Breakingviews - TikTok trendsetter e.l.f. models beauty's new look

Boss Tarang Amin has chased this growth through heavy online advertising, including collaborations with TikTok influencers. While not necessarily cheaper than the old guard’s approach - sales, general and administrative spend is a similar share of revenue at both e.l.f. and L’Oreal

- the results shine through. e.l.f. is now third in cosmetics market share behind the $220 billion French giant, according to research firm Nielsen. As high-end consumer spending downshifts, e.l.f.’s cheaper, mass-market price points are another boon. Add it up, and the company is lapping L’Oreal and fellow global giant Estee Lauder

, whose sales are expected to grow 8% and decline 10% this year, respectively, according to Refinitiv data. With Amin promising to ramp up marketing spending even further, the pressure for older peers to touch up their look grows.

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