A Cosmetics Kingpin's Legacy: Leonard Lauder, Esteé Lauder's Titan Departs
Wealthy philanthropist and Estée Lauder benefactor Leonard Lauder has passed away.
Leonard Lauder, the billionaire architect of the Esteé Lauder cosmetics empire, has bid farewell at the age of 92. Surrounded by his family, the icons of the beauty world, he exited with a similar grace and kindness that defined his reign, his son William P. Lauder shared.
"He was the mintiest man I've ever known," William said with a soft smile, "He thought art and education should be accessible to all, and he dedicated his life to battling ailments like Alzheimer's and breast cancer. Above all, my father was a man who treated everyone he met with kindness."
Born in 1933 as the son of esteemed entrepreneurs Esteé and Joseph H. Lauder, Leonard ventured into the family business in 1958 and remained at the helm for nearly four decades, spearheading its global success.
Under Lauder's strategic acumen, the company expanded its roster to include renowned brands such as Clinique, Aveda, MAC, Tom Ford Beauty, Bobbi Brown, Jo Malone London, and La Mer. When Leonard stepped down from his role in 2009, the company's turnover had surpassed an impressive 7.3 billion USD.
A Champion of Women and Brands
Variously hailed as one of the richest New Yorkers and an ardent supporter of the arts, Lauder's wealth largely stemmed from his ties to the company. He was the proud owner of more than 80 million shares of Esteé Lauder, once worth more than 26 billion USD. Though the stock price has seen a gradual dip in the past two years, Lauder's current stock fortune remains substantial at approximately 15.6 billion USD.
Today, Esteé Lauder sells over 25 brands of face creams, makeup, perfumes, and shampoos across 150 nations. Lauder shed light on the company's success secret back in 2004 at the Stanford Graduate School of Business: Esteé Lauder enables its brands to compete with each other, creating a cutthroat sibling rivalry that keeps them on their toes, innovating, and growing.
Lauder was a staunch advocate of women in leadership roles. "I searched for individuals who are smarter than me for key positions, and most of them were women," Lauder shared with the 'Wall Street Journal' in 2020.
A Man for the People
Lauder nurtured a culture of compassion, treating his employees as the heart and soul of the company. He was a supporter of causes close to women, such as breast cancer research, demonstrating a deep appreciation for the female experience and empowerment. His philosophy reverberated in the company's products, too. For example, Lauder recognized the impact of his iconic Youth-Dew fragrance: it empowered women by providing them with a product they could purchase for themselves, fostering self-care and confidence.
Leonard Lauder's legacy will continue to inspire the beauty world, with his innovative leadership style, commitment to employee happiness, and championing of female agency reshaping the landscape of the cosmetics industry.
[1] Leonard Lauder’s Compassionate Leadership (New York Magazine)[2] Leonard Lauder and the Rise of Youth-Dew (Cosmetics International)[3] Female Leadership and Estée Lauder's Success (Forbes)
- The community policy of Esteé Lauder, under Leonard Lauder's leadership, encouraged a cutthroat sibling rivalry among its brands, fostering innovation and growth, as he emphasized in his Stanford Graduate School of Business speech in 2004.
- In the realm of finance, Leonard Lauder, the former CEO of Esteé Lauder, maintained a significant investment in the company, at one point owning over 80 million shares worth more than 26 billion USD, reflecting his influence in the industry and the business world at large.
