Prestige beauty sales might be feeling the pinch, but many budget-friendly brands are on the up-and-up.
e.l.f Beauty has announced a sales uptick of 7 per cent to US$72.4 million for its second quarter – up from US$67.6 million for the same period last year.
Online and international growth were two of the key drivers of the improved results.
Sales for the six months to the end of September also rose 7 per cent to US$136.9 million.
The company is now forecasting revenues of US$297 million to US$303 million for fiscal 2021, by contrast to US$283 million in fiscal 2020.
A good call, especially with the much-anticipated debut of the brand’s collaboration with superstar Alicia Keys – SoulCare.
Our deep commitment to inclusive, accessible, and cruelty-free beauty continues to resonate with consumers, says Tarang Amin, e.l.f Beauty’s chairman and CEO.
“This is our seventh consecutive quarter of net sales growth. Of the top 5 colour cosmetics brands in the US, e.l.f was the only brand to post growth in the quarter, and the only brand to grow share, according to Nielsen.”
In Australia, e.l.f products are available from Target, Big W, AdoreBeauty, Kmart, Chemist Discount Centre, Advantage Pharmacy and through its own website – elfcosmetics.com.au.