First of all, shilling jewelry is considered a beauty campaign, so Freja has done beauty and some consider eyewear beauty, especially if it is not attached to a campaign for a fashion collection, so Tom Ford Eyewear may be considered beauty campaign as well. Also, there are distinctions when it comes to beauty campaigns, if you get a Lancome or Estee Lauder contract, that's huge; if you get a cosmetics or fragrance campaign from a desgn house, it is not as clear cut. If it runs for just one season in the big fashion magazines then IMO, other than it adding to the model's versatility and the diversity of her portfolio, which is significant, that is no different than a fashion campaign; if it runs several seasons and / or it involves TV, and perhaps even distribution in mainstream magazines, signage and billboards, then I would still not give it the weight of a Lancome, Estee Lauder or heck even a Maybelline or CoverGirl contract, but that would count for additional metaphoric points.
Another factor is the precedent set by MDC and the implied methodology, although admittedly their system can be difficult to make heads or tails of, and as someone else stated agency politics seems to be a factor as well. My thing is that the Calvin Klein contract is huge and should weigh heavily, it is not like I am questioning her being in the Top 5 or that Lara got the top spot and remained there for several months, but how can Calvin Klein and beauty work be the end-all-be-all when the Ralph Lauren contract model, Valentina Zelyaeva is not even on the list and Arlenis Sosa's rank is twenty-something. I do not have an issue with Valentina or Arlenis rankings, I am just saying that it provides insight on how MDC seems to weigh things. Secondly, and correct me if I am wrong because I am not 100% sure, but the precedent for a model who becomes less visible for her fashion work and more "exclusive" because of a contract is to be removed or downgraded on the Women's List and added to the Money Girls List, and if appropriate, the Icons List.