Has ‘Euphoria’-Inspired Makeup Missed Its Moment?

Subscribe to Full Coverage by Priya Rao: unpacking how shifting ideals, new players and cultural movements are transforming the global beauty and wellness industries.

Welcome back to Full Coverage; thanks again for reading.

Before I jump in, I wanted to remind y’all of the robust, differentiated coverage we are doing every day at The Business of Beauty. Over the last week and half, we’ve dug deep into the prospects of travel retail reinventing itself, Fragrantica’s controversy and Unilever’s challenger beauty strategy; Sam Knight also penned a timely op-ed about the outdated arrangement of hair stylists and makeup artists working for free. Thank you always to the best team: Daniela Morosini, Brennan Kilbane, Liz Flora and Rachael Griffiths. I’m biased, but we’re in a class of our own.

Now onto our main programming. Read on for:

• My take on the future of “Euphoria” makeup and maximalist beauty
• My thoughts on LVMH’s first-quarter sales

Can Makeup Be Fun Again?

Did anyone manage to watch “Euphoria” over the weekend? This is not the same show I binged (against my husband’s advice) on maternity leave back in 2021. It’s much darker, and I don’t just mean the plot lines. Notably absent from the first episode were those bedazzled, technicolour makeup looks that viewers, like myself, fell in love with in seasons one and two.

Apparently, that glittery, maximalist beauty will be making appearances in later episodes, according to Allure. Visually, the show needs something to lighten the mood (plot lines include Zendaya’s Rue entangled in a drug trafficking mess in Mexico to pay off debt and Sydney Sweeney’s Cassie becoming an OnlyFans creator), and commercially so does entertainment company A24. The studio launched its long-awaited “Euphoria” makeup collaboration with Half Magic, the beauty label founded by the show’s artist Donni Davy, this week. Read all about the exclusive details from Liz here.

Between the lines: It would be an understatement to say that the “Euphoria”-inspired makeup trend has passed. Since the show debuted with its fantastical beauty looks in 2019, the world faced a pandemic that forced shoppers to stay indoors and abandon their makeup kits, and Hailey Bieber’s clean-girl aesthetic became the most copied face around the globe. At Coachella this past week, I didn’t see many eye gems photographed in Indio — except for on FKA Twigs and she was on stage. In terms of face art ubiquitous at the festival, A-listers who got a coveted invite to Rhode’s activation received the brand’s new flower- and mushroom-shaped pimple patches.

The return of maximalist makeup has been pushed by the greater cosmetics industry and is a plus for the new “Euphoria” line, but where shoppers are finding inspiration for said looks has also shifted from the HBO show. Real people seem to be craving the dynamic beauty creations worn by musicians Zara Larsson, Chappell Roan, PinkPantheress and Doja Cat, as well as figure skater Alysa Liu. Though the “Euphoria” collaboration is definitely late, there is hope that the lineup still registers given all the attention the show has gotten in the last few weeks; a quick Google Trends search shows a hockey stick-like curve beginning April 5.

Facing forward: Youth culture has always led beauty experimentation, but Gen Z and Gen Alpha seem more preoccupied with skincare and extreme beauty routines (aesthetic treatments, peptide stacks) versus colour cosmetics. I don’t count a tinted lip balm as innovative, sorry! Makeup artists-turned-founders are the solve here. Violette Serrat and Danessa Myricks are pushing us to experiment, whether it’s with an electric blue liquid eyeliner in the case of Serrat’s Yeux Paint or a wash of glitter via Myricks’ Colorfix Stix Multi-Use Pearl Pigment Sticks. Made by Mitchell’s Mitchell Halliday also pushes the use of bold colour with his Make a Mark Metallic Eyeliners. Their looks are wearable and fun. And there is joy on the runway again, à la Lucy Bridge’s velvet purple lips at Tom Ford. I hope we see more of this, whether it’s “Euphoria”-related or not. As André Leon Talley said, “There is a famine for beauty.” Like he was, I’m starved for it.

Reading the Tea Leaves at LVMH Beauty

For those of you who may not have gotten through all the beauty news of the week, here’s a quick primer of one of the most important tidbits: On Monday, LVMH reported 1 percent organic sales growth to €19.1 billion ($22.5 billion), missing analyst expectations. While the company’s fashion and leather goods division was hit the hardest, perfume and cosmetics sales were flat.

And? As I mentioned when I last covered LVMH’s earnings in January, the conglomerate has some dead weight on its hands, dragging down overall beauty sales. Its most premium products from brands like Guerlain and Dior are selling the best, so it’s important that these lines continue to perform. Prioritising exclusive distribution is going to be a key pathway going forward, which makes sense since many of these products are ultra-luxe. Fixing its lacklustre labels is clearly on the conglomerate’s radar, but there was no comment in the earnings call on Fenty Beauty or Make Up For Ever, which are both reportedly for sale.

What about Sephora? LVMH’s select retailing division, inclusive of Sephora and its duty-free business, saw sales grow 4 percent for the quarter. Sephora sales in China were flat, which is a win, but its travel retail arm continues to drag. That will now get worse, due to disruptions from the Middle East war. It may take another quarter before we see greater progress from Sephora globally, but there’s something big to look forward to: Its Olive Young partnership starts rolling out imminently.

What I’m Reading

In a surprise to no one, Rhode was Coachella’s biggest winner this year. [The Business of Beauty]

And influencers who were uninvited last minute were its biggest losers. [Lucy and Lydia Connell on TikTok]

Between Unilever’s acquisition of gummy brand Grüns and endless functional-beverage brand launches, supplements in pill form are no longer cool. [Bloomberg]

Winged eyeliner has joined skinny jeans and side parts in the “painfully millennial” bracket. [The New York Times]

It’s unclear if Alex Cooper and Alix Earle’s feud is real, but its engagement certainly is: 17 million views and counting. [Alex Cooper via TikTok]

See you next week!

Priya