Falling share price prompts e.l.f investors to take action

Marathon Partners Equity Management calls for “aggressive action to reverse the damage”.

Cosmetics brand e.l.f is coming under pressure from one of its investors, Marathon Partners Equity Management, which owns 9% of the company, to arrest its rapidly falling share price by a complete overhaul of its strategy.

The company was floated in September 2016 and has lost 51% of its share value to date.

In a seven-page letter to e.l.f’s board of directors, dated 25 January, Mario Cibelli, head of Marathon Partners, said his company had had concerns since September 2018 and had tried to resolve these behind the scenes but remained concerned about the management and board’s “unwillingness to address legitimate shareholder concerns in an effective and timely manner.

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