Speed Is Key to Retail Success, Says E.l.f. Beauty President John Bailey

Speed Is Key to Retail Success, Says E.l.f. Beauty President John Bailey Allison Collins In retail, there's a need for speed. At least, according to E.l.f. Beauty chief financial officer and president John Bailey. "Speed is literally the most important characteristic that will define a company in today's new retail environment," Bailey said. "If you don't have product cycles that are less than six months and an ability to react to customer feedback in 24 hours, you should take a look at your business and figure out ways you can get faster." Bailey was on the E.l.f. team that took the mass-market beauty company public last September. Since then, E.l.f.'s growth has skyrocketed. For fiscal year 2016, sales were up 20 percent. For fiscal 2017, they're projected to be up by as much as 28 percent. E.l.f. makes makeup, skin-care and beauty tools that cost an average of $3. The company's products are geared toward beauty enthusiasts — consumers who just cannot seem to get enough beauty — and originated on E.l.f.'s web site before moving into Target and Wal-Mart, as well as freestanding E.l.f. stores. "She literally cannot get enough product," Bailey said of the brand's shoppers. "I don't know how many lipsticks you need, but God bless you." Speed is one of the ways E.l.f. keeps the demand Follow WWD on Twitter or become a fan on Facebook. Read More... Fashion 3