On paper, everything sparkled. Digital revenue was up 24% year over year, driven almost entirely by Maxinq Mirror, an augmented reality (AR) tool within the company’s website and app. It let customers visualize how their faces would look with different beauty products applied to them. At launch, the tech media had gushed over its elegant user interface; since then, investors had come to adore its stickiness among customers, with several well-known stock analysts highlighting Maxinq’s digital-first strategy in their “buy” recommendations.