Open innovation and 'nuclear codes' product reviews

The CEO of e.l.f. Beauty says charging $38 for lip oil is "immoral."

In this fun exclusive interview, e.l.f.’s CEO Tarang Amin explains why he thinks big profit margins are unethical and how his biz creates "dupes" better than the lux originals… for a fraction of the price.

So we glammed up with Tarang to break down the economics of the $3 lipstick, how e.l.f. legally copies rivals like Dior, and why he shares the company's "nuclear codes" with every employee.

Of course we got all the details on his acquisition of Hailey Bieber’s Rhode Skin for $1B, the fastest-growing beauty brand in America (spoiler: It all went down over a dinner in LA).

And there’s even an investment angle: Wall Street fell in love with $ELF stock as it rose 800% in just a few years. While tariff fears recently cooled the price, Tarang explains what investors are missing in the mirror… And why that epic Hailey Bieber’s Rhode deal was a true makeover.

(Plus, Tarang helped Jack add another cream to his 42-step skincare routine)

Some of the Takeaways & Insights:

• "It's Immoral": Tarang’s controversial take on why charging $40 for lip oil is a scam.
• The $38 vs. $8 Math: How e.l.f. beats luxury brands at their own game
• The Crash vs. The Opp: Why the stock is down 60% and why Tar
• The $1B Rhode Deal: The inside story of buying Hailey Bieber’s company.
• S&: Why "Scrolling & Development" (reading TikTok comments) beats traditional innovation.
• Where there’s Mystery, there’s Margin: Why cosmetics are so expensive in the first place.

Timestamps: 

0:00 - Intro: E.L.F. Beauty Explained 

4:38 - Why E.L.F. Stock Is Up 800% 

5:31 - How to Keep Prices at $3 (Inflation Hack) 

13:38 - The $1 Billion Bet on Hailey Bieber & Rhode 

29:24 - The "Dupe" Strategy Explained 

29:55 - The Dior Lip Oil Story ($38 vs $8) 

33:28 - CEO: "It's Immoral To Charge You $38" 

37:16 - "Scrolling & Development": Using TikTok to Invent Products 

40:30 - The "Nuclear Codes": Sharing Secrets with Employees 

53:43 - The Takeaway on E.L.F.

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