E.l.f. Shutters Its Stores, Ratchets Up Digital Marketing To Reinvigorate Brand’s ‘Superpowers’
The Oakland, Calif.-based firm is cautiously projecting net sales declines of 4% to 8% in fiscal 2020, but is confident about its strategic redirection, which prioritizes packaging redesigns, first-to-mass items and “fewer, bolder product stories” under new marketing leadership brought on board in February from Shiseido.
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The maker of prestige-inspired cosmetics at value prices follows its TikTok viral success by teaming with Kathleen Belsten, aka Loserfruit, the second most-followed female gamer on the Amazon-owned livestreaming platform Twitch.
Despite so many COVID-19 uncertainties, e.l.f. Beauty has the confidence of a company that posted 6% net sales growth to $283m for the 2020 fiscal year ended on 31 March and is seeing its value proposition for "prestige-quality" cosmetics resonate even more powerfully with consumers in today’s volatile economic climate.
W3ll People is expected to add a relatively modest $7m to e.l.f. Beauty’s fiscal 2021 top line, but the brand has “major white space” opportunities, including at Target, e.l.f.’s longest-standing customer. Further, its plant-based product line includes 40 “EWG Verified” products, reflecting expertise e.l.f. is eager to tap.