The last quarter century has been awild ride for the cosmetics industry, with profound changes in marketing and distribution. Here Pete Born, who joined WWD in 1977, gives some perspective.

NEW YORK — In 1977, Anwar Sadat made his historic journey to Jerusalem, Diane Keaton starred in "Annie Hall," and "Laverne & Shirley" was at the top of the TV rankings. It was also the year that Charles of the Ritz launched Yves Saint Laurent’s controversial new fragrance, Opium.

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