Consumer
Lip Oils Drive Sales at Elf Beauty as Consumers Seek Cheaper Cosmetics
- High-end lip oil market grew 56% in first half of the year
- Shares sink after second-quarter sales outlook disappoints
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Elf Beauty Inc. said robust demand for its lip oil and bronzing drops helped boost revenue 50% in the most recent quarter versus a year ago, allowing the company to take market share from rivals.
The company has seized on shoppers’ demand for cheaper cosmetics, selling its lip oil at a much lower price than some high-end brands. Elf’s costs $8 while Dior’s is $40 in the US.