As younger consumers trim their cosmetic budgets, Gen Z favourite e.l.f. Cosmetics reported double-digit growth for its Q1 2023 to US$122.6 million – up a bullish 26 per cent.
A remarkable result considering the value brand raised prices on 65 per cent of its product range at the end of March.
The brand’s best-selling product – Power Grip Primer – a gel-based, hydrating face primer retailing for $24 in Australia – led the charge as many consumers traded down in the US and internationally. Other popular SKUs included Big Mood Mascara, Glossy Lip Stain and Camo Powder Foundation.
New blue packaging for e.l.f. Cosmetics skincare was released during the first quarter. The bestseller of the lineup was Holy Hydration Makeup Melting Cleansing Balm.
Keys Soulcare, the e.l.f. owned skincare lifestyle and skincare collaboration with superstar singer Alicia Keys, also continued to build its profile, selling online and through key retailers such as Ulta Beauty and Sephora in the US and Harrods in the UK.
W3II People ( pronounced Well People), the clean makeup brand acquired by e.l.f. in 2020 for US$27 million, also did well. Key retailers include Ulta Beauty and Target in the US and Mecca in Australia.
I am proud of the e.l.f Beauty team for achieving our fourteenth consecutive quarter of net sales growth, noted Tarang Amin, CEO of e.l.f. Cosmetics.
“In the first quarter, we were the fastest growing top five colour cosmetics brand and expanded our targets by 120 basis points, according to Nielsen”.
Adore Beauty is the official Australian stockist for e.l.f. Cosmetics in Australia and the brand has its own dedicated DTC website – www.elfcosmetics.com.au.
Following its strong Q1 2023 results, e.l.f has now increased its full-year guidance to 14 to 16 per cent growth – up from 10 to 12 per cent.
Read the current issue of our digital magazine below:
- For more news and updates, subscribe to our weekly newsletter
- Follow us on Instagram
- Like us on Facebook
- Connect with us on LinkedIn