Bid Farewell to Cosmetics Tycoon Leonard Lauder
Multi-billionaire and philanthropist affiliated with Estée Lauder, Leonard Lauder, has passed away.
Leonard Lauder, a titan in the realm of cosmetics and benefactor of the esteemed Esteé Lauder company, has passed away at the age of 92. According to the US corporation, Lauder breathed his last on June 14, in the company of his beloved family members. William P. Lauder, his son, expressed his sentiments by stating, "He was the most generous person I've ever known. He believed that art and education should be accessible to all, and he dedicated himself to fighting diseases like Alzheimer's and breast cancer. Above all, my father was a man who treated everyone he met with kindness."
Lauder, a native New Yorker, was born in 1933, the eldest son of Esteé and Joseph H. Lauder. Toward the end of World War II, in 1946, his parents laid the foundation for the cosmetics behemoth when they founded Esteé Lauder. Over the subsequent years, Lauder joined the burgeoning company in 1958, later serving as its president from 1972 to 1995 and chairman of the board from 1982 to 1999.
Under Lauder's leadership, the company extended its portfolio to include many famed brands including Clinique, Aveda, MAC, Tom Ford Beauty, Bobbi Brown, Jo Malone London, and La Mer. By the time Lauder stepped down as chairman in 2009, sales for the family-owned business had surpassed an astounding $7.3 billion.
Key Secrets to Lauder's Success:
Lauder, a multibillionaire, amassed significant wealth tied closely to the company he guided for almost four decades. At the time of his death, he held more than 80 million shares of Esteé Lauder, some of which were valued at over $26 billion. Despite his immense success, the company's stock value has been in decline for the past two years, with Lauder's stock portfolio currently valued at around $15.6 billion.
The company currently offers more than 25 brands of skincare, makeup, fragrances, and hair products in over 150 countries. A primary secret that Lauder revealed in 2004 at the Stanford Graduate School of Business was the company's strategy of keeping its brands separate and promoting competition among them through a dynamic he called "sibling rivalry."
Another critical factor in the company's success was Lauder's preference for women in top positions. In an interview with the Wall Street Journal in 2020, he shared, "I've tried to find people who are smarter than me for important positions, and most of them have been women."
Leonard Lauder: A Pioneer in the Cosmetics Empire
Lauder's impact on the global cosmetics industry cannot be overstated. He introduced groundbreaking products and marketing strategies that propelled the Esteé Lauder Companies to the forefront of the industry, making them a $90 billion beauty enterprise.
Lauder will be remembered as a compassionate leader who advocated for the advancement of women in business. His unique leadership style was rooted in his deep admiration for his mother and her influence on the company's growth. As the industry mourns his loss, Lauder's commitment to fostering a culture of inclusivity, creativity, and innovation will continue to inspire future generations of leaders in the cosmetics realm.
Sources: ntv.de, chr
Enrichment Data:
Career and Impact of Leonard Lauder
Leonard Lauder, an influential figure in the cosmetics industry, leaves behind a remarkable legacy as the head of the Esteé Lauder Companies. A brief overview of his illustrious career and major milestones is presented below:
Timeline
- Early Years: Lauder grew up surrounded by the cosmetics world, observing his mother, Esteé Lauder, shaping her empire. He started contributing to the family business at an early age by packing boxes of powder and cleansing oil after school for $0.25 an hour[2].
- 1972: Lauder ascended to the position of president of the Esteé Lauder Companies, setting the stage for his successful executive journey[1].
- 1982: He took on the role of CEO, expanding the company's dominance in the industry[1].
- 1995: Lauder transitioned from being president to chairman of the board, a role he maintained until 2009. During this period, he guided the company to continued success and fostered a nurturing environment, particularly for women in leadership positions[1].
- 1999: Lauder relinquished the CEO title but remained a vital force in the company as chairman[1].
Achievements
- Innovative Products: Lauder's influence propelled the development of iconic products, such as the patented ergonomic lipstick design, which reflected his keen understanding of consumer preferences[2].
- Brand Expansion: Under Lauder's stewardship, the Esteé Lauder Companies experienced exponential growth, establishing a diverse portfolio of prestigious brands and evolving into a $90 billion beauty empire[2].
- Cultural Influence: Lauder's leadership style and unwavering commitment to women in leadership positions have resonated and served as a source of inspiration for leaders across the industry[1].
- Legacy as an Icon: Lauder's impact on the world of cosmetics earned him international acclaim and admiration, cementing his status as an industry pioneer and inspirational figure.
- Leonard Lauder's employment policy within the Esteé Lauder Companies, which prioritized the promotion of women to top positions, significantly influenced the company's growth and success.
- In addition to the cosmetics industry, Leonard Lauder's wealth-management strategies contributed to the substantial value of his shares in the Esteé Lauder company, amassing a fortune worth over $26 billion at the time of his death.
- The lifestyle and fashion-and-beauty choices of Leonard Lauder, as expressed through his work at the Esteé Lauder Companies, have set trends and inspired entrepreneurs in the industry, making an enduring impact on contemporary beauty culture.
