** Shares of cosmetics company Elf Beauty ELF.N down ~19% at $71.30 in extended trade

** Company lowers annual net sales forecast to $1.30 bln to 1.31 bln from prior target of $1.315 bln to 1.335 bln on softer than expected sales in mass beauty channels in January, as demand weakens

** Also lowers annual adj. EPS target to $3.27 to 3.32 from $3.47 to 3.53

** Q3 net sales of $355.3 mln tops estimates of $329.67 mln, according to data compiled by LSEG

** A little less than 80% of company's manufacturing now happens in China, compared with 100% five years ago. We'll use a balance plan to overcome tariffs - ELF CEO Tarang Amin tells Reuters

** Beauty giant Estee Lauder EL.N said this week it would cut more jobs as it tackles a downturn in demand, particularly in the Asia travel retail business

** In 2024, ELF stock fell 13%

(Reporting by Juveria Tabassum in Bengaluru)

((Juveria.Tabassum@thomsonreuters.com;))