E.l.f. Beauty CEO Tarang Amin told CNBC's Jim Cramer on Monday that the company has performed well even as the cosmetics industry goes through a rough patch.
"The core of our proposition is taking the best of beauty and making it accessible for every eye, lip, face and skin need," he said."And that's really the key to our success is we can take inspiration from our community, the best products of prestige, and introduce them at a fraction of the cost."on Monday that the company has performed well even as the cosmetics industry goes through a rough patch, stressing the budget-conscious nature of the products.
Amin also explained the company's strategy to manage extra costs if the U.S. increases tariffs on goods imported from China, where many of its suppliers are located. He said that production in China has lessened, going from 100% five years ago to under 80% today, and he added that it will continue to decline in the future.
"We faced 25% tariffs on our China goods since 2019," Amin said."And the way we mitigated those, with a combination of price increases, FX, supplier concessions. We'll do the same this time, and the only other big difference is we continue to diversify our supply chains."Chula Vista
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