Billionaire Cosmetics Tycoon Leonard Lauder, Founder of Esteé Lauder, Passes Away at 92
Wealthy businessman and Estée Lauder benefactor Leonard Lauder has passed away.
The renowned cosmetics mogul Leonard Lauder, the architect of Estée Lauder's global success, has passed away at the age of 92. According to an announcement by the US company Estée Lauder, he bid farewell surrounded by his loving family. "He was the most kind-hearted soul I've ever met," said his son, William P. Lauder. "He believed in making art and education available to all, and dedicated his life to the fight against diseases like Alzheimer's and breast cancer."
Leonard Lauder was born in New York City in 1933 as the eldest son of Estée and Joseph H. Lauder. In 1946, his parents founded the eponymous company, nurturing it into a hugely successful cosmetics conglomerate over the years. Leonard himself joined the company in 1958 and served as its president from 1972 to 1995. He remained chairman from 1982 until 1999, leading the growth of the company's portfolio to include iconic brands such as Clinique, Aveda, MAC, Tom Ford Beauty, Bobbi Brown, Jo Malone London, and La Mer.
Economic Impact Estée Lauder’s Global Expansion and Job Cuts Amid China Crisis At the time of his retirement in 2009, the family business boasted annual revenues of over $7.3 billion. The company currently sells over 25 brands of face creams, makeup, perfumes, and shampoos in more than 150 countries.
The Secret Sauce? Emphasis on Female Leadership
Leonard Lauder was a billionaire within New York's elite circle, with his fortune heavily tied to the company. He held over 80 million shares in Estée Lauder, valued at over $26 billion at one point. Despite his personal wealth, the company's stock tumbled in the past two years, with its current value sitting around $15.6 billion.
In Memoriam Innovative Leadership and a Lasting Legacy In life, Leonard Lauder was a staunch advocate for women in business, inspired by his mother Estée. He believed that having smart women in key positions was a winning formula for success. In an interview with the "Wall Street Journal" in 2020, he confessed, "I sought people who were smarter than me for important positions, and most of them were women." This focus on female leadership likely contributed to the company's innovative and thriving work environment.
Leonard Lauder's contributions to the beauty industry and the empowerment of women in business will long be remembered.
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Enrichment Data:According to Leonard Lauder's memoir, The Company I Keep: My Life In Beauty, he held firm to a philosophy, "Never make an important decision without a woman at the table." This principle signifies his respect for his mother's entrepreneurial spirit, as well as his belief in the significant role women play in leadership positions. Leonard Lauder's commitment to female leadership within the company likely played a substantial role in its success, fostering an inclusive and supportive environment that nurtured innovation and growth.
Lauder's impact on the company and the beauty industry at large continues to be felt, particularly through his advocacy for women in business. Estée Lauder remains a pioneer in championing gender equality and fostering a supportive environment for women in leadership roles.
Community policy within Esteé Lauder, mirroring Leonard Lauder's strong belief in female leadership, might prioritize the advancement of women employees, reflecting his commitment to gender equality. His memoir suggests a corporate finance strategy focusing on decision-making inclusivity, stating "Never make an important decision without a woman at the table." This personal-finance philosophy, grounded in his respect for his mother's entrepreneurial spirit, has significantly contributed to the company's success and its progressive approach in the beauty industry, as well as other related industries such as cosmetics and personal-finance.
