◆ Contrarian Corpus
Campaigns / Spruce Point Capital → e.l.f. Beauty, Inc.
Spruce Point Capital vs. e.l.f. Beauty, Inc.

e.l.f. Beauty, Inc. · ELF

1 deck published between 2023-11-09 and 2023-11-09 — 28 pages, 28 analysed slides total.

initial thesis

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2023-11-09 initial thesis

    2023 11 654ce813639957c9a510e897_elf_research_thesis_11 9 2023

    28pp · full_deck

    ELF Beauty's premium valuation relies on viral Gen-Z marketing led by Movers+Shakers, an agency whose founders have NXIVM-cult ties — reputational backlash points to 45%-65% downside.