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    Top Companies Report

    3. Estée Lauder

    07.02.14
    New York, NY
    212.572.4200
    www.esteelauder.com

    Sales: $10.1 billion. Net income: $1.0 billion, for the year ended June 30, 2013.

    Key Personnel: Leonard A. Lauder, chairman emeritus; William P. Lauder, executive chairman; Ronald S. Lauder, chairman, Clinique Laboratories; Fabrizio Freda, president and chief executive officer; John Demsey, group president; Carl Haney, executive vice president, research and development, product innovation and brand product development; Sara E. Moss, executive vice president and general counsel; Michael O’Hare, executive vice president, global human resources; Gregory F. Polcer, executive vice president, global supply chain; Cedric Prouvé, group president, international; Tracey T. Travis, executive vice president and chief financial officer; Alexandra C. Trower, executive vice president, global communications.

    Major Products: Cosmetics, toiletries and fragrances. Prestige and Makeup Artists—Estée Lauder, Bobbi Brown, La Mer, Tom Ford, MAC, Prescriptives, Jo Malone, Smashbox, Clinique, Origins, Ojon; Fragrances—Aramis, Tommy Hilfiger, Kiton, Donna Karan, Michael Kors, American Beauty, Flirt!, Coach, Ermeneglido Zeda; Skin Care—GoodSkin, Grassroots, Lab Series; Salon and Pharmacy—Aveda, Bumble and Bumble, Darphin. 

    New Products: Skin Care—The Moisturizing Soft Cream and Resculpt (La Mer), Even Better Eyes Dark Circle Corrector and Smart Serum (Clinique), Micro Essence, Perfectionist CP+R, Advanced Time Zone, Advanced Night Repair Eye Serum Infusion and Optimizer (Estée Lauder).  Makeup—High Impact Extreme Volume Mascara and Chubby Stick Intense (Clinique), Pure Color Vivid Shine lipstick (Estée Lauder); Fragrance—Zegna Uomo, DKNY Be Delicious So Intense, Tommy Hilfiger Freedom Men and Coach Love; Hair Care—Aveda Pure Abundance Style Prep and Be Curly Curl Controller.

    Comments: Estée Lauder’s been leading the US and global prestige beauty industry for decades. It holds a 15% share of the prestige beauty segment and the company intends to stay in front with a plan to grow sales equal to or better than 1 percentage point a year. Strategic acquisitions are expected to add 1 percentage point to growth over three years and increase operating margin by at least 50 basis points a year.

    To get there, according to CEO Fabrizio Freda, the company will generate diversified growth ahead of the industry, enjoy continued cost leverage, capitalize on its creativity, reinvest in growth drivers, maintain a strong pricing/mix ratio and continue to reap the benefits that come from a strong balance sheet.

    “We are extremely well positioned,” said Freda at a recent meeting with analysts. “Our success will continue for the long-term.”
    He’s bullish on the future because of several key drivers that are shaping the global beauty business:
    • An aging population that’s looking for anti-aging products;
    • More women entering the middle class around the world who have increasing disposable income;
    • A trend of trading up from mass; and
    • Strong competition in the industry.
    “We are good at building brands, from entry prestige like Clinique and MAC to high-end prestige like La Mer and Bobbi Brown,” explained Freda. “We are well-balanced in breadth and text in portfolio to reduce volatility.”

    Fabrizio told attendees at the recent Sanford Bernstein Conference that China will continue to expand at a double-digit rate where Estée Lauder has extremely high name recognition, but he added that other emerging markets are growing even faster and offer even more opportunity. For example, Lauder’s share of the lucrative global travel business is soaring as the number of travelers from Asia expands, many of who are hungry for skin care and color cosmetics, rather than fragrances, which often account for the bulk of duty-free sales in the west.

    In addition, emerging opportunities in developed markets; i.e., the rising ethnic population in countries such as the UK, provide another growth opportunity.

    “We are the leader in prestige makeup and No. 2 in skin care. Nobody else has as comprehensive a portfolio,” noted Fabrizio. “We expect to grow 6-8% a year. We’ve grown 50% since 2009 and are much more profitable. Our superior sales gains come from multiple and different growth engines. One-third of our brands is growing double digits, so the others just have to grow with the market to achieve our objectives.”

    The company certainly achieved many of those objectives in fiscal 2013, as sales rose 5% and topped $10 billion for the first time. International sales accounted for 63% of sales. Sales in the Americas increased 5% to $4.3 billion, driven by makeup artist brand gains in the US and expanded distribution in Canada. The company also credited its “high touch” retail concepts for the gain in sales last year.

    Sales in Europe, the Middle East and Africa increased 4% to more than $3.7 billion, due to gains in travel retail and strong results in the UK and Middle East, which were partially offset by weakness in Spain, Russia, Switzerland and the Balkans.

    Asia/Pacific sales rose 5% to more than $2.1 billion, thanks to gains in China, which were up on expanded distribution.

    By product category, skin care sales rose 6% to more than $4.4 billion, driven by the introduction of products such as Perfectionist CP+R, Advanced Time Zone, Advanced Night Repair Eye Serum Infusion and Optimizer, all from Estée Lauder, and the launch of La Mer’s The Moisturizing Soft Cream and Clinique’s Even Better Eyes Dark Circle Corrector.

    Makeup sales increased 5% to more than $3.8 billion, nearly all of it due to the success of the company’s makeup artist brands. Also providing a lift were launches of High Impact Extreme Volume Mascara and Chubby Stick Intense from Clinique and
    PureColor Vivid Shine Lipstick from Estée Lauder.

    Fragrance sales rose 3% to $1.3 billion, thanks to the introduction of Zegna Uomo, DKNY Be Delicious So Intense, Tommy Hilfiger Freedom Men and Coach Love, along with the continued success of Jo Malone and Tom Ford fragrances.

    For the nine months ended March 31, 2014, sales rose 6% to more than $8.2 billion. Sales were up in every geographic region product category. For the year, Estée Lauder expects sales to rise 6-7%, while the global prestige beauty category will expand 3-4%.
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