Sally Beauty Holdings, Inc.
SBH
Consumer Discretionary
1
exclusion reason
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Sally Beauty Holdings, Inc. is excluded for animal exploitation based on its business model as a major global distributor and retailer of beauty products. The company operates over 4,700 stores under the Sally Beauty and Beauty Systems Group banners and sells thousands of products, many of which contain animal-derived ingredients or are manufactured by parent companies that conduct animal testing. While the company states its owned-brand finished formulas are cruelty-free, its core business involves distributing third-party brands that are not.
Cruelty Free Investors lists the company for exploiting animals because it sells products that are tested on animals to assess safety. This classification reflects the reality that, as a distributor, Sally Beauty’s revenue is intrinsically linked to the broader beauty industry’s use of animal testing for product development and regulatory compliance in key markets. The company’s scale and market position make it a significant conduit for products reliant on animal exploitation.
Research Sources
1 organization
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.