Elf Beauty, a cosmetics company known for its affordable makeup, skin care and beauty tools, went public on Thursday in the midst of one of the year's busiest weeks for IPOs. The company raised $141 million, opening at 24 on the New York Stock Exchange, a 41 percent increase from its IPO price of 17.
The clear success of this IPO is a reflection of the buying power of millennial consumers, for whom Elf is beloved. The brand has built loyalty amongst younger consumers through its accessible pricing — most products retail for between $1 and $30 — and has gained the attention of influencers and beauty bloggers. That presence was felt on Thursday morning as the company made its IPO and rang the opening bell for the New York Stock Exchange with a group of 30 such influencers — including Raye Boyce, Jackie Aina and Loey Lane — present.
If there's anything the presidential election has taught us, it's that the collective power of millennials isn't to be underestimated.
Homepage photo: @elfcosmetics/Instagram