NAPA, CALIFORNIA - JUNE 25: Guillaume Motte, CEO, Sephora speaks onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 25, 2026 in Napa, California. (Photo by Monica Schipper/Getty Images for The Business of Fashion)

NAPA, CALIFORNIA - JUNE 25: Daniela Morosini, Beauty Correspondent, The Business of Beauty speaks onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 25, 2026 in Napa, California. (Photo by Monica Schipper/Getty Images for The Business of Fashion)

NAPA, CALIFORNIA - JUNE 25: Alex Wiltschko, Osmo speaks onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 25, 2026 in Napa, California. (Photo by Frazer Harrison/Getty Images for the Business of Fashion )

NAPA, CALIFORNIA - JUNE 25: Laurence Sémichon speaks onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 25, 2026 in Napa, California. (Photo by Amy Sussman/Getty Images for The Business of Fashion)

NAPA, CALIFORNIA - JUNE 25: Johanna Stout, Chief Business Officer, The Business of Fashion speaks onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 25, 2026 in Napa, California. (Photo by Monica Schipper/Getty Images for The Business of Fashion)

NAPA, CALIFORNIA - JUNE 25: Laurence Sémichon speaks onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 25, 2026 in Napa, California. (Photo by Amy Sussman/Getty Images for The Business of Fashion)

NAPA, CALIFORNIA - JUNE 25: (L-R) Johanna Stout, Chief Business Officer, The Business of Fashion, Jamie Domenico, CMO, Klaviyo and Liz Cebron, CMO, ILIA Beauty speak onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 25, 2026 in Napa, California. (Photo by Frazer Harrison/Getty Images for the Business of Fashion )

NAPA, CALIFORNIA - JUNE 25: Laurence Sémichon speaks onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 25, 2026 in Napa, California. (Photo by Frazer Harrison/Getty Images for the Business of Fashion )