e.l.f. Beauty Comments on Letter from Marathon Partners

e.l.f. Beauty, Inc. ELF acknowledged today that it has received a letter from a stockholder, Marathon Partners.

"e.l.f. regularly engages in open and transparent dialogue with our stockholders, and continues to do so with Marathon Partners," stated Tarang Amin, Chairman and Chief Executive Officer. "Our Board will thoughtfully review the ideas raised by Marathon as part of its evaluation of a broad range of opportunities to increase long-term stockholder value. As we do so, and as previously disclosed, we are re-investing in our brand while streamlining operations, actions which we believe will position e.l.f. for long-term, profitable growth."

About e.l.f. Beauty

e.l.f. makes luxurious beauty accessible for all. Established in 2004 as an e-commerce business (www.elfcosmetics.com), e.l.f. has become a true multi-channel brand through its e.l.f. stores and national distribution at Target, Walmart, Ulta Beauty and other leading retailers. By engaging young, diverse beauty enthusiasts with high-quality, prestige-inspired cosmetic and skin care products at extraordinary value, e.l.f. has become one of the fastest growing beauty companies in the United States.

For more information about e.l.f. Beauty, visit the Company's website at http://www.elfcosmetics.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the federal securities laws, including those statements relating to the Company's reinvestment in its brand while streamlining operations and the Company's belief regarding its long-term, profitable growth. These forward-looking statements are based on management's current expectations, estimates, forecasts, projections, beliefs and assumptions and are not guarantees of future performance. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, actual results and the timing of selected events may differ materially from those expectations. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the risks and uncertainties that are described in the Company's most recent Annual Report on Form 10-K, as updated from time to time in the Company's SEC filings, as well as the Company's ability to grow net sales and earnings and its ability to effectively compete with other beauty companies; the Company's ability to effectively manage its expenses; and changes in the Company's capital allocation strategy and priorities. Potential investors are urged to consider these factors carefully in evaluating the forward-looking statements. These forward-looking statements speak only as of the date hereof. Except as required by law, the Company assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

ELF-EC

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