I see what looks like “AIR SPUN” with a fancy scrolled ‘S’ starting the second of those words, followed by what looks like the word “ROUGE”.
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The “AIR SPUN” wording style looks very similar to that used by Coty for their face powders sold from 1935 onwards. You can see the similarity on this display unit from 1935:
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“Convinced that conventional ‘mechanical’ methods of face powder manufacture have reached the limit of their possibilities, Coty has uncompromisingly discarded them in favor of a revolutionary improvement—the “Air Spun” principle—which Coty found, tested, and developed”. (“Air Spun” face powder by Coty, 1935)
Coty’s machines (known as ‘micronizers’) used high pressure air fed into a closed drum to greatly reduce the particle size and improve the uniformity of the particles in their products for a superior cosmetic appearance.
So, I would guess this is a container or a small compact for one of their rouge products from around that time.