In the past, beauty industry leaders L’Oréal and Estée Lauder typically experienced similar growth, resulting in correlated share price performance. However, in 2023, a significant and unprecedented gap emerged – Estée Lauder's share price plummeted by 41%, while L’Oréal's surged by 40%. This occurred against a backdrop of the overall beauty industry expanding by an estimated 9%, challenging the validity of the adage "a rising tide lifts all boats." Tasneem Samodien, Research Analyst at Private Clients by Old Mutual Wealth unpacks the shift in the fortunes of the two companies, emphasising the importance of careful stock selection, even in seemingly "defensive" industries.