Cosmetics retailer e.l.f Cosmetics has announced that the brand will increase its prices by $1 effective August 1, according to an Instagram post.
According to the company, 75% of products will remain priced at $10 or lower.
The company said in the post: “Not gonna lie, inflation and tariffs are hitting us hard. But we’re committed to keeping the quality high and prices e.l.f.ordable.”
The cosmetics giant blamed tariffs for its recent price increases and stated that they are monitoring the ongoing trade changes.
Mandy Fields, e.l.f.’s Chief Financial Officer, said the makeup brand reduced its overall imports from China.
Fields previously commented: “We certainly have run a number of scenarios for potential tariffs, and I think still too early to tell what level those may come in at. But we have a playbook, and we have a number of levers at our disposal.”
The cosmetic brand recently made a $1 billion acquisition of popular makeup brand Rhode, which is set to strengthen its presence in the beauty retail industry.
Meanwhile, other retailers in the US are also inching up their prices amid mounting pressure from additional tariffs.
Retail giant Walmart has been quietly increasing the prices on their products and warned customers about the rise in prices between May and June.
Additionally, sportswear giant Nike announced that it would be raising its prices last week to offset the costs of tariffs.
Retailers have started rethinking their strategies as they face economic uncertainty and trade changes; however, consumer sentiment has improved due to the 90-day tariff pause.
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