The Estée Lauder Companies: Difference between revisions
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Revision as of 17:13, 9 January 2017
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| Company type | Public |
|---|---|
| NYSE: EL S&P 500 Component | |
| Industry | Cosmetics |
| Founded | New York City, New York, United States (1946) |
| Founders | Estée Lauder Joseph Lauder |
| Headquarters | General Motors Building New York City, New York, United States |
Key people | William P. Lauder (Executive Chairman) (President and CEO) (President and CEO) |
| Products | Skin care, Makeup, Fragrance and Haircare |
| Revenue | |
| Total assets | |
| Total equity | |
Number of employees | 44,000 |
| Website | elcompanies.com |
The Estée Lauder Companies Inc. (/ˈɛsteɪ ˈlɔːdər/) is an American manufacturer and marketer of prestige skincare, makeup, fragrance and hair care products. The company owns a diverse portfolio of labels, distributed internationally in up-market department stores, and has its headquarters in Midtown Manhattan, New York City.
History
The company began in 1946 when Estée Lauder and her husband Joseph Lauder began producing cosmetics in New York City. They first carried only four products: Cleansing Oil, Skin Lotion, Super Rich All purpose Creme, and Creme Pack. Two years later, in 1948 they established their first department store account with Saks Fifth Avenue in New York.
Over the next 15 years, they expanded the range and continued to sell their products in the United States. In 1960, the company started its first international account in the London department store Harrods. The following year it opened an office in Hong Kong.
In 1964, they started Aramis Inc., designed by Arame Yeranyan, with the fragrance named after Yeremes - a city in Armenia, producing fragrances and grooming products for men. In 1967, Estée Lauder herself was named one of ten Outstanding Women in Business in the United States by business and financial editors[citation needed]. This was followed by a Spirit of Achievement Award from Albert Einstein College of Medicine at Yeshiva University in 1968. In that year, the company expanded again, opening Clinique Laboratories, Inc. Clinique was the first dermatologist guided (Dr. Norman Orentreich), allergy tested, fragrance-free cosmetic brand created by Estée Lauder.
Estée Lauder's Clinique brand became the first women's cosmetic company to introduce a second line for men when, in 1976, they began a separate line called "Skin Supplies for Men", which continues to be sold at Clinique counters worldwide. In 1981, the company's products became available in the Soviet Union.
In February 2004, the company's teen-oriented jane business was sold; in April 2006, the professional-quality Stila brand, which Estée Lauder purchased in 1999, was sold.
The company has had sometimes iconic spokesmodels, sometimes referred to simply as 'faces'. Past 'faces' for Estée Lauder include Karen Graham, Bruce Boxleitner, Shaun Casey, Willow Bay, Paulina Porizkova, Elizabeth Hurley, Carolyn Murphy, Anja Rubik, and actress Gwyneth Paltrow. As of 2008[update] the main spokesmodel for Estée Lauder was supermodel Hilary Rhoda. In 2010, the company added three more faces to the roster, Chinese model Liu Wen, Puerto Rican model Joan Smalls, and French model Constance Jablonski. Their first campaigns will come out June 2010, and will be shot by Craig McDean.[5]
As of 2010[update], Estée Lauder sold its products in department stores across the world and has a chain of freestanding retail outlets. On July 1, 2010, the company acquired Smashbox Beauty Cosmetics, Inc., a brand created in Smashbox Studios in Culver City, California by brothers Dean and Davis Factor (as in Max).[6]
On October 28, 2011, Aramis and Designer Fragrances, a division of The Estée Lauder Companies Inc., and Tory Burch LLC announced the signing of a multiyear agreement for the exclusive worldwide license of the Tory Burch fragrance business. This partnership marks Tory Burch's first step into the beauty industry. The first Tory Burch fragrance products are expected to be introduced in 2013.[7]
In 2012, the Company launched AERIN Beauty, a luxury lifestyle beauty and fragrance brand inspired by the signature style of its founder, Aerin Lauder.
In 2014, the Company acquired two insider beauty brands, RODIN olio lusso, a skin care brand renowned for its "Luxury Face Oil," and Le Labo, a fragrance and sensory lifestyle brand. In 2015, the Company acquired Editions de Parfums Frédéric Malle, a fragrance brand, and GLAMGLOW, a Hollywood skin care brand.[8]
In 2016, the Company acquired Becca Cosmetics, their first color cosmetic group acquisition since Smashbox in 2010.[9] The Company also made its largest acquisition to date by acquiring Too Faced.[10]
Operations and finances
Finances
As of 30 June 2014[update] (the end of the fiscal year), The Estée Lauder Companies had sales of more than $10.9 billion. As of 2014 87% of the company stock is owned by the members of the Lauder family.[11]
Board of Directors
Current members of the Board of Directors of Estée Lauder Companies Inc. are: Charlene Barshefsky, Rose Marie Bravo, Lynn Forester de Rothschild, Fabrizio Freda, Paul J. Fribourg, Wei Sun Christianson, Mellody Hobson, Irvine Hockaday, Aerin Lauder, Jane Lauder, Leonard A. Lauder, William P. Lauder, Richard Parsons, Barry Sternlicht and Richard F. Zannino. [12]
Executive management
Leonard A. Lauder is Chairman Emeritus. William P. Lauder is Executive Chairman. Fabrizio Freda is President and Chief Executive Officer.[13]
Breast Cancer Awareness Campaign (BCA)
In October 1992, the BCA campaign was launched by Evelyn Lauder (Estée's daughter in law) who co-created the "Pink Ribbon" with SELF magazine as a symbol of breast health. Since then, millions of people globally have heard the message about the importance of breast health and early detection can save lives. The Estée Lauder Companies’ annual Breast Cancer Awareness campaign involves all of the 18 brands that make up the Estée Lauder Companies. They collectively represent The Breast Cancer Research Foundation’s first and largest corporate supporter. Estée's daughter-in-law created BCRF's signature pink ribbon.
Over $10 million were raised for the Breast Cancer Research Foundation between 1993 and summer 2003. Another $1 million were raised from their retail partners between July 2002 and summer 2003.[14]
Brands
The Estée Lauder Companies brands include:[15]
| Cosmetics | Fragrance | Haircare
ControversiesSOPAEstée Lauder Companies appeared on lists of major companies supporting SOPA, the controversial, but unsuccessful, Congressional anti-piracy bill that was considered overreaching by critics.[19][20] Child laborIn 2001, it was reported that children were discovered working in a factory in Cambridge, New York making products for Origins, one of Estee Lauder's natural products brands.[citation needed] The company immediately moved to terminate the contract with the manufacturer it had been in business with for 5 years, claiming it was totally unaware prior to the initial inspection. OtherBoycott and Anti-boycottSince at least February 2001, Estée Lauder and its brands have been the target of a boycott campaign. The boycott has been led by pro-Palestinian activists who have targeted the corporation because of the pro-Israel activities of Ronald Lauder.[21][22] In June 2003, the San Francisco-based Queers Undermining Israeli Terrorism (QUIT) took up the boycott with their "Estée Slaughter" campaign.[23] The boycott has generated an anti-boycott campaign by supporters of Israel.[24] Animal testingThe Estée Lauder Companies performs non-animal and human volunteer testing to assess product safety and efficacy. The Estée Lauder Companies does not perform animal testing, except where required by law. The Chinese government requires testing on animals for many cosmetic products.[25] This causes controversy for smaller brands that are "cruelty free" but were bought out by Estée Lauder. Estée Lauder becomes the parent company of the smaller brand and profits through the smaller brand. Customers are concerned that by continuing to purchase from these previously cruelty free brands that they may contributing to animal testing via parent companies. References
External links
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