Latest news with #EstéeLauderCos.
Yahoo
16-06-2025
- Business
- Yahoo
Leonard Lauder's Best Quotes on Leadership, Competition and Product Invention
Leonard A. Lauder, who passed away at the age of 92 on Saturday, was celebrated not just for being a pioneer in prestige beauty, but a lifelong teacher to those who worked alongside him. During his storied career, which spanned 60-plus years, Lauder built both the Estée Lauder Cos. into a global powerhouse — with more than 20 brands and products selling in 150 countries and territories — but equally as important was his talent in cultivating leaders. Lauder often said his favorite role was as chief teaching officer, and he loved to share information. Those who know him best often remark on the wit and wisdom he imparted daily — including in the pages of WWD and Beauty Inc, where he was frequently interviewed. Here, some of his most memorable quotes from our pages. More from WWD Leonard Lauder, Legendary Beauty Executive, Dies at 92 How Last Year's Cherry Cola Hair Trend Is Unleashing Animal-inspired Coloring in 2025 The 16 Best Hair Styling Tools, Tested and Reviewed by Editors 'We are female oriented…we have developed a marvelous team of fashion conscious and capable women. But we maintain a careful balance. Even our men learn to apply makeup — and everyone is customer subjected. Everyone must sell behind the counter to understand the customer's needs.' 'Our designs, our shades, even our color names appear in copies almost as soon as we launch the new products. We used to count on a three- to five-year run on a product before it was copied. Now they have it in less than three months. But if we have a good product, all of the knockoffs in the world can't harm its long-range success.' 'The '60s was the decade of makeup, the '70s saw tremendous increases in fragrance and now is the time for women's skin care.' 'The stores have too many lines, too many products and too many units. You always want what the other guy has.' 'It's always easier to make money when there are people who have money to buy your products.' 'I made it a point to hire the best people available either inside the industry or outside. I knew that great people build great companies.' 'I'm the guy who winds the clock. The clock ticks on, whether I'm here or not. But once in a while you have to wind that clock.' 'There's a wonderful line in 'The Great Gatsby' about large parties: 'They're so intimate.' Perhaps the upside of the enlarged scale of our business is that we do have room to maneuver. We can afford to experiment by finding an intimate corner to test new ideas. What goes on in those intimate corners can have little consequence for a swell party or add just the touch of passion and magic it needs.' 'Great ballplayers know where the ball is going to be. That's how they catch it. I know where the ball is going to be.' 'My passion for this business is not to make more money, because I have more than enough money for the next five lifetimes. The passion is to build something great that can be conserved also. There is a parallel as to what I do with my art and what happens with our company.' 'To be a great leader, you firstly have to like people. If you don't like people, at the end of the day they will figure this out and you can't lead them too well.' 'In another life, I would be a gardener. Gardeners love to watch things grow and help them grow. I'm really a gardener in drag.' 'Lesson number one — people don't work for money, they work for recognition.' 'Always get there first — if you get there first, you'll win.' 'I believe life is like a mosaic — red tile, green tile, gold tile, silver tile — and it all adds up to the image of the world.' 'Anyone who says they can have their finger on the pulse of tomorrow for life is wrong. The challenge is to keep up every day. You have to read and you have to travel. You have to see what is going on in the world.' 'Never forget quality. Don't try to chisel, don't try to do it on the cheap. If you can't do a great product, don't do it. If you launch a product and think maybe you shouldn't have done it — pull it off the market.…You can make a mistake when you are learning to dance — which I always do — but you can't make a mistake when making a product for people to use. Not allowed.' Best of WWD Which Celebrity Brands Are Next for a Major Deal? Lady Gaga, Beyonce and More Possible Contenders for the Next Corporate Prize The Best Makeup Looks in Golden Globes History A Look Back at Golden Globes Best Makeup on the Red Carpet, From Megan Fox to Sophia Loren [PHOTOS] Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
16-06-2025
- Business
- Yahoo
Leonard Lauder's Best Quotes on Leadership, Competition and Product Invention
Leonard A. Lauder, who passed away at the age of 92 on Saturday, was celebrated not just for being a pioneer in prestige beauty, but a lifelong teacher to those who worked alongside him. During his storied career, which spanned 60-plus years, Lauder built both the Estée Lauder Cos. into a global powerhouse — with more than 20 brands and products selling in 150 countries and territories — but equally as important was his talent in cultivating leaders. Lauder often said his favorite role was as chief teaching officer, and he loved to share information. Those who know him best often remark on the wit and wisdom he imparted daily — including in the pages of WWD and Beauty Inc, where he was frequently interviewed. Here, some of his most memorable quotes from our pages. More from WWD Leonard Lauder, Legendary Beauty Executive, Dies at 92 How Last Year's Cherry Cola Hair Trend Is Unleashing Animal-inspired Coloring in 2025 The 16 Best Hair Styling Tools, Tested and Reviewed by Editors 'We are female oriented…we have developed a marvelous team of fashion conscious and capable women. But we maintain a careful balance. Even our men learn to apply makeup — and everyone is customer subjected. Everyone must sell behind the counter to understand the customer's needs.' 'Our designs, our shades, even our color names appear in copies almost as soon as we launch the new products. We used to count on a three- to five-year run on a product before it was copied. Now they have it in less than three months. But if we have a good product, all of the knockoffs in the world can't harm its long-range success.' 'The '60s was the decade of makeup, the '70s saw tremendous increases in fragrance and now is the time for women's skin care.' 'The stores have too many lines, too many products and too many units. You always want what the other guy has.' 'It's always easier to make money when there are people who have money to buy your products.' 'I made it a point to hire the best people available either inside the industry or outside. I knew that great people build great companies.' 'I'm the guy who winds the clock. The clock ticks on, whether I'm here or not. But once in a while you have to wind that clock.' 'There's a wonderful line in 'The Great Gatsby' about large parties: 'They're so intimate.' Perhaps the upside of the enlarged scale of our business is that we do have room to maneuver. We can afford to experiment by finding an intimate corner to test new ideas. What goes on in those intimate corners can have little consequence for a swell party or add just the touch of passion and magic it needs.' 'Great ballplayers know where the ball is going to be. That's how they catch it. I know where the ball is going to be.' 'My passion for this business is not to make more money, because I have more than enough money for the next five lifetimes. The passion is to build something great that can be conserved also. There is a parallel as to what I do with my art and what happens with our company.' 'To be a great leader, you firstly have to like people. If you don't like people, at the end of the day they will figure this out and you can't lead them too well.' 'In another life, I would be a gardener. Gardeners love to watch things grow and help them grow. I'm really a gardener in drag.' 'Lesson number one — people don't work for money, they work for recognition.' 'Always get there first — if you get there first, you'll win.' 'I believe life is like a mosaic — red tile, green tile, gold tile, silver tile — and it all adds up to the image of the world.' 'Anyone who says they can have their finger on the pulse of tomorrow for life is wrong. The challenge is to keep up every day. You have to read and you have to travel. You have to see what is going on in the world.' 'Never forget quality. Don't try to chisel, don't try to do it on the cheap. If you can't do a great product, don't do it. If you launch a product and think maybe you shouldn't have done it — pull it off the market.…You can make a mistake when you are learning to dance — which I always do — but you can't make a mistake when making a product for people to use. Not allowed.' Best of WWD Which Celebrity Brands Are Next for a Major Deal? Lady Gaga, Beyonce and More Possible Contenders for the Next Corporate Prize The Best Makeup Looks in Golden Globes History A Look Back at Golden Globes Best Makeup on the Red Carpet, From Megan Fox to Sophia Loren [PHOTOS]
Fashion Network
22-05-2025
- Business
- Fashion Network
Estée Lauder, L'Oréal suffer as China's duty-free spending falls
Unable to travel overseas during the Covid-19 pandemic, Chinese consumers sparked a shopping boom in the southernmost province of Hainan, lured by the tropical island's plethora of duty-free shopping malls. Fast forward to today, and the travel-retail sector in Hainan is in a 14-month slump with little sign of a turnaround. Duty-free sales dropped 10.8% over the first four months of 2025 compared with a year earlier, according to the latest data from the local customs agency. Both the number of shoppers and the number of products purchased declined by more than 25% so far this year. Global heavyweights of the beauty industry are also feeling the impact of cratering travel retail in China. Until recently, the likes of Estée Lauder Cos., Shiseido Co., and L'Oréal counted on the lavish duty-free spending of Chinese travelers to drive their earnings growth. However, all three saw their Asia or China travel-retail sales shrink last year and in the first quarter of 2025. The newfound frugality in duty-free spending follows a similar trajectory to the challenges global luxury brands face in the world's second-largest economy. Exuberant pandemic-era spending emboldened companies to make hefty investments, only to see demand rapidly shrink after consumers pulled back on spending in the aftermath of Covid. L'Oréal plans to cut as many as 50% of its employees in its travel-retail division—mainly made up of Chinese staff—due to the poor performance of the duty-free sector in the country over the past two years, local media Caixin reported in April. According to a statement from the company's travel-retail unit, the Paris-based beauty giant is undergoing a transformation to better respond to market shifts and evolving consumer needs. The Caixin report is not accurate; it was added. The belt-tightening among Chinese shoppers also contributed to a 17.5% decline in first-quarter sales for Beiersdorf AG's luxury skincare brand La Prairie. It has responded by cutting its reliance on China. 'The cosmetics industry has seen the price advantage of travel retail eroded,' said Jacques Roizen, managing director of China consulting at Digital Luxury Group. 'Discounts by global beauty brands—frequent and deep—offered across online and offline platforms have narrowed the gap between the mainland and duty-free prices, diminishing the appeal of travel retail for beauty products.' Highlighting how Hainan malls have lost their edge on pricing, Sam's Club, Walmart Inc.'s membership chain in China, sells Crème de la Mer facial cream at times for around 20% less than the duty-free outlets. Shoppers who purchase the item on Alibaba Group Holding Ltd.'s Tmall, China's dominant e-commerce platform, don't get a discount but will also receive a selection of free gifts. The post-Covid resumption of travel to the likes of Japan and Southeast Asia has also eroded duty-free spending in Hainan. According to Roizen, affluent spenders, who supercharged Hainan's duty-free sales during the pandemic, are once again shopping abroad. Adding to the challenges is the rising popularity of domestic beauty brands offering high-quality products at competitive prices, he said. Beijing's crackdown on resellers taking advantage of the island's duty-free shopping rules has also deflated the boom in Hainan. Known as 'daigou' in Chinese, some went so far as to use other people's duty-free shopping quotas to buy large quantities of goods and resell them in the rest of the Chinese mainland at a profit. A customs campaign against the practice in 2023 seized more than $83 million worth of duty-free goods bought in Hainan and resold elsewhere, according to a report by state-owned newswire China News Service. The slump has also had an impact on Hainan's economy. At the height of the duty-free shopping frenzy in 2021, it grew 11.2% yearly, well above the nationwide growth rate of 8.6%. In 2024, Hainan's gross domestic product increased by 3.7%, lagging China's overall growth rate of 5%. In 2022, the Hainan government targeted duty-free sales of 100 billion yuan. In its most recent work report for 2025, the target is just 52 billion yuan. Unfulfilled hopes After first introducing an annual duty-free shopping quota for Hainan of 5,000 yuan in 2011, the authorities drastically increased the allowance to 100,000 yuan in 2020. The government's support gave global beauty houses high hopes that Hainan would be a key growth market for years to come. Shiseido inaugurated six dazzling new stores for its premium brands in 2022. Pola Orbis Holdings Inc. opened its first duty-free store in Hainan in 2021. Property developers are interested in the prospect of tourists willing to spend. Both Swire Properties Ltd. and LVMH Moët Hennessy Louis Vuitton SE have teamed up with local partners to build luxury retail developments in Sanya, scheduled to open next year. Swire and LVMH didn't respond to Bloomberg's requests for comment. 'Hainan's travel retail hasn't shown a strong recovery yet,' said Serena Sang, a consumer analyst at SPDB International Holdings Ltd. 'Per capita spending during this year's May Day holiday continued to decline. We still need time to gauge consumer response as the island pushes for independent customs operations.' Hainan resident Chen Yushan exemplifies the changing spending habits. Four years ago, the 30-year-old would regularly make the more-than-six-hour round trip from her home in Hainan to buy bagfuls of luxury cosmetics at the duty-free malls. Even though she lives close to the outlets, she has to take the arduous round trip as shoppers need to show proof of travel from the mainland to qualify for the duty-free quota. Now, she only makes the trip once or twice a year as the economy slows and the outlook becomes more uncertain. 'With an economy like this, I'm cutting back on spending on costly skincare products,' Chen said. 'I don't even buy luxury bags anymore. They're useless. Nowadays, I'd rather spend money on a good hotpot meal to treat myself.'
Fashion Network
22-05-2025
- Business
- Fashion Network
Estée Lauder, L'Oréal suffer as China's duty-free spending falls
Unable to travel overseas during the Covid-19 pandemic, Chinese consumers sparked a shopping boom in the southernmost province of Hainan, lured by the tropical island's plethora of duty-free shopping malls. Fast forward to today, and the travel-retail sector in Hainan is in a 14-month slump with little sign of a turnaround. Duty-free sales dropped 10.8% over the first four months of 2025 compared with a year earlier, according to the latest data from the local customs agency. Both the number of shoppers and the number of products purchased declined by more than 25% so far this year. Global heavyweights of the beauty industry are also feeling the impact of cratering travel retail in China. Until recently, the likes of Estée Lauder Cos., Shiseido Co., and L'Oréal counted on the lavish duty-free spending of Chinese travelers to drive their earnings growth. However, all three saw their Asia or China travel-retail sales shrink last year and in the first quarter of 2025. The newfound frugality in duty-free spending follows a similar trajectory to the challenges global luxury brands face in the world's second-largest economy. Exuberant pandemic-era spending emboldened companies to make hefty investments, only to see demand rapidly shrink after consumers pulled back on spending in the aftermath of Covid. L'Oréal plans to cut as many as 50% of its employees in its travel-retail division—mainly made up of Chinese staff—due to the poor performance of the duty-free sector in the country over the past two years, local media Caixin reported in April. According to a statement from the company's travel-retail unit, the Paris-based beauty giant is undergoing a transformation to better respond to market shifts and evolving consumer needs. The Caixin report is not accurate; it was added. The belt-tightening among Chinese shoppers also contributed to a 17.5% decline in first-quarter sales for Beiersdorf AG's luxury skincare brand La Prairie. It has responded by cutting its reliance on China. 'The cosmetics industry has seen the price advantage of travel retail eroded,' said Jacques Roizen, managing director of China consulting at Digital Luxury Group. 'Discounts by global beauty brands—frequent and deep—offered across online and offline platforms have narrowed the gap between the mainland and duty-free prices, diminishing the appeal of travel retail for beauty products.' Highlighting how Hainan malls have lost their edge on pricing, Sam's Club, Walmart Inc.'s membership chain in China, sells Crème de la Mer facial cream at times for around 20% less than the duty-free outlets. Shoppers who purchase the item on Alibaba Group Holding Ltd.'s Tmall, China's dominant e-commerce platform, don't get a discount but will also receive a selection of free gifts. The post-Covid resumption of travel to the likes of Japan and Southeast Asia has also eroded duty-free spending in Hainan. According to Roizen, affluent spenders, who supercharged Hainan's duty-free sales during the pandemic, are once again shopping abroad. Adding to the challenges is the rising popularity of domestic beauty brands offering high-quality products at competitive prices, he said. Beijing's crackdown on resellers taking advantage of the island's duty-free shopping rules has also deflated the boom in Hainan. Known as 'daigou' in Chinese, some went so far as to use other people's duty-free shopping quotas to buy large quantities of goods and resell them in the rest of the Chinese mainland at a profit. A customs campaign against the practice in 2023 seized more than $83 million worth of duty-free goods bought in Hainan and resold elsewhere, according to a report by state-owned newswire China News Service. The slump has also had an impact on Hainan's economy. At the height of the duty-free shopping frenzy in 2021, it grew 11.2% yearly, well above the nationwide growth rate of 8.6%. In 2024, Hainan's gross domestic product increased by 3.7%, lagging China's overall growth rate of 5%. In 2022, the Hainan government targeted duty-free sales of 100 billion yuan. In its most recent work report for 2025, the target is just 52 billion yuan. Unfulfilled hopes After first introducing an annual duty-free shopping quota for Hainan of 5,000 yuan in 2011, the authorities drastically increased the allowance to 100,000 yuan in 2020. The government's support gave global beauty houses high hopes that Hainan would be a key growth market for years to come. Shiseido inaugurated six dazzling new stores for its premium brands in 2022. Pola Orbis Holdings Inc. opened its first duty-free store in Hainan in 2021. Property developers are interested in the prospect of tourists willing to spend. Both Swire Properties Ltd. and LVMH Moët Hennessy Louis Vuitton SE have teamed up with local partners to build luxury retail developments in Sanya, scheduled to open next year. Swire and LVMH didn't respond to Bloomberg's requests for comment. 'Hainan's travel retail hasn't shown a strong recovery yet,' said Serena Sang, a consumer analyst at SPDB International Holdings Ltd. 'Per capita spending during this year's May Day holiday continued to decline. We still need time to gauge consumer response as the island pushes for independent customs operations.' Hainan resident Chen Yushan exemplifies the changing spending habits. Four years ago, the 30-year-old would regularly make the more-than-six-hour round trip from her home in Hainan to buy bagfuls of luxury cosmetics at the duty-free malls. Even though she lives close to the outlets, she has to take the arduous round trip as shoppers need to show proof of travel from the mainland to qualify for the duty-free quota. Now, she only makes the trip once or twice a year as the economy slows and the outlook becomes more uncertain. 'With an economy like this, I'm cutting back on spending on costly skincare products,' Chen said. 'I don't even buy luxury bags anymore. They're useless. Nowadays, I'd rather spend money on a good hotpot meal to treat myself.'
Fashion Network
22-05-2025
- Business
- Fashion Network
Estée Lauder, L'Oréal suffer as China's duty-free spending falls
Unable to travel overseas during the Covid-19 pandemic, Chinese consumers sparked a shopping boom in the southernmost province of Hainan, lured by the tropical island's plethora of duty-free shopping malls. Fast forward to today, and the travel-retail sector in Hainan is in a 14-month slump with little sign of a turnaround. Duty-free sales dropped 10.8% over the first four months of 2025 compared with a year earlier, according to the latest data from the local customs agency. Both the number of shoppers and the number of products purchased declined by more than 25% so far this year. Global beauty heavyweights are also feeling the impact of cratering travel retail in China. Until recently, Estée Lauder Cos., Shiseido Co., and L'Oréal counted on the lavish duty-free spending of Chinese travellers to drive their earnings growth. However, all three saw their Asia or China travel-retail sales shrink last year and in the first quarter of 2025. The newfound frugality in duty-free spending follows a similar trajectory to the challenges global luxury brands face in the world's second-largest economy. Exuberant pandemic-era spending emboldened companies to make hefty investments, only to see demand rapidly shrink after consumers pulled back on spending in the aftermath of Covid. L'Oréal plans to cut as many as 50% of its employees in its travel-retail division—mainly made up of Chinese staff—due to the poor performance of the duty-free sector in the country over the past two years, local media Caixin reported in April. According to a statement from the company's travel-retail unit, the Paris-based beauty giant is undergoing a transformation to better respond to market shifts and evolving consumer needs. The Caixin report is not accurate; it was added. The belt-tightening among Chinese shoppers also contributed to a 17.5% decline in first-quarter sales for Beiersdorf AG's luxury skincare brand La Prairie. It has responded by cutting its reliance on China. 'The cosmetics industry has seen the price advantage of travel retail eroded,' said Jacques Roizen, managing director of China consulting at Digital Luxury Group. 'Discounts by global beauty brands—frequent and deep—offered across online and offline platforms have narrowed the gap between the mainland and duty-free prices, diminishing the appeal of travel retail for beauty products.' Highlighting how Hainan malls have lost their edge on pricing, Sam's Club, Walmart Inc.'s membership chain in China, sells Crème de la Mer facial cream at times for around 20% less than the duty-free outlets. Shoppers who purchase the item on Alibaba Group Holding Ltd.'s Tmall, China's dominant e-commerce platform, don't get a discount but will also receive a selection of free gifts. The post-Covid resumption of travel to the likes of Japan and Southeast Asia has also eroded duty-free spending in Hainan. According to Roizen, affluent spenders, who supercharged Hainan's duty-free sales during the pandemic, are once again shopping abroad. Adding to the challenges is the rising popularity of domestic beauty brands offering high-quality products at competitive prices, he said. Beijing's crackdown on resellers taking advantage of the island's duty-free shopping rules has also deflated the boom in Hainan. Known as 'daigou' in Chinese, some went so far as to use other people's duty-free shopping quotas to buy large quantities of goods and resell them in the rest of the Chinese mainland at a profit. A customs campaign against the practice in 2023 seized more than $83 million worth of duty-free goods bought in Hainan and resold elsewhere, according to a report by state-owned newswire China News Service. The slump has also had an impact on Hainan's economy. At the height of the duty-free shopping frenzy in 2021, it grew 11.2% yearly, well above the nationwide growth rate of 8.6%. In 2024, Hainan's gross domestic product increased by 3.7%, lagging China's overall growth rate of 5%. In 2022, the Hainan government targeted duty-free sales of 100 billion yuan. In its most recent work report for 2025, the target is just 52 billion yuan. Unfulfilled hopes After first introducing an annual duty-free shopping quota for Hainan of 5,000 yuan in 2011, the authorities drastically increased the allowance to 100,000 yuan in 2020. The government's support gave global beauty houses high hopes that Hainan would be a key growth market for years to come. Shiseido inaugurated six dazzling new stores for its premium brands in 2022. Pola Orbis Holdings Inc. opened its first duty-free store in Hainan in 2021. Property developers are interested in the prospect of tourists willing to spend. Both Swire Properties Ltd. and LVMH Moët Hennessy Louis Vuitton SE have teamed up with local partners to build luxury retail developments in Sanya, scheduled to open next year. Swire and LVMH didn't respond to Bloomberg's requests for comment. 'Hainan's travel retail hasn't shown a strong recovery yet,' said Serena Sang, a consumer analyst at SPDB International Holdings Ltd. 'Per capita spending during this year's May Day holiday continued to decline. We still need time to gauge consumer response as the island pushes for independent customs operations.' Hainan resident Chen Yushan exemplifies the changing spending habits. Four years ago, the 30-year-old would regularly make the more-than-six-hour round trip from her home in Hainan to buy bagfuls of luxury cosmetics at the duty-free malls. Even though she lives close to the outlets, she has to take the arduous round trip as shoppers need to show proof of travel from the mainland to qualify for the duty-free quota. Now, she only makes the trip once or twice a year as the economy slows and the outlook becomes more uncertain. 'With an economy like this, I'm cutting back on spending on costly skincare products,' Chen said. 'I don't even buy luxury bags anymore. They're useless. Nowadays, I'd rather spend money on a good hotpot meal to treat myself.'
