e.l.f. Beauty CEO Tarang Amin said the company is seeing a strong consumer response after lowering prices on certain products. Speaking at the Cannes Lions Festival of Creativity, Amin noted that a skin tint priced at $18 was reduced to $14, resulting in an 85% lift in unit sales in recent weeks. The move follows earlier price hikes of up to 15% that led to a decline in unit volumes as cash-strapped shoppers pushed back. The company reported a 35.1% year-over-year revenue increase to $449.3 million in its May 20 earnings, but guided to full-year sales growth of 12%, contributing to a 17% stock decline over the past six months. Amin said the price cuts are not across the board but are part of a price discovery effort on select items.
ELF Beauty IncCEO says price cuts on key items are driving strong consumer response, with an 85% lift in unit sales on a reduced-price skin tint.