Sephora's success shows that people still want to treat themselves during tough economic times

• LVMH achieved record-breaking 2023 sales, with help from its booming cosmetics giant Sephora.
• Sephora's CEO said the company had benefited from the "lipstick effect," The FT reported.
• He was referring to a trend where customers choose to buy little luxuries in an economic downturn.

LVMH racked up record-breaking revenue last year, driven by the popularity of cosmetics giant Sephora, which it owns.