e.l.f. Beauty has become a bellwether of the US and global makeup market. The affordable colour cosmetics brand has posted its 16th consecutive quarter of sales growth, which underlines the strong comeback of makeup after the pandemic.

Q3 sales experienced strong double-digit growth to reach US$146.5 million, pushing the brand’s nine-month revenues to US$391.5 million.

“We delivered a terrific third quarter – growing our net sales 49 per cent and expanding our market share by 150 basis points,” said Tarang Amin, chairman and CEO of e.l.f. Beauty.

On the back of this robust performance, the drugstore stalwart has raised its full year net sales forecast from US$478 million to US$486 million to US$541 million to US$545 million.

e.l.f Beauty is available in 18 countries, including the US, Canada, Australia, France and Spain.

In Australia, the company has its own dedicated website – www.elfcosmetics.com.au – and stockists include Priceline, Adore Beauty, Kmart, Target and selected pharmacies nationwide.

e.l.f. Beauty has announced it will raise the prices of more than 65 per cent of its range in March.

The company has also made strong moves towards clean beauty, inspired by W3II People, the clean, cruelty-free brand it acquired in early 2020 for US$27 million. More than 65 per cent of e.l.f Beauty’s products have been reformulated.

As we take a look, particularly our Gen Z consumers increasingly are more and more concerned about the ingredients in their products and really care about that, added Amin.

Sustainability has also become a significant focus with the “Project Green Unicorn” initiative. “We want to continue to drive strong productivity on shelf, but we are going to do it in a way that reduces package waste, adopts friendlier environmental processes, and eventually takes a look at more sustainable packaging as well,” said Amin.

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