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, higher prices at the grocery store, and tariff-induced price increases on many goods have added stress to already-stretched American budgets.
In an earnings call on Wednesday, May 20, Amin said 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 US Supreme Court ruling, which struck down tariffs in a 6 to 3 vote, E.L.F. is due about $55 million in refunds—money the company plans to reinvest into the business as a cushion against lower pricing. He also said that E.L.F. has returned ownership of Alicia Keys’s Keys Soulcare to the musician.
The first product E.L.F. dropped the price on was E.L.F. Cosmetics’ popular Halo Glow Skin Tint, reducing it to $14 from $18. According to Amin, this resulted in a nearly 40% 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 to see which are the right families to take that action on. We’re known for our phenomenal value, and value is always a place we go to first.”
Prior to this new pricing strategy, E.L.F. actually raised its prices by $1 per product due to the tariffs. And this whole pricing journey has been riddled with lawsuits: 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. In April, E.L.F. was also one of several brands to be hit with a class action lawsuit from consumers demanding that the tariff refunds these companies would receive from the government go directly back to them.
Allure reached out to E.L.F. for comment, but the company has not released specifics about which additional products will see a price drop or how dramatic those decreases will be. At press time, the most expensive product on the E.L.F. Cosmetics website is a $59 set of makeup brushes; the cheapest is a $3 lip liner. It was not known yet if the price changes apply to other E.L.F. Beauty-owned brands, like Rhode and Naturium.
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