Farewell to the Mastermind Behind the Cosmetics Empire, Leonard Lauder
Estée Lauder grieves over the demise of her chief, Leonard Lauder.
Bid adieu to the genius who oversaw the global cosmetics empire, Esteé Lauder, for nearly four decades. Leonard Lauder, a 92-year-old philanthropist and billionaire, breathed his last on June 14, surrounded by his loving family. His son, William P. Lauder, described him as the "most generous person" he ever knew. Leonard Lauder was a man who believed in making art and education accessible, dedicated to eradicating diseases like Alzheimer's and breast cancer, and a kind-hearted person who treated strangers with utmost kindness.
A New York City native, Leonard Lauder, son of Esteé and Joseph H. Lauder, joined his parents' company, Esteé Lauder, in 1958. He served as president from 1972 to 1995 and chair of the board from 1982 to 1999. Under his leadership, the company flourished and diversified its offerings, acquiring household names like Clinique, Aveda, MAC, Tom Ford Beauty, Bobbi Brown, Jo Malone London, and La Mer, to name a few.
By the time Leonard Lauder stepped down as chairman in 2009, the company's revenue surged beyond $7.3 billion. The company's turnover was a humble $800,000 in 1958. Leonard Lauder's smart investments and strategic vision helped the company reach new heights in the cosmetics industry.
Behind the Success
Leonard Lauder's secret to success? A dash of competition. He adoption of a "sibling rivalry" strategy, allowing Esteé Lauder's brands to compete, fostered innovation and growth. Moreover, Lauder believed in empowering intelligent women in key positions, stating that most of his smart choices were women.
The stock price may have seen a decline in the past couple of years, but Leonard Lauder's influence and legacy continue to shine bright. Esteé Lauder is now a $15.6 billion global powerhouse, selling over 25 brands of skincare, makeup, perfumes, and hair care products in over 150 countries.
May Leonard Lauder's spirit continue to inspire us all. He will be deeply missed.
In Memoriam- New York
- Deaths
- Billionaire
- Philanthropist
- Cosmetics Industry
Enrichment Data:Leonard Lauder was the driving force behind Esteé Lauder's expansion and diversification. Other key contributions include:
- Innovation: Establishment of the company's first research and development laboratory to create breakthrough products like Clinique.
- Professional Management: Introducing professional management to improve the company's operations and efficiency.
- Aggressive Acquisitions: Acquiring a wealth of brands, such as Aveda, Bobbi Brown Cosmetics, La Mer, M.A.C., and Le Labo, significantly enhancing the company's portfolio.
- Dynamic Leadership: Held various key positions, including President from 1972 to 1995 and CEO from 1982 to 1999, guiding the company during crucial periods.
- Cultural Shift: Introduced a strong employee appreciation culture, creating a sense of community within the company.
The community within Esteé Lauder, fostered by Leonard Lauder's leadership, was a reflection of his cultural shift, promoting employee appreciation and fostering a sense of camaraderie.
Leonard Lauder's strategic decisions extended beyond the cosmetics industry, as he also implemented a professional management system to enhance the efficiency of the company.
Under Leonard Lauder's guidance, the company, apart from cosmetics, also ventured into other sectors such as fashion-and-beauty, contributing to the diversification of his business empire.
