It's very exciting for any fans of LV products, it introduces a new lower entry point for people who've been priced out of the pochette level.
But beyond that, so much about it really doesn't represent a return on the amount you'd pay.
It's a high price for a highly perishable product. These days, cosmetics go off faster than they ever did before. I could see someone getting full use from a £120 lipstick before it's time to bin it, if it was the only lipstick in their possession, but that's not how most people roll, these days, with their make-up collections.
Yes, I've had vintage lipsticks that stayed good for a very long time, but even they degraded after a decade or two, and couldn't be kept even as a keepsake - how many people are going to buy this LV lipstick and feel that it's "too good" to use, before it eventually goes bad?
Moreover, companies are always coming out with refillable packaging, only to discontinue the product, or redesign the components so that any new refills no longer fit the old packaging, so the customer has to buy the entire new system from scratch.
So you could spend £120 on a lipstick that gives you a momentary thrill to own, with potentially limited reviews regarding the actual quality of the product, which may then spoil before you've got your money's worth from it, leaving you with a useless component that may then not be compatible in the long term with any refills in the future.
If you spend £1,200 on a LV bag, the materials used may not correlate with the price charged, but at least it won't spoil as fast as a lipstick, you'd get many years use from the bag, and be able to sell it on, if needs be.
At this rate, if this make-up range doesn't take off, we'll be getting cat litter in keepsake packaging.