Welcome in, today is Tuesday, July twenty-eighth, and we begin with LVMH's first-half results, reported by Premium Beauty News. LVMH posted first-half revenue of thirty-eight point six billion euros, down three percent as reported but up two percent on an organic basis, according to Premium Beauty News and results detail carried by wallstreet:online. Growth accelerated in the second quarter, per that reporting, to three percent organic, or four percent excluding the impact of the conflict in the Middle East. Profit from recurring operations came to eight point seven billion euros, with the operating margin held at twenty-two and a half percent, and net profit, group share, described as stable year on year. For this category, the line to hold is perfumes and cosmetics. Revenue there was flat organically across the half and down one percent organically in the second quarter, per the same account, while Selective Retailing, which carries Sephora, grew five percent over the half and six percent in the quarter. So the season's clearest demand read puts the momentum in distribution and in jewelry, not in the fragrance and beauty maisons. Bernard Arnault, chairman and chief executive, said the group enters the second half "with renewed confidence in the long-term potential of our Maisons." Industry reaction leans toward crediting supply-side discipline for the improvement, fewer markdowns and tighter control of where inventory ends up, rather than new products or pricing, and the trade is split on whether to call the same numbers a return to growth or a revenue decline, a gap that appears to track organic against reported figures. Also today, tariffs. Cosmetics Business reports that President Trump has implemented a new wave of tariff hikes on sixty economic partners said to have failed to prevent what a White House document describes as "forced labour." The increases range between ten and twelve and a half percent, and replace earlier global tariff hikes that expired on the twenty-fourth of July. Countries affected include the United Kingdom, South Korea, India and China, according to that document, which acts under section three-oh-one of the Trade Act of nineteen seventy-four, following a determination by the Trade Representative on the second of June that each economy's practices are "unreasonable and burden or restrict US commerce." The same reporting notes the move follows a Supreme Court ruling in February that the earlier tariffs, imposed under emergency powers, were unlawful. Those lanes carry K-beauty and European supply into the US market, and the landed-cost and pricing effects have not been quantified. Industry reaction splits on the forced-labour rationale itself, with a recurring counterpoint from affected trading partners that the tiering rewards having a ban on the books rather than demonstrated enforcement. Separately, Galderma has raised its full-year sales guidance after first-half net sales rose twenty-four point six percent, to three point one three billion US dollars, Global Cosmetics News reports. That growth was double-digit in both the United States and international markets, per the same account, with every product category contributing across the Swiss company's dermatology and injectable aesthetics portfolio. Prestige skincare increasingly competes with the aesthetics channel for the same discretionary spend, which makes a raised floor here a demand signal worth marking. Industry reaction leans toward reading the raise as a dermatology-biologics story rather than an aesthetics one, with some practitioners crediting a newer prurigo and eczema biologic for pulling the full-year outlook up. A recurring observation in the channel is that the double-digit growth is arriving while one headline toxin launch is still working through outstanding items at the FDA. Now, a few more headlines moving the trade today. Bain Capital has agreed to acquire Vitabiotics, described by Global Cosmetics News as the UK's leading vitamin company, pushing further institutional capital into supplements. The same outlet reports Akums Drugs and Pharmaceuticals will buy Oriflame India's manufacturing business for fifty-six crore rupees, its entry into colour cosmetics contract manufacturing. Cosmetics Business asks whether AI beauty advisors, now running from L'Oréal to Jo Malone London, do more harm than good as organic product discovery narrows. Kao USA has identified a new restricted lot in its voluntary recall of Oribe Serene Scalp Densifying Shampoo across the US and Canada, per Cosmetics Business, after bacteria were detected. WWD reports exclusively that Bubble has named Diana Rubin its first chief marketing officer, arriving by way of Sol de Janeiro, YSL Beauty and Lancôme. And finally, Glossy reports Ulta Beauty's first TikTok Shop campaign is a partnership with Ice Spice, debuting her first fragrance, In Ha Mood, in a limited release ahead of its official launch.