MAC and Estee Lauder. I think there are too many alternatives to mid-to-high-end, and more people shop online so the heavy physical store distribution network that MAC has may not be as advantageous as it used to be (plus, Sephora). I feel like the emergence of more of true luxury brands have made some reach higher (e.g. Tom Ford) while better access has created more niche, but high-end, brands like Hourglass.

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