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  "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
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      "text": "The import data shows that as a group, January through September 2024 shipments to ELF by weight are down ~60% YoY.",
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      "text": "import volume: ~60%",
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      "text": "Note that ELF IR recently confirmed to an investor that ELF's Tier 1 supplier relationships have not changed over the past several years.",
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      "text": "Despite the prima facie improbability that ELF could have been the victim of sudden serial under-reporting of imports over a nine-month period, we sought to validate the data through human sources. Posing as a potential buyer, we spoke with three of ELF's four largest suppliers in China. These suppliers accounted for over half of ELF's CY23 imports by weight. The import data shows that as a group, January through September 2024 shipments to ELF by weight are down ~60% YoY.",
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      "text": "\"...like [calendar 2023], [ELF] buil[t] quite some of the inventory. This [calendar] year they try to improve the performance of the supply chain, so they significantly cut their inventory, especially before the financial the year end, the financial annual report, and also for this [calendar] year. They continue to cut the inventory holding at their side.\"",
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