"We’re seeing loads of influencers launching new products,” he said. “We’ll see how long they last. I’m not sure they’ll be around in 10 to 15 years.”

De Lapuente is also sceptical about brands resorting to price cuts. “There are those who keep discounting and discounting, I don’t think that’s great for the industry,” he said. However, he said he didn’t think there was a glut of beauty products on the market.

Sephora has spent the last year or two focusing more on an omni-channel approach to use a combination of in-store makeovers and digital purchases to learn more about its clients. “You build a database of exactly what your client loves. Technology is really helpful for that,” said de Lapuente.

The head of the French brand said 80% of its workers are female and two-thirds of its top 70 leaders worldwide were women. “The fact that we have several general managers who started their career as in-store beauty advisors and have risen to great heights is tremendous,” said de Lapuente.