The fashion label is entering the makeup space with lipstick, tinted lip balm and eyeshadow palettes —plus, beauty guru Dame Pat McGrath as its creative director,

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The “ lipstick index ”— aka the idea that people will splurge on small luxuries when big ones feel out of reach — is alive and well, and Louis Vuitton just made it official. On August 25, the famed fashion house will launch its first-ever makeup line, featuring lipsticks stamped with the LV monogram.