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Every year, many of the biggest beauty founders and executives descend on the Ritz in San Francisco for two days of schmoozing, healthy competition, and tons of beauty programming at the Sephora Brand Summit—the industry’s version of the Apple Worldwide Developers Conference, and a pep rally for the most dominant, hard-to-please retailer in the business. This is all closed to the public and media, of course, but there were enough beauty vendors in attendance to provide me with a play-by-play.