E.l.f. Beauty has come a long way since it started as a boundary-breaking brand in 2004 specialising in selling premium products online for low-as prices. An acronym for eyes, lips, face, the US brand has carved out a major following in Australia with prices starting in single digits for its Lip Lacquer and rising to $35 for the cult Camo CC Cream.

Major stockists include Adore Beauty, Kmart and Target and its own dedicated website – www.elfcosmetics.com.au.

The company’s net sales have exceeded analysts’ expectations for its fourth quarter, surging 78 percent to US$187.4 million. A performance that pushed full year sales to US$578.8 million – another major spike of 48 per cent compared to FY2022.

E.l.f. beauty has also been rapidly expanding through acquisitions and partnerships over the past three years. In 2020, the company acquired clean beauty brand W3ll People for US$27 million to break into the fast-growing category and make the sector more accessible. Launched in 2008 by leading makeup artist Shirley Pinkson, cosmetic dermatologist Renee Snyder and James Walker, major stockists in the US include Target and Ulta Beauty.

Grammy award-winning superstar, Alicia Keys, also entered a joint venture with e.l.f. Beauty in 2020 to launch Keys Soulcare, a beauty and wellness brand. Top sellers from its dermatologist-developed clean skincare range include Let Me Glow Illuminating Priming Serum and Truly Becoming Multi-Benefit Peptide Serum.

E.l.f. Beauty’s latest results mark a bullish 17th consecutive quarters of growth. According to Tarang Amin, e.l.f. Beauty’s chairman and CEO, the company gained 270 basis points for market share in the quarter and increased its ranking to number three in the mass cosmetics market in the US, surpassing Coty’s Covergirl.

Target in the US was e.l.f. Beauty’s first bricks-and-mortar partner and the brand has also become number one in the retailer’s mass cosmetics sector.

Much of e.l.f.  Beauty’s success has been driven by savvy social media strategies. But earlier this year, the company debuted its first TV commercial during Super Bowl in the US. A playful ad for its Power Grip Primer featuring Jennifer Coolidge, star of the black comedy-drama TV series, White Lotus.

Both prestige and mass makeup brands have enjoyed soaring sales over the past two years in major markets with lip products representing the fastest growth rate.

The future looks brighter still. Looking ahead, e.l.f. Beauty is forecasting a net sales rise of 22-24 percent in fiscal 2024 to achieve a total of US$705-US720 million.

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