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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:
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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OUR 2ND SHOW: Want more business storytelling from us? Check our weekly deepdive show, The Best Idea Yet: The untold origin story of the products you're obsessed with. Listen for free: https://wondery.com/links/the-best-idea-yet/
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About Us: The daily pop-biz news show making today’s top stories your business. Formerly known as Robinhood Snacks, The Best One Yet is hosted by Jack Crivici-Kramer & Nick Martell.
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OA1227 - Come play the worst ever round of the Connections game and figure out what on earth Tuskegee Alabama, the CDC, Southern Denmark University, and the West African country of Guinea-Bissau all have in common, as RFK Jr. continues his campaign of “just asking questions” that we already have the answer to.
Black men untreated in Tuskegee syphilis study. Heller, J. (July 25, 1972; republished May 10, 2017). Associated Press.
The untreated syphilis study at Tuskegee timeline. Centers for Disease Control. (September 4, 2024).
45 CFR 46 Protection of Human Subjects. (Department of Health and Human Services regulations to implement the National Research Act and create Institutional Review Board policies).
Hepatitis B. World Health Organization (July 23, 2025).
Should the U.S. model its vaccine policy on Denmark’s? Experts say we’re nothing alike. Godoy, M. (December 26, 2025). NPR.
RFK Jr. overhauls childhood vaccine schedule to resemble Denmark’s in unprecedented move. Lovelace Jr., B., Edwards, E., Fattah, M., & Bendix, A. (January 5, 2026). NBC News.
What is actually the emerging evidence about non-specific vaccine effects in randomized trials from the Bandim Health Project? Støvring, H., Ekstrøm, C.T., Schneider, J.W., & Strøm, C. (2025). Vaccine, 68, 1-4.
Notice of award of a single source unsolicited grant to fund University of Southern Denmark (SDU). Department of Health and Human Services. (December 15, 2025).
U.S. plan for $1.6m hepatitis B vaccine study in Africa called ‘highly unethical’. Schreiber, M. & Lay, K. (December 19, 2025). The Guardian.
CDC awards $1.6 million for hepatitis B vaccine study by controversial Danish researchers. Szabo, L. (December 18, 2025). Center for Infectious Disease Research and Policy.
CDC funds controversial hepatitis B vaccine trial in African newborns. Offord, C. (December 18, 2025). Science Insider.
Research ethics and compliance support. Southern Denmark University.
Further reading:
Qiao, H. (2018). A brief introduction to institutional review boards in the United States. Pediatric Investigation, 2, 46-51.
U.S. Department of Health and Human Services. International compilation of human research standards. https://www.hhs.gov/ohrp/international/compilation-human-research-standards/index.html
University of North Carolina. Nuremberg Code. https://research.unc.edu/human-research-ethics/resources/ccm3_019064/
Torrance, R.J., Mormina, M., Sayeed, S., Kessel, A., Yoon, C.H., & Cislaghi, B. (2024). Is the U.N. receiving ethical approval for its research with human participants? Journal of Medical Ethics, 51, 1-4.
Barchi, F. & Little, M.T. (2016). National ethics guidance in Sub-Saharan Africa on the collection and use of human biological specimens: A systematic review. BMC Medical Ethics, 17, 1-25.
Salhia, B. & Olaiya, V. (2020). Historical perspectives on ethical and regulatory aspects of human participants research: Implications for oncology clinical trials in Africa. JCO Global Oncology, 6, 959-965.
Check out the OA Linktree for all the places to go and things to do!
At least twenty-one people are killed in Spain after two high-speed trains collide. The accident occurred when a train travelling from Malaga to Madrid derailed near Adamuz in Andalusia, crossing on to another track. Also: the dispute between European countries and the United States - over Donald Trump's determination to annex Greenland - continues to escalate; Senegal wins the Africa Cup of Nations in men's football for the second time after an enthralling - and sometimes chaotic - final; China meets its economic growth target - but there are problems ahead; and a bumper fruit crop in New Zealand means they're preparing for a stellar breeding season for the world's fattest parrot - the Kakapo.
The Global News Podcast brings you the breaking news you need to hear, as it happens. Listen for the latest headlines and current affairs from around the world. Politics, economics, climate, business, technology, health – we cover it all with expert analysis and insight.
Get the news that matters, delivered twice a day on weekdays and daily at weekends, plus special bonus episodes reacting to urgent breaking stories.
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Get in touch: globalpodcast@bbc.co.uk
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David Geffen is the money man behind Crosby, Stills and Nash, Guns N' Roses, Cher, Shrek, Gladiator, and even Cats the musical. Journalist Zing Tsjeng and BBC business editor Simon Jack tell the remarkable story of the Brooklyn boy who conquered Hollywood and became an entertainment mogul. From starting in a New York agency mailroom to the heart of Laurel Canyon’s hippie-rock scene, David Geffen rubbed shoulders with almost every major cultural figure of the 20th century. Joni Mitchel wrote a song about him, and Cher dated him. Then he moved from the music industry to movies, founding DreamWorks with Steven Spielberg and building one of the world’s most valuable art collections. Good Bad Billionaire is the podcast that explores the lives of the super-rich and famous, tracking their wealth, philanthropy, business ethics and success. There are leaders who made their money in Silicon Valley, on Wall Street and in high street fashion. From iconic celebrities and CEOs to titans of technology, the podcast unravels tales of fortune, power, economics, ambition and moral responsibility. Simon and Zing put their subjects to the test with a playful, totally unscientific scorecard — then hand the verdict over to you: are they good, bad, or simply billionaires? Here's how to contact the team: email goodbadbillionaire@bbc.com or send a text or WhatsApp to +1 (917) 686-1176. Find out more about the show and read our privacy notice at www.bbcworldservice.com/goodbadbillionaire
How do they emerge from the Upper Cretaceous period to end up in natural-history museums and private collections? Zachary Crockett digs for answers. This episode was originally published on June 18th, 2023.
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