Viral Cosmetics Darling, e.l.f Boasts 40% Sale Boom
Updated: Nov 14, 2024
The American cosmetic brand e.l.f. has revealed that its sales have grown by a whopping 40% in its full-year guidance.
The brand – which claims to be No. 1 amongst Gen Z shoppers – is now predicting sales of between $1.32 billion and $1.34 billion during the 2025 fiscal year, which blows away the $1.30 billion analysts had expected.
CNBC reports that the company enjoyed $301 million in revenue for the second quarter of this year as compared to the $286 million expected. “Not only are we the No. 1 brand amongst Gen Z by a pretty wide margin, but we’re also the most purchased brand amongst Gen Alpha and millennials,” CEO Tarang Amin told the news channel. He added: “We’re picking up consumers in pretty much every age and income cohort, which is great to see, and I think just talks to the strength of our strategy and the quality of our products.”
The brand started off as online only, created by a New York business student called Joseph Shamah and his father alongside beauty entrepreneur Scott Vincent Borba, and Joey’s father, Alan.
Borba has left the cosmetic industry after twenty years and has now found a new calling as a priest. Joseph Shamah has now launched a new venture called Fit for Life having sold the majority stake in e.l.f. to capital market company, TPG Growth, in 2014.
