Estee Lauder’s eldest son, Leonardo Lauder, was a major pioneer in the cosmetics industry. He passed away on Saturday at the age of 92, the company announced.
In New York City, Leonard Lauder was born into a Jewish family. As a child, he would accompany his mother on sales calls at salons and accommodate her in packing boxes of washing liquids and powder. After serving in the United States Navy for three years as a lieutenant, he would enroll in and complete Columbia University’s School of Business.
At 25, he officially began working for Estée Lauder in 1958, when the company had less than a few staff members and less than $1 million in sales. The Estée Lauder Companies would expand into a multinational conglomerate, including brands such as Bobbi Brown Cosmetics, MAC Cosmetics, The Ordinary, Clinique, and La Mer.
From 1972 until 1995, Leonardo Lauder presided over Estee Lauder’s business as president. From 1982 till 1999, he was the Chief Executive Officer. In 1995, Mr. Lauder was appointed chairman, a post he maintained until June 2009. During his tenure, he persistently questioned the status of implementing and developing sales and marketing plans of action that transformed the industry of beauty. As the driving force behind The Estée Lauder Companies’ international expansion, he established the company’s first R&D laboratory, hired qualified management at every level, and contributed to a rampant increase in sales and earnings.
At $26 per share, Lauder listed the business on the New York Stock Exchange in 1995. Currently, The Estée Lauder Companies Inc. is valued at approximately $24.3 billion. Lauder has a $15.6 billion personal net worth, according to Bloomberg’s Billionaire Index.
Regarding Leonardo Lauder, the company’s president and CEO, Stéphane de La Faverie, stated that
“Many people adored Mr. Lauder, and he will be missed. He was a champion and an inspiration. He was a pioneer and an icon in the profession, gaining admiration all around the world. His enthusiasm and foresight shaped our business and will continue to do so for many more generations. He was an incredibly kind boss who genuinely cared about all of the employees. Leonard has been the greatest mentor I could have ever hoped to have, and I genuinely feel honored to have worked with him.”
Leonardo Lauder was greatly involved in research of medicine, education, art, international policy, and humanitarianism, and the traces he made on those worlds were innovative.
The “lipstick index” was developed by Lauder amid the economic collapse that followed the September 11, 2001 attacks. The economics and cosmetics purchases, especially lipsticks, are probably inversely related since he discovered that women tended to substitute small pick-me-ups for more expensive purchases. In the fall of 2001, lipstick sales in the United States increased by 11%. Additionally, during the Great Recession, cosmetics sales expanded by 25% gross.
In addition, he was a chairman on the board of directors of the Breast Cancer Research Foundation and advocated for research of cancer. Lauder and his brother, Ronald S. Lauder established the Alzheimer’s Drug Discovery Foundation in 1998 to fund research into new medications that could prevent, treat, or perhaps cure Alzheimer’s.
Many of the business and personal lessons Mr. Lauder had gained were included in his widely regarded memoir, “The Company I Keep: My Life in Beauty,” which was published in 2020.
Celebrities and businesspeople have honored Mr. Lauder.
Elizabeth Hurley, who got her first modeling job with Leonardo Lauder cosmetic and beauty company, said: “I called him my American Daddy and I can’t imagine a world without him.”
The former New York Mayor, Mike Bloomberg said “His legacy will be felt for generations to come.”
The company’s original family still has the largest share in the company and has three members on the board of directors. He is survived by his wife, Judy Glickman Lauder, and his two sons, named William and Gary.
A beloved friend to many, Mr. Lauder was a true visionary and bold leader. He was the company’s beacon of hope and the industry leader in cosmetics. The world is a better place because of Leonard Lauder.
