Latest news with #WilliamLauder
Yahoo
7 hours ago
- Business
- Yahoo
Leonard Lauder: Estee Lauder's son, who built make-up company into global brand, dies
Estee Lauder's son - a "cosmetics industry icon" who built the make-up brand into a global powerhouse - has died aged 92. Leonard Lauder joined his parents' business in 1958 following a stint in the US Navy, working his way up the ranks to become president and chief executive. "For more than six decades, Mr Lauder was a visionary and an innovator - helping transform the business," the company said in a statement. The entrepreneur had a key role in helping Estee Lauder shift from selling a small number of products in US stores to owning a plethora of brands internationally. As well as launching the likes of Clinique and Aramis, Mr Lauder was described as a canny dealmaker involved in acquiring Bobbi Brown and Jo Malone London. His son William, who remains involved in the family business, said: "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." William Lauder, who now chairs the board of directors, added: "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." Leonard Lauder created the company's first research and development laboratory - and was the "driving force" behind its expansion into Europe and Asia. Born in New York City in 1933, estimates from Forbes suggest his net worth peaked at $25.5bn (£18.8bn) in 2021. He served as Estee Lauder's chief executive from 1982 to 1999 and chairman from 1995 to 2009, serving as chairman emeritus until his death. Read more from Sky News: Stephane de la Faverie, the brand's current CEO, said: "Leonard Lauder was beloved by many and will be missed tremendously. "To our employees at The Estee Lauder Companies, he was an inspiration and a champion. To the industry, 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." Leonard Lauder was married to Evelyn - a fellow executive who founded the Breast Cancer Research Foundation - from 1959 until her death in 2011. He is survived by his second wife Judy, a renowned photographer, as well as his two sons, five grandchildren and two great-grandchildren. "Mr Lauder considered himself lucky in love and believed that lightning really could strike twice," a statement added.
Sky News
7 hours ago
- Business
- Sky News
Leonard Lauder: Estee Lauder's son, who built make-up company into global brand, dies
Estee Lauder's son - a "cosmetics industry icon" who built the make-up brand into a global powerhouse - has died aged 92. Leonard Lauder joined his parents' business in 1958 following a stint in the US Navy, working his way up the ranks to become president and chief executive. "For more than six decades, Mr Lauder was a visionary and an innovator - helping transform the business," the company said in a statement. The entrepreneur had a key role in helping Estee Lauder shift from selling a small number of products in US stores to owning a plethora of brands internationally. As well as launching the likes of Clinique and Aramis, Mr Lauder was described as a canny dealmaker involved in acquiring Bobbi Brown and Jo Malone London. His son William, who remains involved in the family business, said: "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." William Lauder, who now chairs the board of directors, added: "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." Leonard Lauder created the company's first research and development laboratory - and was the "driving force" behind its expansion into Europe and Asia. Born in New York City in 1933, estimates from Forbes suggest his net worth peaked at $25.5bn (£18.8bn) in 2021. He served as Estee Lauder's chief executive from 1982 to 1999 and chairman from 1995 to 2009, serving as chairman emeritus until his death. Stephane de la Faverie, the brand's current CEO, said: "Leonard Lauder was beloved by many and will be missed tremendously. "To our employees at The Estee Lauder Companies, he was an inspiration and a champion. To the industry, 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." Leonard Lauder was married to Evelyn - a fellow executive who founded the Breast Cancer Research Foundation - from 1959 until her death in 2011. He is survived by his second wife Judy, a renowned photographer, as well as his two sons, five grandchildren and two great-grandchildren. "Mr Lauder considered himself lucky in love and believed that lightning really could strike twice," a statement added.
ABC News
11 hours ago
- Business
- ABC News
Leonard Lauder, eldest son of Estée Lauder founders and former CEO, dies aged 92
Leonard Lauder, the eldest son of Estee Lauder founders Estee and Joseph Lauder, has died aged 92, the cosmetics company has announced in a statement. The chairman emeritus and ex-CEO died surrounded by his family. "Above all, my father was a man who practiced kindness with everyone he met. His impact was enormous," his son WiIliam Lauder wrote in the statement. "He believed that employees were the heart and soul of our company, and they adored him and moments spent with him. "His warmth and thoughtfulness made an imprint on our company, the industry, and, of course, our family. Together with my family, The Estée Lauder Companies, and the countless people he touched, we celebrate his extraordinary life." Leonard Lauder was born in 1933 in New York City. He studied at Columbia University's Graduate School of Business and served as a lieutenant in the US Navy. He formally joined Estée Lauder in 1958, and was with the company for more than 60 years. "Mr Lauder was a visionary and an innovator, helping transform the business from a handful of products sold under a single brand in US stores to the multi-brand, global leader in prestige beauty that it is today," the statement said. He served as president of the company from 1972 to 1995 and as chief executive officer from 1982 through 1999. He was named chairman in 1995 and served in that role through June 2009. He led the launch of brands such as Aramis, Clinique and Lab Series. He created the company's first research and development laboratory, brought in professional management at every level, and was the driving force behind The Estée Lauder Companies' international expansion, helping to increase the company's sales and profits exponentially. Until his death he remained involved in the company's acquisition of Aveda, Bobbi Brown, Jo Malone London, La Mer and MAC. "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," William Lauder said. Stéphane de La Faverie, the current president and chief executive officer of Esteee Lauder Companies, said Leonard lauder was beloved by many. "To our employees at The Estée Lauder Companies, he was an inspiration and a champion. To the industry, he was an icon and pioneer, earning respect worldwide." Leonard Lauder was also known for his charitable contributions to medical research, education and the arts. He donated his collection of Cubist works to the New York Metropolitan Museum of Art, estimated to be worth about $US1 billion ($1.5 billion). He was a long-time advocate of cancer research and served as honorary chairman of the board of directors at the Breast Cancer Research Foundation, the organisation his beloved late-wife, Evelyn Lauder, founded in 1993. He also championed the fight against Alzheimer's by co-founding and leading the Alzheimer's Drug Discovery Foundation with his brother, Ronald Lauder, which supports drug research. "My father was a remarkable man, a leader in business, a devoted philanthropist, and a deeply loving father, grandfather, and great-grandfather," said his son Gary Lauder. Elizabeth Hurley, who got her first modelling job with his company, wrote on Instagram: "I called him my American Daddy and I can't imagine a world without him." Former mayor of New York City Michael Bloomberg wrote on social media that Leonard lauder was "one of New York City's most devoted and generous philanthropists". "He championed a host of causes without asking for any public credit — embodying the ethic of service that his family continues to carry forward today," he said. He was married to Evelyn Lauder from 1959 until she passed away in 2011. He remarried Judy Glickman Lauder, a philanthropist and internationally recognised photographer. "Leonard lauder was grateful to his wife, Judy, for widening his family circle and cherished his stepchildren and their families," the statement said. "But mostly, he was extraordinarily proud of both of his sons, their families, and his grandchildren and great-grandchildren. He loved them so dearly."
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.
CBS News
17 hours ago
- Business
- CBS News
Leonard Lauder, son of Estée Lauder founders and ex-CEO, dies at age 92
Leonard Lauder, the oldest son of the founders of Estée Lauder and former CEO of the beauty empire, has died at 92, the company said in a statement. Lauder died Saturday surrounded by family, the statement said. "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, " said his son, chairman of Estée Lauder's board of directors William Lauder. "Above all, my father was a man who practiced kindness with everyone he met. His impact was enormous." Leonard A. Lauder attends Fashion Icons: Leonard A. Lauder in Conversation With Fern Mallis at 92Y on February 24, 2015 in New York City. John Lamparski/WireImage Lauder was born in 1933, the same year that his mother, Estée, founded what eventually became Estée Lauder Companies, a beauty company with over two dozen brands selling products across the globe. Growing up in New York City, Lauder said in his book "The Company I Keep" that he remembers his mother cooking up facial creams on the stove. "The company and I grew up together, our lives as closely paired as twins. It has always been more than a family company: it was — and continues to be — my family," he wrote. In an interview with CBS News' "Sunday Morning" in 2020, Lauder said the company was always a family business. His dad, Joseph, kept the books, and young Lauder packed boxes of powder and cleansing oil. " We had a little tiny factory, and I would go there after school for 25 cents an hour and I'd work," he said.
