Welcome in, today is Friday, September fourth, and we begin with Wella, which per Cosmetics Business has filed to go public in the US. Wella filed for its US initial public offering on August thirty-first, according to Cosmetics Business, ending months of speculation. A listing would move a portfolio that includes OPI and GHD out of private ownership and into quarterly public reporting, giving the category another disclosed read on salon and prestige demand. That reporting has Wella posting net income of two point seven million dollars on revenue of two point nine four billion for the year ended June thirtieth, against a net loss of forty-four point six million on two point six nine billion a year earlier. Proceeds, per that filing, are set to go in part to repaying debt and the tax consequences of restructuring. KKR took a majority stake in twenty twenty and bought Coty's remaining holding last year. Former Sephora Americas chief Calvin McDonald became chief executive earlier this year. Reaction among professional-beauty observers leans toward reading the filing as a signal that investors still see runway in professional channels. Pricing, timing and valuation are not yet public. Also today, Sephora is taking a storefront onto TikTok Shop in the US. Cosmetics Business reports the LVMH-owned retailer debuts on September nineteenth with Sephora Drop Shop, a monthly drop experience carrying an exclusive curated selection from partner brands, with some items rolling out later to sephora dot com and to selected stores. Industry reaction leans toward reading this as validation rather than experimentation, given a rival prestige chain joined the platform months earlier. Artemis Patrick, president and chief executive of Sephora North America, said the rise of social commerce and digital marketplaces has reinforced the need to evolve how the retailer engages its customers. Per that same account, beauty is TikTok's most searched category, generating more than a billion beauty-related searches a month. That puts a prestige assortment directly alongside the platform's creator-led sellers, and the pilot's terms, exclusivity, brand selection and margin, are what rival retailers and brand partners will be reading. Separately, the top of Estee Lauder's luxury portfolio is changing hands. WWD Beauty reports Justin Boxford has been named global president of the company's luxury beauty brands, among other appointments, and that Sandra Main, global brand president of La Mer and skin care brands, will retire at yearend. That leaves La Mer and the prestige skin care brands under new leadership mid-turnaround. That summary stops there, at the appointments and the retirement. Now, to China, where Personal Care Insights argues the market's growth is splitting domestic strategies rather than lifting them together. That read starts from a McKinsey forecast of six percent annual growth through twenty twenty-eight, then sets two sets of first-half results against it. Following our earlier report on Mao Geping's twenty-six percent revenue growth, the argument notes the prestige brand has added a five hundred million Hong Kong dollar buyback, about sixty-four million US, and is doubling down at home. Proya, by contrast, saw its namesake brand, roughly seventy percent of group revenue, fall seven percent, and goes into Ulta Beauty doors in November. That analysis cites Bloomberg reporting that Proya may be moving before it has built US consumer recognition. Where distribution and marketing spend lands next follows from which read holds. Some practitioners describe the domestic market as splitting rather than simply growing. Now, a few more headlines moving the trade today. Cosmetics Business reports exclusively that K-beauty's Nooni will make its US retail debut at Target with its viral Apple Lip Oil, reading a gap for Korean colour cosmetics. WWD Beauty has Amouage launching two extraits, Decision forty-two and Overture forty-one, at five hundred fifty dollars, alongside a Nez study naming concentration the industry's premium lever in a twenty twenty-six extrait wave from Chanel to Byredo. And finally, Cosmetics Business reports Jo Malone London is entering dog grooming with an Orange and Cedarwood dog shampoo made with British pet care brand WildWash, fronted by brand ambassador Tom Hardy and his French bulldog.