WILL THEY SIGN THE MAKE UP?: Prtobably as a reaction to the number of singers releasing their own cosmetics and perfume brands, CoverGirl, the slap and powder shifters, are launching their own record label. At first, it's going to be sticking out a cheapo compilation featuring their "spokesmodels" (their word, we rush to make clear) Queen Latifah and Brandy, and some other people as well. Beyond that, they haven't got a clue, but it wouldn't surprise us if they start getting stars to cover Shakin' Stevens' Lipstick, Powder and Paint. Okay, it would surprise us, but wouldn't that be a great album?