- After a quarter that far exceeded Wall Street expectations, Elf Beauty CEO Taran Amin spoke to CNBC's Jim Cramer about how the cosmetics company can grow quickly.
- Amin praised Elf's social media strategy, saying it has helped it reach consumers across different age groups and nationalities.
After beating Wall Street's earnings expectations, Elf Beauty CEO Taran Amin told CNBC's Jim Cramer how the cosmetics company is growing rapidly and is expanding consumer spending across multiple countries and age groups. He talked about how he is expanding his customer base.
Mr. Amin praised Elf's successful marketing and social media strategy, particularly highlighting how it has led to global success. He said international business grew 119% last quarter, with the UK, Canada and Italy performing well.
The company raised its earnings estimate for the third consecutive time on Tuesday after sales rose 85% in the holiday quarter.
“Last quarter, we entered Italy with DOUGLAS in Italy and quickly became the number one brand, not only on the mass side but also across prestige,” Amin said. “We found two things: one, our value proposition resonates around the world, and two, given our strength in social media. Italian consumers already knew about Elf long before we got there.”
Amin said Elf is popular not only with Gen Z, but also with Gen X and Millennials, adding that the company is expanding its target audience to Gen Alpha as well. Elf has found viral success on his TikTok, and Amin said that while streaming on his platform he was also doing well on Twitch and his games on Roblox. Elf has also embraced more traditional advertising, releasing a Super Bowl commercial last year featuring actor Jennifer Coolidge. The company also plans to air commercials this year featuring Judge Judy and cast members from the TV show “Suits.”
“Our strategy is that we want to live and follow where our community lives, so we understand what they are interested in and where they spend their time. We are constantly monitoring to see if there are any,” Amin said.
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