The recession hasn't killed the good life entirely; it's just put a renewed focus on value, quality, and story. Meet the iconoclasts who are redefining the meaning of luxury.
Ever since Chanel launched its No. 5 fragrance in 1921, beauty has been a critical part of the legendary fashion house's image -- and its business. Chanel No. 5 is the bestselling scent in the world; last year Chanel Fragrance and Beauté saw estimated sales of $1.5 billion. Heading up the vision on the makeup side -- a position Vogue calls "the most coveted job in cosmetics" -- is creative director Peter Philips (right, with models). He's made a splash painting tattoos on runway models, but he also appreciates makeup's everyday role. "A good-quality nail polish or lipstick is almost an accessory," he says. "It's nice to be able to buy a little bit into the dream."
Photographed backstage at the Chanel Couture Show, Paris
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Last updated September 09 2010: 12:10 PM ET