Beauty Leader Drops Over 5%... 300 Billion Vanished in Just One Day

e.l.f. Beauty Inc. (ELF), the U.S. color cosmetics maker, closed at $70.59 on the New York Stock Exchange on March 18, down 5.71% from the prior day’s close. Trading volume was about 1.64 million shares. Its market capitalization shrank to approximately $4.17 billion (roughly KRW 5.6 trillion), wiping out about $225 million (around KRW 300 billion) in value in a single session.

In its third quarter of fiscal 2026, announced February 4, the company reported a 38% increase in revenue and raised its full-year sales-growth guidance to 22–23%. It has also added Hailey Bieber’s skincare brand, Rhode, to expand its growth drivers. However, recent research points to potential valuation headwinds, including tariff pressures, a rebound in marketing spend in the second half, and concerns about slowing growth at its existing core brands.

Founded in 2004 and headquartered in Oakland, California, e.l.f. Beauty is a color-cosmetics and skincare company that has emerged as a favorite among Gen Z by offering affordable dupe products and leveraging TikTok-driven social-media marketing. Available through U.S. drugstores, mass retailers, and online channels, it has been lauded as a leading growth stock, posting more than 20 consecutive quarters of revenue gains and market-share expansion.