Insight: ELF Expands into Haircare; Kickstarts Fall Innovation Flywheel

研报英文原文证据摘录

Insight: ELF Expands into Haircare; Kickstarts Fall Innovation Flywheel

apping the $11B US Mass Haircare Market: ELF’s entry into hair comes as the category emerges .Source: Euromonitor; Jefferies

as a key growth vector within beauty, supported by multiple secular tailwinds including GLP-1-

related hair thinning, rising focus on scalp health, & “skinification” of hair routines expanding the Exhibit 2 - Relative US Hair Care Market

Growth (Y/Y)

category's TAM. According to Mintel, 73% of women ages 18-34 say they genuinely enjoy the 12.0%

process of caring for their hair (75% of men in same age group). Euromonitor forecasts global 10.0%

haircare to grow ~24% to $173B by 2030. The US haircare market is ~$19.3B today, with mass at 8.0%6.0%

~$11.4B; if ELF could capture even 1% of the US mass hair market, that would represent ~$114M 4.0%2.0%

in revenue opportunity. Mgmt framed haircare as a long-term whitespace opportunity, and notably 0.0%

communicated willingness to scale through M&A with the right brand. -2.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

. Beauty and Personal Care Hair Care

Value Player in a Premiumizing Category: ELF's haircare launches are all priced at $10 or less, Source: Euromonitor; Jefferies

aligning well with a more price-sensitive consumer backdrop. In periods of macro uncertainty,

beauty demand tends to skew toward “affordable indulgences,” with consumers trading down

in larger discretionary categories while maintaining spend in lower-ticket segments. Haircare is

the latest beneficiary: tighter budgets are driving a shift toward at-home, salon-grade solutions

(particularly in treatments, scalp care, and bond repair), where consumers are willing to pay for

perceived efficacy.