Welcome in, today is Wednesday, August fifth, and we begin with WWD Beauty's report that Procter and Gamble is buying the supplement maker Thorne for three point eight billion dollars. Procter and Gamble has agreed to acquire Thorne for three point eight billion dollars. That comes from WWD Beauty, which reports the deal expands the company's personal health care portfolio and deepens its position in premium wellness. Industry reaction focuses less on the price than on how it was reached. Some practitioners read the gap between the target's revenue growth since its twenty twenty-three take-private and the several-fold rise in its valuation as multiple expansion rather than operating performance, with a recurring framing in the channel that legacy consumer goods owners are buying their way into science-backed, higher-margin wellness rather than building it, and a deal at this size read as an implicit valuation benchmark for founders in premium supplements and personalized health. Strip the framing back and the number is the signal. A mass consumer goods owner writing a three point eight billion dollar check well outside its traditional shelf marks where capital is moving as beauty and wellness budgets converge. Also today, Sephora and Olive Young have set out the brand lineup for their partnership. WWD Beauty has it first, and we have not seen it matched elsewhere. Per that reporting, the tie-up launches on August twentieth with nineteen Korean beauty brands curated by Olive Young, carried across five hundred Sephora locations in the United States and online, with global expansion stated as planned. That puts a curated Korean assortment into prestige distribution at a scale this market has not seen, and tests whether Olive Young's curation model travels inside a Western retailer's footprint. Industry reaction leans past the announcement to the execution. A recurring practitioner view is that staff education, clear assortment roles and replenishment discipline will decide whether curated trial converts into repeat demand across hundreds of doors, with some arguing the transferable asset is the in-store discovery experience rather than the products themselves. Separately, Reuters reports that prestige skincare is outrunning designer handbags among Chinese luxury shoppers. The argument in that account is that a prolonged property downturn and softer confidence have made price decisive, and that aspirational buyers have moved to the top of a category they can afford rather than the bottom of one they cannot. The same reporting cites research from Oliver Wyman and the Tax Free World Association finding thirty-seven percent of affluent Chinese consumers intend to spend more on prestige beauty in the coming year, against four percent for leather goods. It sets recent earnings alongside that. L'Oreal puts growth for luxury and dermatological skincare in China at around seven percent, with its Luxe business up ten percent there. LVMH called Chinese spending essentially flat in the first half, Kering reported China sales still down in the second quarter, and Hermes described the market as stable rather than recovering. For anyone weighting China by category, that spread is the planning input. Some in the trade read the shift as running further, into medical aesthetics, with a recurring counterpoint that domestic Chinese brands may capture more of the reallocated spend than Western houses. Now, a few more headlines moving the trade today. Cosmetics Business reports exclusively that Jo Malone London is entering Boots for the first time, alongside a new collection, Sea Salt and Bergamot, that the Estee Lauder-owned brand calls its largest launch of the year. Huda Beauty has reclaimed the top spot on the Cosmetify Index, per Cosmetics Business, with Dior Beauty and YSL Beauty climbing the top fifty ranking on digital presence. WWD Beauty reports findings from Avenue Z showing the top five hair care brands capture roughly half of all hair care visibility on ChatGPT. And finally, following our earlier reporting on K-beauty's global sales surge, Cosmetics Business names Korean hair care, K-pharmacy skin care and bloom skin among the five trends it expects to shape the category in the year ahead.