E.L.F. Beauty is planning to lower prices on some of its products after tariffs and increased costs have made consumers more conservative with their spending.
E.L.F. CEO Tarang Amin told CNBC that the company has seen a drop in sales over the last few months “as consumers have particularly been suffering with higher costs.” Amin said that the company plans to lower prices on certain products to help “reinforce our value proposition.” Rising gas prices, layoffs, high prices at the grocery store, and tariff-induced price increases on all sorts of goods have added stress to already-stretched American budgets.
In an earnings call on Wednesday, May 20, Amin shared that while the company experienced at 35% increase in sales in the first quarter of 2026, mostly due to its acquisition of Hailey Bieber’s Rhode, they expect slower growth going forward and into 2027, particularly in the E.L.F. Cosmetics brand. The CEO also noted that due to the U.S. Supreme Court ruling, which struck down tariffs in a 6-3 vote, E.L.F. is due for about $55 million in refunds—money the company plans to re-invest back into the business as a cushion for lower pricing. He also shared that E.L.F. has unloaded Alicia Keys’s Keys Soulcare, returning ownership to the musician.
The first product E.L.F. experimented with prices on was E.L.F. Cosmetics’s popular Halo Glow Skin Tint, recently dropping the price to $14 from $18. According to Amin, this resulted in a nearly 40 percent increase in sales across retailers, including on TikTok Shop. “[This] gives us confidence,” Amin said. “Again, we’re test-and-learn brands, so we will test our way into which are the right families to be able to make that action on, but we’re known for our phenomenal value, and value is always a place we go to first.”
Allure reached out to E.L.F. for comment, but so far the company has not released specifics about which additional products will see a price drop or how dramatic those decreases will be. As of press time, the most expensive product on the E.L.F. Cosmetics website is a $59 makeup brush set; the cheapest is a $3 lip liner. It was not noted if the price changes apply to other E.L.F. Beauty-owned brands, like Rhode and Naturium.
Prior to this new pricing strategy, E.L.F. actually raised its prices by $1 per product due to tariffs. In early 2026, E.L.F. was one of several beauty brands to sue the Trump administration over tariffs, joining Revlon, Bath & Body Works, Conair, and Schick; a few weeks later, L’Oréal, Dyson, Bausch + Lomb, and Sol de Janeiro filed suits of their own.
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