consumers appreciated the openness, Fields said the higher prices ultimately caused sales to decrease.  

But as tariff policies were struck down by the Supreme Court, E.l.f. received about $50 million in tariff refunds, plus some interest payments related to the duties. That led its net income to grow by about 100% and its gross margin to grow by 14 percentage points compared to the prior year in its first quarter ending in August, according to the company's earnings report. 

When those tariff refunds came in, the company walked back many of the previous price increases. However, it found that only 10% of items saw a meaningful jump in sales as a result. Using a portion of the refund, E.l.f. is keeping those particular items at that lower price point.  

The majority of E.l.f.'s refund, Fields said, is going toward marketing – an area that has been a core priority.   

Marketing has helped the company build and maintain its brand. "We spend 23% to 25% of our net sales behind marketing and digital," Fields said. "We've used that marketing to stay very connected to our community. " 

The New York Stock Exchange welcomes e.l.f. Beauty (NYSE: ELF), on March 18, 2024, to the podium to celebrate its 20th anniversary of founding.

A big part of E.l.f.'s strategy is leveraging social media influencers to get the word out about its products and create brand awareness.  

"Influencers and creators really have transformed how beauty generally is going to market," she said. "People look to influencers to educate them, to tell them about the new hot thing out there." 

While E.l.f. does work with some bigger influencers, Fields said a majority of its spending is with mid-and smaller-tier creators. "They have that more authentic connection to community," she said.  

"A lot of the posts that you see for E.l.f. are organically done," said Fields. "So we might send them some product, but they're going to choose if they talk about it or not with their communities." 

Across its brands, E.l.f. also pays close attention to what its consumers are asking for on social media.  

"We say there's zero distance between us and our community," Fields said. "That's what it's really about: staying close to our community, reading the comments that they have on our social media posts, listening to them when we go on TikTok lives." 

On many occasions, E.l.f. has taken this feedback and turned it into product innovation. For instance, the company launched its bronzing drops because community members asked for them on a TikTok live, and created a pickle lip balm because pickles were a huge trend on social media.  

"We're always listening and we're trying to be as fast as possible in responding to those requests, and I think that's been a bit of the secret sauce of E.l.f.," Fields said.  

Seeing what resonates with consumers and how that translates into numbers is something Fields has long been passionate about. 

"I love thinking about what makes a person purchase an item," she said. "Seeing the numbers behind it ... what makes one product more successful than another? Why does this marketing work better than that? It's just fantastic, and in the CFO seat, you see everything across the company."