How Sephora became the kingmaker of the $30-billion, high-end beauty industry

One of Atlanta’s hottest parties took place in late September at an old chemical-manufacturing plant on the city’s east side. It didn’t seem to matter that an epic storm was heading right toward it. As Hurricane Helene barreled across Florida and up Georgia, some 8,000 people—who’d each spent between $135 and $445 on a ticket—flew and drove through wind and rain to get to the sold-out venue. Once there, they were instructed to fit their personal belongings in a small clear plastic bag and...