The makeup giant Sephora played an outsized role in creating the modern cosmetics industry.

WSJ reporter Khadeeja Safdar unpacks the unconventional business strategies that led to Sephora’s early success and the retailer’s more recent moves to adapt to the pandemic market.

Photo: Nina Westervelt/Bloomberg

The Economics Of
How do the world's most successful companies generate revenue? In this explainer series, we'll dive into the surprising stories behind how businesses work--exploring everything from Costco's "treasure-hunt" model to the economics behind Amazon's AWS.

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