After speculation that L’Oréal was set to acquire Byredo, Puig revealed last week that it won the sweepstakes for the luxury fragrance brand in a $1 billion deal. The revenue multiple on the deal is roughly 10X based on reporting by trade publication Women’s Wear Daily that Byredo has generated more than $100 million in sales.

To explore whether the transaction is a one-off or part of a larger trend, in this edition of our ongoing series posing questions relevant to ongoing beauty, we ask 15 beauty industry insiders, including investors, executives, entrepreneurs, marketers, consultants and executives, the following questions: What do you think Puig’s acquisition of Byredo says about the beauty market? Is it a blip or evidence of broader dynamics? What should emerging beauty brands draw from Byredo‘s trajectory?