The New York Stock Exchange welcomes E.l.f. Beauty on March 18, 2024, to celebrate its 20th anniversary of founding.
The CEO of E.l.f. Beauty, which manufactures about 80% of its cosmetics in China, told CNBC on Thursday that it was “relieved” the new tariff on Chinese imports is only 10%. The retailer isn’t sure yet if it will need to raise prices.Â
“[It] seems like a weird thing to say, but we actually were somewhat relieved when it was only 10 points because at one time, the rhetoric was as high as 60% tariffs,” Tarang Amin said when discussing his company’s fiscal third-quarter earnings results.
With regard to raising prices, he said, “we’ll see whether we need to.”
The comments come just days after President Donald Trump slapped a new 10% tariff on goods imported from China into the U.S., raising concerns about companies such as E.l.f. with significant supply chains in the region.
While 25% tariffs on Mexico and Canada have since…
