A man walks past an electronic quotation board displaying the Nikkei Stock Average on the Tokyo Stock Exchange along a street in Tokyo on June 25, 2026. (Photo by Kazuhiro NOGI / AFP via Getty Images)

NAPA, CALIFORNIA - JUNE 24: (L-R) Maya Allen and Laney Crowell, Founder & CEO, Saie, attend The Business of Beauty Global Forum 2026 at Stanly Ranch on June 24, 2026 in Napa, California. (Photo by Frazer Harrison/Getty Images for the Business of Fashion)

NAPA, CALIFORNIA - JUNE 24: (L-R) Pilkyung Yoon Choi, CMO, Laneige, and Danessa Myricks attend The Business of Beauty Global Forum 2026 at Stanly Ranch on June 24, 2026 in Napa, California. (Photo by Frazer Harrison/Getty Images for the Business of Fashion)

NAPA, CALIFORNIA - JUNE 24: (L-R) Annabel Bolton and Wendy Franks, Amazon speak onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 24, 2026 in Napa, California. (Photo by Monica Schipper/Getty Images for The Business of Fashion)

NAPA, CALIFORNIA - JUNE 24: (L-R) Annabel Bolton and Wendy Franks, Amazon speak onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 24, 2026 in Napa, California. (Photo by Amy Sussman/Getty Images for The Business of Fashion)

NAPA, CALIFORNIA - JUNE 24: Wendy Franks, Amazon speaks onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 24, 2026 in Napa, California. (Photo by Frazer Harrison/Getty Images for the Business of Fashion)

NAPA, CALIFORNIA - JUNE 24: Sid Baveja speaks onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 24, 2026 in Napa, California. (Photo by Monica Schipper/Getty Images for The Business of Fashion)

NAPA, CALIFORNIA - JUNE 24: Imran Amed, Founder & CEO, The Business of Fashion attends The Business of Beauty Global Forum 2026 at Stanly Ranch on June 24, 2026 in Napa, California. (Photo by Monica Schipper/Getty Images for The Business of Fashion)