ELF Beauty ELF is hoping that investors think its focus on affordable cosmetics with an upscale feel and strong U.S. cosmetics market is a sexy combination. Started as an online cosmetics seller over a decade ago, today ELF Beauty has over 11 retail stores across New York City and Los Angeles, and its foot in the door with major mass retailers such as Walmart , Target and CVS Health . Target is ELF’s longest standing national retail distribution partner, and represents about 23% of its sales. The company inked a deal to sell its offerings — which mostly sell for $6 or less — at Walmart in 2012, and the business has quickly grown to 28% of its annual business. Sales for the six months ended have tallied $96.8 million, up from $75.2 million a year earlier. Unlike many early stage growth companies going public, ELF Beauty is decently profitable.
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