Why is MAC declined so much?

Hi everyone! I'm doing a university project on MAC Cosmetics (Macerich Co), and I'm trying to explain why MAC has been in decline over the years. The stock price does represent this as they were over $100 in 2007, and $94 in 2015, but they declined massively to around $22 dollars just before covid, and haven't reached it's pre-covid price since.

So, could anyone tell me if they have any idea why MAC has been so in decline, have there been some massive scandals, better or cheaper alternatives? I don't know anything about makeup so literally any advice would be much appreciated. 😁