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A couple of weeks ago, I watched an interview with Nicolas Hieronimus, the CEO of beauty company L’Oreal. Asked about an approaching recession, Hieronimus answered that after two years of lockdowns beauty hadn’t slowed at all.

Even inflation hadn’t generated a shift to cheaper products. Luxury remained healthy as the upper and middle classes of the world continued to multiply, and to grow sales as L’Oreal was increasingly using data and advanced technology to help customers choose fragrances and skin and hair products that suited their personalities...

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