e.l.f. Cosmetics, the No. 6 cosmetics brand in U.K., sees runway for growth in international business
e.l.f. Beauty (NYSE: ELF) officially opened its first European office in London furthering a commitment to grow the company's international business.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240227491343/en/
Left to right Kory Marchisotto SVP, CMO, e.l.f. Beauty and President, Keys Soulcare Scott Milsten SVP, General Counsel CPO, e.l.f. Beauty Jennie Laar, SVP, CCO, e.l.f. Beauty Tarang Amin, Chairman, CEO, e.l.f. Beauty Mandy Fields, SVP, CFO, e.l.f. Beauty Josh Franks, SVP, Operations, e.l.f. Beauty (Photo: Business Wire)
Across e.l.f. Beauty's business, the company is prioritizing three areas for overall growth and market penetration: color cosmetics, skin care and international. International net sales grew 119% year-over-year in the last quarter (Q3 FY 24). Q3 FY 2024 Earnings Webcast
"We see significant runway in both the U.K. and other markets around the world," said Tarang Amin, Chairman and CEO, e.l.f. Beauty. "e.l.f. will bring its unique value proposition, powerhouse innovation and disruptive marketing engine which have proven to resonate across categories and geographies into new places and spaces with the purpose to serve every eye, lip and face."
Amin added: "Our vision to empower a global community that shares our vision of positivity, inclusivity and accessibility means we are moving into markets where there is an opportunity to connect more directly with consumers and demonstrate directly that we are a different kind of company."
e.l.f. Cosmetics is now the No. 6 mass makeup brand in the U.K., compared to No. 12 five years ago growing 10 times the market.* The journey in the U.K. began with a digital ecommerce presence in 2014 and opened in physical retail at Superdrug in 2017 and Boots in 2019.
In late 2023, e.l.f. Cosmetics entered the Italian market, quickly ascending to become the No. 1 makeup brand across both mass and prestige at Douglas.**
The office at 2 Upper Street in Angel, Islington, is a 10,000-square-foot space, designed for the team to thrive and be connected to its community.
"The e.l.f. twist in opening our first physical office space in London is that we ended up taking down 'walls.' This isn't an office for the U.K. team or the international team. This is the home of our e.l.f.z who happen to be in London," said Christine Cassidy, Vice President and General Manager, International, e.l.f. Beauty.
Currently with nearly 40 employees, the space has been created as a global hub for e.l.f. Beauty, which is headquartered in Oakland, California, with offices in New York, Los Angeles, New Jersey, Shanghai.
*Source: Nielsen, UK L52w ending 12/30/2023
**Source: As of December 31, 2023. Based on Douglas retail stores since launch
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, including those statements relating to e.l.f. Beauty's commitment to grow the company's international business, its commitment to prioritizing three areas for overall growth and market penetration, and its beliefs regarding the runway in both the U.K. and other markets around the world. Although e.l.f. Beauty believes that the expectations reflected in the forward-looking statements are reasonable, actual results and the timing of selected events may differ materially from those expectations. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the risks and uncertainties that are described in e.l.f. Beauty 's most recent Annual Report on Form 10-K, as updated from time to time in e.l.f. Beauty 's SEC filings, as well as e.l.f. Beauty's ability to effectively compete with other beauty companies; e.l.f. Beauty's ability to successfully introduce new products; e.l.f. Beauty's ability to attract new retail customers and/or expand business with its existing retail customers; e.l.f. Beauty's ability to optimize shelf space at its key retail customers; the loss of any of e.l.f. Beauty's key retail customers or if the general business performance of its key retail customers declines; and e.l.f. Beauty's ability to effectively manage its SG&A and other expenses. Potential investors are urged to consider these factors carefully in evaluating the forward-looking statements. These forward-looking statements speak only as of the date hereof. Except as required by law, e.l.f. Beauty assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240227491343/en/
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