Premise: SEOUL, July 25 South Korea's CLIO Cosmetics applied for preliminary exchange approval for an initial public offering (IPO), Korea Exchange said on Monday. The filing came after an investment arm of French luxury goods giant LVMH said on Friday it took a minority stake in the cosmetics firm, the latest bet by global investors on booming demand for Korean beauty products in major markets such as China. (Reporting by Hyunjoo Jin; Editing by Sherry Jacob-Phillips)
Hypothesis:  Sherry Jacob-Phillips gave the cosmetics to her grandchild.