E.l.f. Cosmetics Will Be Selectively Less Affordable Come March
E.l.f. will raise prices by $1 across SKUs where it has the most pricing power, while maintaining its lowest-priced items where they are now, CEO Tarang Amin said during the firm’s fiscal 2022 third-quarter earnings call. The company raised guidance for the full year, now targeting net sales up to $379m.
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E.l.f. Beauty’s sales grew 26% to $122.6m in the fiscal 2023 first quarter, leading the Oakland, CA-based firm to increase full-year projections. According to company leadership, e.l.f. is capturing market share at a rapid clip while expanding distribution, notably in pharmacy retail.
The Gen Z-beloved maker of prestige-inspired cosmetics and skin care at accessible prices has been experiencing strong sales growth in Target stores, increased business online, and remains confident in its prospects even after recently raising products on two-thirds of its portfolio in response to inflationary pressures.
US teens identified e.l.f. Beauty as their No. 1 cosmetics brand and CeraVe as their favorite in skin care in a survey by investment bank Piper Sandler Companies. Respondents, who are spending more on average on core beauty products in 2022, also identified growing preference for “clean” offerings and shopping in Ulta stores.