Two cosmetics retail giants, Sephora and Ulta Beauty, started very differently, but as the consumer demand for makeup increases, the strategies of these two retailers are converging.

Sephora began with a focus on luxury cosmetics in urban areas, while Ulta specialized in mass market products in suburban areas.

Now, each are growing, trying to capture a bigger share of the global color cosmetics market, estimated to be worth $48.3 billion by the end of this year.

Watch this video about the evolution of the cosmetics industry to find out how.

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