Hey Guys - My girl gut says, not for lipstick - You wouldn't put improved on lipstick, maybe lip balm or such. The British coat of arms is patriotic, but not feminine.
What I found indicates it was of the British Monarchy. Since it has "Improved" on it, I wonder if it could have something to do with an alcoholic drink, Champaign maybe. It did indicate it had been used by the French. Try typing in Google all the writing on the shield.