Activist Marathon Partners Pushes elf Beauty to Sell Itself or Cut Costs

An activist investor wants cosmetics company e.l.f. Beauty Inc. to give itself a makeover.

Marathon Partners Equity Management LLC, which owns about 8.5% of e.l.f., plans to urge the discount cosmetics seller to either start a process to sell itself or refocus on core operations and reduce costs, according to a draft of a letter to its chief executive and chairman viewed by The Wall Street Journal. Marathon could release the letter publicly as soon as Wednesday.

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