CEO explains why E.l.f Magnificence launched an app for Apple’s Imaginative and prescient Professional
E.l.f Beauty CEO Tarang Amin told CNBC’s Jim Cramer on Tuesday why his company launched an app on Apple‘s new virtual reality headset, the Vision Pro, saying it’s important to try new things.
“As a digitally native brand, we’re constantly testing and learning. We’re one of the first beauty brands on TikTok, we have our own channel on Twitch,” he said. “So, the Apple Vision Pro is a continuation of [that] — we’re going to constantly test and learn on new frontiers and delight our community.”
According to Amin, a lot of E.l.f Beauty’s success can be explained by being “not dependent on any one platform, or any one way of going to market.” The company sells its value cosmetics and skin care on its own website as well as through a variety of national retailers including Ulta Beauty, Target and Walmart, as well as Boots and Superdrug outside the U.S.
E.l.f Beauty’s products have gone viral on social media platforms and have resonated with Generation Z consumers. According to a semiannual Piper Sandler survey about teenagers’ impact on the economy, E.l.f was the top cosmetics brand among those consumers, holding 38% market share.
But Wall Street analysts expressed worry about the state of the industry last week after Ulta Beauty’s CEO Dave Kimball warned at a conference hosted by JPMorgan that demand for beauty products was slowing. However, Amin said he’s not concerned.
“I’ve long been bullish on the beauty category, and I continue to be so,” he said. “We see the same thing at Ulta as we see with other customers: E.l.f is their most productive brand.”
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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Apple.
