THE WHAT? e.l.f Beauty has maintained the low prices on its cheapest items despite increasing prices for two-thirds of its line up amidst the rising cost of inflation, according to a report by The Wall Street Journal.
THE DETAILS The beauty company announced price hikes on its higher end products this spring with rising costs threatening profits. However, CEO Tarang Amin stated he made a bet to keep prices fixed on the lower cost items.
Speaking to The WSJ he said, “We didn’t touch a third of our items.” These included lipsticks, mascaras and eyelash wands.
THE WHY? The rising cost of inflation has hit the industry hard, however, Amin stated that the strategy to keep low-cost items cheaper will remain even in the face of an ongoing rise.
“We wanted to be sure there was an entry into e.l.f. if someone was on a budget constraint,” said Amin.