NAPA, CALIFORNIA - JUNE 25: (L-R) Annabel Bolton and Kelly Thacker, Klaviyo attend 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: 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 Amy Sussman/Getty Images for The Business of Fashion)

NAPA, CALIFORNIA - JUNE 25: Priya Rao, Executive Editor, 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: Joyce de Lemos, Chief Product Officer, Dieux attends 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: 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 Frazer Harrison/Getty Images for the Business of Fashion )

NAPA, CALIFORNIA - JUNE 25: (L-R) Daniela Morosini, Beauty Correspondent, The Business of Beauty, Jane Hertzmark Hudis and Laurence Sémichon speak 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: 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)