E.l.f. Beauty turned in one of the best performances of a publicly traded company in 2022, here CEO Tarang Amin shares the secret to the brand's success.
“What are the opportunities to eliminate waste?”“The Weather Channel and E.l.f.? How do these things go together?”
When Amin says action, he means it. E.l.f., which has a market capitalization of about $3 billion, brings products to market in as little as 13 to 20 weeks, thanks to a product development and marketing machine that works concurrently rather than sequentially. That model enables the brand to “work at the speed of culture,” as E.l.f. executives say.
That willingness to experiment is what has enabled Amin to pull away from the pack. But it wasn’t always so. While the company thrived during the pandemic, not so long before, in 2018, E.l.f. hit a wall. The next step was to create an E.l.f. lexicon — ‘elfing amazing,’ etc. — which has since become a shared language both with employees and the community at large, which was deployed across the company’s content universe.
Since that first campaign, E.l.f has created numerous TikTok initiatives, garnering more than 10 billion views and nearly 7 million user generated videos, according to The Shorty Awards, which honor outstanding achievement in social media, and has been early — often first — on emerging platforms like BeReal and Twitch.
While E.l.f. is continuing to leverage TikTok, it’s also actively exploring other areas, and being first is as important as being fast. “The consumer is constantly desiring innovation and something that will enable you to engage with them in new ways,” said Ekta Chopra, E.l.f.’s chief digital officer, who outlined three key areas her team is focused on.
While Chopra consider’s E.l.f.’s speed in testing and learning across digital platforms to be a key component of its success, that doesn’t mean the brand is jumping on every new platform. “We’re the number one Gen Z brand, because we listen to them and we show up in the places where they want to go and already are,” she said.
And even with the flagship brand’s stellar performance over the past two years, executive say there is ample room for growth. “We have a long runway ahead of us. We’re just getting started,” said Mandy Fields, senior vice president and chief financial officer. “In the U.S., we are the number-four ranked brand in mass, but the runway to get to number one is massive — a lot of white space opportunity.
In terms of product launches, the company will duplicate its “holy grail” strategy for skin care coupled with the value proposition that has worked so well, making products usually available only in the prestige market accessible at mass for a fraction of the price. “Right now, our bestselling product is the Power Grip Primer, which sells for $10. But the only other thing like it is a $34 item at prestige,” said Amin.
“At Target we’re on a trajectory where if we continue the momentum that we have, maybe in the next year or two, we might even pass Maybelline,” he said, noting that while E.l.f.’s national share is a 7 on average, at Target it is 14. “That’s significant because, as our first retail account, Target had a head start by years over other customers and we see other customers on that same trajectory.”
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