Latest news with #EsteeLauderCompanies
Yahoo
13 hours ago
- Business
- Yahoo
Cosmetics icon Leonard Lauder dies aged 92
Leonard Lauder, the businessman who built Estee Lauder into one of the world's biggest cosmetic makers, has died aged 92. Lauder took over his parents company in 1958 and served as chief executive for 17 years. He was an accomplished dealmaker and bought brands including Clinique, Bobbi Brown and MAC. "He was an icon and pioneer, earning respect worldwide. His energy and vision helped shape our company and will continue to do so for generations to come", said Stephane de La Faverie, chief executive of the Estee Lauder. The New York-born billionare had an estimated wealth of $10.1bn (£7.5bn), according to the 2025 Forbes rich list. Lauder passed away on Saturday surrounded by his family, said Estee Lauder in a statement. Born in 1933, he was the eldest son of Estee and Joseph Lauder. He served as a lieutenant in the US Navy before joining the family business aged 25. At the time, the firm's annual sales were less than $1m - about $11m in today's money. It is now a global cosmetics giant, operating in 150 countries with sales of $15.6bn last year. Lauder led the firm's expansion into Europe and Asia and created its first ever research and development laboratory. He took the company public in 1995, with its share price rising 33% on the first day of trading in New York. Lauder stepped down as chief executive in 1999. He remained involved with the business and was chairman emeritus until his death. "In commerce & philanthropy he was an inspiration. He lived life well, & his passing is the world's loss'", said Steve Forbes, editor-in-chief at Forbes Media. "His legacy will be felt for generations to come," said multi-billionaire and former New York mayor, Mike Bloomberg. Away from business, Lauder was passionate about art. In 2013, he pledged his billion-dollar collection of Cubist artworks to the Metropolitan Museum of Art in New York. He was also an advocate for cancer research and served as the honorary chairman of the board of directors at the Breast Cancer Research Foundation.
BBC News
13 hours ago
- Business
- BBC News
Estee Lauder: Cosmetics icon Leonard Lauder dies aged 92
Leonard Lauder, the businessman who built Estee Lauder into one of the world's biggest cosmetic makers, has died aged took over his parents company in 1958 and served as chief executive for 17 years. He was an accomplished dealmaker and bought brands including Clinique, Bobbi Brown and MAC."He was an icon and pioneer, earning respect worldwide. His energy and vision helped shape our company and will continue to do so for generations to come", said Stephane de La Faverie, chief executive of the Estee New York-born billionare had an estimated wealth of $10.1bn (£7.5bn), according to the 2025 Forbes rich list. Lauder passed away on Saturday surrounded by his family, said Estee Lauder in a statement. Born in 1933, he was the eldest son of Estee and Joseph Lauder. He served as a lieutenant in the US Navy before joining the family business aged 25. At the time, the firm's annual sales were less than $1m - about $11m in today's money. It is now a global cosmetics giant, operating in 150 countries with sales of $15.6bn last year. Lauder led the firm's expansion into Europe and Asia and created its first ever research and development took the company public in 1995, with its share price rising 33% on the first day of trading in New stepped down as chief executive in 1999. He remained involved with the business and was chairman emeritus until his death."In commerce & philanthropy he was an inspiration. He lived life well, & his passing is the world's loss'", said Steve Forbes, editor-in-chief at Forbes Media."His legacy will be felt for generations to come," said multi-billionaire and former New York mayor, Mike from business, Lauder was passionate about art. In 2013, he pledged his billion-dollar collection of Cubist artworks to the Metropolitan Museum of Art in New was also an advocate for cancer research and served as the honorary chairman of the board of directors at the Breast Cancer Research Foundation.
CTV News
15 hours ago
- Business
- CTV News
Leonard Lauder, billionaire heir to cosmetics empire, dies at 92
Leonard Lauder, the eldest son of cosmetics pioneers Estée and Joseph H. Lauder and the former head of cosmetics giant Estée Lauder Companies, seen here in New York on May 5, 2014 has died age 92, according to an announcement by the company. Dennis Van Tine/via CNN Newsource Leonard Lauder, the eldest son of cosmetics pioneers Estée and Joseph H. Lauder and the former head of cosmetics giant Estée Lauder Companies, died on Saturday, according to an announcement by the company. He was 92. 'Throughout his life, my father worked tirelessly to build and transform the beauty industry, pioneering many of the innovations, trends, and best practices that are foundational to the industry today,' Leonard's son William P. Lauder, who serves as chairman of the company's board of directors, said in the statement. Born to a Jewish family in New York City, Leonard Lauder as a boy would join his mother on sales calls in salons and helped her pack boxes of powder and cleansing oils. He would later attend and graduate from Columbia University's School of Business after serving as a lieutenant in the US Navy for three years. He formally joined Estée Lauder at age 25 in 1958, when the company had just a handful of employees and under $1 million in sales. Estée Lauder Companies would grow into a global empire with a portfolio that includes Clinique, La Mer, The Ordinary, MAC Cosmetics and Bobbi Brown Cosmetics. Among his many roles included serving as president for 23 years, beginning in 1972, and chief executive from 1982 to 1999. He was named chairman in 1995 and held the role until 2009, according to the company. In 1995, Lauder took the company public on the New York Stock Exchange at $26 a share. The Estée Lauder Companies Inc. (EL) now has a market capitalization of about $24.3 billion. According to Bloomberg's Billionaire Index, Lauder had a personal net worth of $15.6 billion. When asked what he would want to be remembered for during a 2020 interview with CBS News, Lauder replied: 'He listened … and he was kind.' Within 24 hours of meeting Lauder, one could expect intimate, often handwritten, notes from the beauty pioneer. It was a sales technique that resembled the professional style of his mother, who was also known for believing business was about developing and maintaining relationships and making people feel important. 'At the beginning, we never advertised … we gave out samples,' he told David Rubenstein, the co-founder of the Carlyle Group, in 2021. 'We gave out samples that were large enough. If you give a customer a sample of a product and they like it, they come back and buy it again and again and again— that's what builds the business.' Lauder has been credited with creating 'the lipstick index' during the economic downturn following the attacks on September 11, 2001. He noticed that the purchase of cosmetics, especially lipsticks, tended to be inversely related to the economy because women replaced more expensive purchases with small pick-me-ups. In the fall of 2001, US lipstick sales increased by 11%. And back during the Great Depression, cosmetics sales overall increased by 25%. Lauder was also a devoted philanthropist and art collector. In 2013, he pledged a 78-piece collection of cubist art to the Metropolitan Museum of Art in New York City — the largest single philanthropic gift in the Met's history, according to Estée Lauder. He also established a research center for modern art at the Met, which supported fellowships, exhibitions and public lectures. He was also an advocate of cancer research and served as an honorary chairman on the Breast Cancer Research Foundation's board of directors. In 1998, Lauder and his brother, Ronald S. Lauder, founded the Alzheimer's Drug Discovery Foundation, which supports drug research to prevent, treat and cure Alzheimer's. 'His impact will be felt for generations to come thanks to his tireless philanthropy, advocacy, and creativity in tackling some of the world's greatest challenges. The number of lives he touched and positively impacted across all his endeavors is immeasurable,' said Ronald Lauder, 81, who serves as chairman of Clinique Laboratories. The company's founding family remains the biggest shareholder in the firm, and three members serve on the board of directors. He is survived by his wife, Judy Glickman Lauder, and his sons William and Gary.
Yahoo
17 hours ago
- Business
- Yahoo
Cosmetics giant Leonard Lauder dies at 92
Leonard Alan Lauder, who led the cosmetics company his parents founded and turned it into an international powerhouse, died June 14. Mr. Lauder was 92. He died surrounded by family, the Estée Lauder Companies said in a prepared statement Sunday. It did not say where Mr. Lauder had died. Mr. Lauder, a longtime Palm Beach resident, was the son of Estée and Joseph Lauder, who founded their company in 1946 in New York City. Their son Leonard was born there on March 19, 1933. He was a graduate of the Wharton School at the University of Pennsylvania and the U.S. Navy's Officer Candidate School. He was a lieutenant in the U.S. Navy and a Navy reservist, and also studied at Columbia University's Graduate School of Business. In 1958, Mr. Lauder joined the Estée Lauder Companies. He was its president from 1971 to 1995, and chief executive officer from 1982 to 1999, when he became chairman emeritus. The company said in its statement announcing Mr. Lauder's death that he helped 'helping transform the business from a handful of products sold under a single brand in U.S. stores to the multi-brand, global leader in prestige beauty that it is today.' Mr. Lauder led the launch of now-familiar cosmetic brands such as Aramis, Clinique, and Lab Series, and was involved in the acquisition of other brands including Aveda, Bobbi Brown, Jo Malone London, La Mer, and M∙A∙C. He was a noted philanthropist in art and medicine, pledging his 78-piece collection of Cubist art to the Metropolitan Museum of Art in 2013. He also established the Leonard A. Lauder Research Center for Modern Art at the Museum. He was a trustee of the Whitney Museum of Modern Art from 1977 to 2011, and also its chairman emeritus. Mr. Lauder was honorary chairman of the board of directors at the Breast Cancer Research Foundation, which his late wife Evelyn H. Lauder founded in 1993. He also co-founded and led the Alzheimer's Drug Discovery Foundation with his brother, Ronald S. Lauder, which supports cutting-edge drug research. Mr. Lauder was one of the wealthiest people in the world, with an estimated worth in the 2025 Forbes list of billionaires at $10.1 billion. Mr. Lauder was married to Evelyn Lauder from 1959 until her death in 2011. He married Judy Glickman Lauder in 2015. 'Throughout his life, my father worked tirelessly to build and transform the beauty industry, pioneering many of the innovations, trends, and best practices that are foundational to the industry today,' said his son William P. Lauder, chairman of the board of directors at The Estée Lauder Companies, in a prepared statement. 'He was the most charitable man I have ever known, believing that art and education belonged to everyone, and championing the fight against diseases such as Alzheimer's and breast cancer. 'Above all, my father was a man who practiced kindness with everyone he met. His impact was enormous. He believed that employees were the heart and soul of our company, and they adored him and moments spent with him,' William Lauder said. In addition to his wife Judy and his son William, Mr. Lauder is survived by his son Gary M. Lauder and wife, Laura Lauder; five grandchildren, Rachel, Danielle, Djuna-Bear, Joshua, Eliana, two great-grandchildren, many stepchildren and step grandchildren, as well as his brother, Ronald S. Lauder, and wife, Jo Carole Lauder, and their daughters, Aerin Lauder and Jane Lauder. A private service will be held for friends and family. Memorial donations may be made to the Breast Cancer Research Foundation and the Alzheimer's Drug Discovery Foundation. The Lauder Companies invite condolences at This article originally appeared on Palm Beach Daily News: Cosmetics giant Leonard Lauder dies at 92
Yahoo
19 hours ago
- Business
- Yahoo
Estee Lauder Chairman Emeritus Leonard Lauder dies at 92
(Reuters) -Estee Lauder said on Sunday that its chairman emeritus, Leonard Lauder, died on Satuday at the age of 92. Lauder joined the company in 1958 and played a key role in transforming the business from a handful of products sold under a single brand in U.S. stores to a multi-brand cosmetics giant. He was the son of company founders Estee Lauder and Joseph Lauder. He served many roles at Estee Lauder over six decades and led the launch of many brands including Aramis, Clinique and Lab Series, the company said. Sign in to access your portfolio
