Plain text or HTML, and why cold email leans plain
The short answer
Cold email should look like a plain email one person sends another, not a designed HTML template. Heavy HTML, images and buttons signal marketing, hurt deliverability and lower trust. Light, near-plain formatting is fine; a newsletter look is not. The goal is a message that reads as personal, because that is what earns a reply.
The moment a cold email looks like a marketing email, it is treated like one, by the filter and by the reader. Plain text is not a limitation here, it is the disguise that makes cold outreach look like what it should be: a person writing to a person.

Cold email is not marketing email
Designed HTML emails, with images, banners and buttons, are built for opted-in marketing audiences. Cold outreach is trying to look like an individual reaching out, and design breaks that illusion instantly.
A plain-looking email matches the pretext of a personal message, which is exactly what makes it credible to a stranger.
HTML weight hurts deliverability
Images, tracking pixels and multiple links are among the signals spam filters weigh, and heavy HTML looks like bulk marketing. Plain or near-plain email is lighter and reads as personal, which helps it reach the inbox. This is the same logic behind a minimal signature and dropping tracking pixels.
Design lowers trust from a stranger
A polished template from an unknown sender reads as a campaign, and campaigns from strangers get deleted. A plain note reads as a real person who might actually want a reply.
The absence of design is doing work: it signals that this was written, not blasted.
Light formatting is fine
Plain does not mean ugly or unstructured. A little formatting, short paragraphs, the occasional line break, is fine and aids readability. What to avoid is the newsletter look: images, big buttons, columns, brand headers. Keep it to what a person would naturally type in a normal email.
The rule of thumb
If it looks like something a colleague could have typed to you, it is right. If it looks like it came from a marketing platform, it is wrong. Cold email leans plain because plain is what reads as personal, and personal is what gets answered.
Frequently asked
Should cold emails be plain text or HTML?
Why does HTML hurt cold email deliverability?
Can I use any formatting in a cold email?
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