Bid Farewell to Cosmetics Mogul Leonard Lauder
Wealthy philanthropist and Estée Lauder benefactor, Leonard Lauder, has passed away.
Say goodbye to cosmetics tycoon Leonard Lauder, who recently passed away at the age of 92. The US company Estée Lauder announced his death on June 14, surrounded by his cherished family members. "He was the most generous soul I've ever known," said his son, William P. Lauder. "He believed that art and education should be accessible to all, and he devoted himself to fighting diseases like Alzheimer's and breast cancer. Above everything, my father was a man who treated every person he met with kindness."
Leonard Lauder was the firstborn son of Estée and Joseph H. Lauder, who founded the company Estée Lauder in 1946. In 1958, Leonard Lauder joined the family business and served as its president from 1972 to 1995 and chairman from 1982 to 1999. Under his guidance, the company's range expanded to include renowned brands such as Clinique, Aveda, MAC, Tom Ford Beauty, Bobbi Brown, Jo Malone London, and La Mer. By the time he stepped down as chairman in 2009, the company's turnover exceeded 7.3 billion US dollars, a significant leap from the 800,000 US dollars it generated in 1958.
Business Acumen and Visionary Leadership
Leonard Lauder was not only a billionaire but also one of New York’s wealthiest residents, with his wealth deeply intertwined with Estée Lauder. He owned more than 80 million shares of the company, worth over 26 billion US dollars at its peak. Despite a decline in the company's stock price in recent years, Estée Lauder continues to sell over 25 brands of face creams, makeup, perfumes, and shampoos in more than 150 countries.
Lauder's success secrets lay largely in his innovative approaches and the empowerment of women. In a speech at the Stanford Graduate School of Business in 2004, he revealed that Estée Lauder kept its brands separate, encouraging competition between them in a dynamic he referred to as “sibling rivalry.” Additionally, he emphasized the importance of hiring intelligent women for crucial positions, as he found them to be the most capable and driven.
Leonard Lauder's legacy will endure, as the company he guided continues to thrive and inspire. He leaves behind an indelible mark on the cosmetics industry, a lasting impact on countless lives, and a lesson in the transformative power of visionary leadership and empowering others.
Sources: ntv.de, chr, Wall Street Journal
Enrichment Data Highlights:
- Innovative Business Strategies: Estée Lauder's growth under Leonard Lauder's leadership was driven by multiple innovative business strategies, such as creating new brands, introducing cutting-edge products, and identifying acquisitions that complemented the existing portfolio.
- Women in Power: Lauder believed in hiring intelligent and capable women in elevated positions. This commitment to gender equality extended to his own management team and resulted in a diverse and talented leadership structure.
- Art and Philanthropy: Lauder was a dedicated patron of the arts and philanthropist. He believed in making art accessible to all and supported various charitable causes throughout his life.
- Family Values: Estée Lauder was deeply intertwined with the Lauder family's values. Leonard Lauder emphasized the importance of family involvement and commitment, viewing the company as an extension of his family.
- Emphasis on Quality: Leonard Lauder prioritized the production of high-quality products. He emphasized the importance of research and development, making certain that Estée Lauder remained committed to innovative and effective beauty solutions.
As a tribute to the late Leonard Lauder, it's worth noting that his passion extended beyond fashion-and-beauty to include finance and lifestyle. His community policy and employment policy were marked by innovative strategies, empowering women in leadership roles and prioritizing quality. His family values were deeply rooted in Estée Lauder, shaping the company's culture and guiding its growth over several decades. Despite his wealth, he believed that art and education should be accessible to all, making him a philanthropist as well as a visionary business leader.
