good morning When Fortune released its list of the 100 fastest growing companies this week, among the newcomers was elf Beauty. It is 50 years younger than most of the companies on the list.
The cosmetics and skin care company is 20 years old, while average age among the listed companies is 70. He took Elf Beauty number 3 place this year. It had the highest three-year annualized shareholder return on the list at 98.1%.
In the 39th edition, Fortune’s 100 fastest growing companies The ranking is determined by a company’s revenue growth, earnings per share and three-year annual return to shareholders for the period ended June 28. All companies on the list trade on a US stock exchange, reporting their data in US dollars. and file quarterly reports with the SEC.
Courtesy of Elf Beauty
When I recently had a conversation with elf Beauty’s CFO Mandy Fields, she told me that the company has had 22 consecutive quarters of net sales growth. Its next earnings report is scheduled for November 5.
It’s Elf Beauty favorite brand Among Gen Z, and is gaining popularity among millennials and Gen X. Along with its value proposition—most products sell for around $6—and a push for innovation, marketing is another. driver of growthwhich includes Super Bowl commercials and a strong social media presence.
“We go on TikTok and talk to our community, ‘What do you want from elves?'” explained Fields. And it has made elf appearances Twitch channel.
But the company’s strength comes in part from having a diverse executive team and employee base, Fields said. The diverse representation within the company “absolutely impacts what we produce from a product standpoint and our marketing campaigns,” he said.
Elf beauty board of directors 78% are women and 44% are diverse, which reflects the communities the company serves, Fields said. The company has embarked on an initiative called “Change the Board Game”, working to double the representation of women and diverse candidates on the boards of public corporations by 2027. In collaboration with North Carolina A&T University, it has been released. research table about the benefits of diversity.
Tarang Amin, CEO and chairman of elf Beauty, has been very ambitious and has conducted extensive searches to ensure diverse representation on boards, which includes diversity of thought, Fields said.
He joined elf Beauty as CFO in 2019 and has over 20 years of experience in finance. “When I was 35 I became the CFO of a private company,” he told me.
Younger generations, in particular, want to support businesses that reflect their communities, Fields said. They want to know who is in the management and the management team of the company.
“We want to make sure that when they go to see the elf, we’re walking the walk,” he said.
Sheryl Estrada
sheryl.estrada@fortune.com
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Leaderboard
Jarrod YahesShutterstock, Inc. (SSTK) company director (SSTK), to look for a new opportunity, effective, on November 1, he says. SEC filing. It has been promoted by the company Rick Powell to replace Yahes. Powell has been senior director of finance and investor relations since June. Prior to Shutterstock, he was Shake Shack’s senior director of finance and investor relations. Powell was also the CFO of Getty Images.
Great Deal
Google parent Alphabet reported its third quarter financial results on tuesday The company’s revenue rose 15% to $88.3 billion in the third quarter, beating Wall Street’s $86.3 billion target. Cloud unit revenue was $11.4 billion, up 35% from the same period last year.
It was Google’s first official earnings call Director Anat Ashkenazijoined the company on July 31. As the new chief financial officer, Ashkenazi took a moment to share his thoughts on how he is approaching growth, cost structure and capital allocation.
“As I look at the business, I see opportunities for further AI-driven growth and the underlying drive for the business,” he said on the call. “I also believe we are well-positioned to deliver meaningful innovation that will drive revenue at scale given our strength in the core pillars needed to succeed in AI.”
The company has a strong balance sheet to support these investments. However, “we will look for efficiencies, to be able to finance innovation in priority areas”, added Ashkenazi.
Ashkenazi explained that Pichai, Ruth Porat, former CFO and now Google’s chief investment officer, and the leadership team began the important work of redesigning the company’s cost structure and streamlining operations with AI. “I plan to build on those efforts, but also evaluate where we can accelerate our work and where we should pivot to free up capital for more attractive opportunities,” Ashkenazi said.
Going deeper
It is “the next big competition”. a new report Published by McKinsey Global Institute. Areas are industries that are transforming the business landscape. The report identifies 18 future areas that could generate between $29 trillion and $48 trillion in revenue by 2040. from robotics to non-medical biotechnology,” according to the report.
listen
“The outlook for the fourth quarter is clearly still somewhat impacted by the uncertainties we see on the macroeconomic and geopolitical fronts, we have an upcoming election in the US, which of course is not going to be an uneventful event.”
—said Sergio Ermotti, CEO of the Swiss bank USB In a CNBC interview on wednesday In the third quarter, the bank beat forecasts with a profit of $1.4 billion.
