The beauty industry is on fire, thanks in large part to technology. Prestige beauty sales in the United States grew 6 percent to $15.9 billion in the year ending in February, according to the research firm NPD Group. Makeup alone rose 11 percent to $7.3 billion. Lindsey and Jenny talk to lifestyle website Goop and makeup brand Glossier about how the prevalence of social media and online shopping are driving some of these sales figures. Industry investor TSG Consumer Partners, with $5 billion under management, explains the opportunity smaller brands have to carve out a niche market thanks to the Internet and what makes these upstarts appealing companies to invest in or even buy outright. Bloomberg's Stephanie Wong breaks down how big, traditional players are trying to get in on the growth.

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