In this episode, we dive into the shifting landscape of the beauty industry, focusing on giants like Estée Lauder, L’Oréal, and other major players who have long dominated the market. We’ll discuss whether new and emerging brands are eroding these big companies’ moats, chipping away at their once-unshakable oligopoly. From changing consumer preferences to indie brands with innovative approaches, we explore if the future belongs to small, agile companies. We’ll also explore potential investment strategies in the changing cosmetics market: Is it smarter to invest in big cosmetics brands directly, or should you consider the retailers like Sephora and Ulta who bring a range of brands to consumers? From competitive shifts to the strength of distribution channels, we’ll examine which approach might hold the most value for investors as the industry’s landscape transforms. This is not investing advice and for education purposes only