Lisa Ling and Angelica Cheung in Shanghai
For most of the Western world, style in the late '60s and early '70s was defined by miniskirts, mod dresses and platform heels. But for China, the most populated country on the planet, these were decades devoid of style.

In 1966, China's Communist Party chairman Mao Zedong launched his Cultural Revolution and banned the pursuit of beauty. For 10 years, every man, woman and child was required to dress in masculine, military-style uniforms. Any display of femininity—like long hair, makeup or jewelry—was strictly forbidden. If a woman broke the rules, she faced severe punishment.

Now, there's another revolution happening—a billion-dollar beauty boom. Lisa Ling travels 7,000 miles to Shanghai to see how China is redefining its standard of beauty.

Five years ago, Vogue magazine launched a Chinese edition. Angelica Cheung, the editor-in-chief, says it's been a success since the first issue hit stands. "We were the first Vogue to actually make a profit in the first year," she says.

Angelica says, in the past 10 years, women in this Communist country have started to enjoy all that the beauty industry has had to offer...and business is booming.

"Go into any store that sells cosmetics or skincare products throughout the country, and it will be packed," Lisa says. "In fact, next to tourism, automobiles and real estate, beauty is the fourth-biggest industry in the biggest country in the world."