New York City, NY Leonard Lauder, the business magnate who transformed Estée Lauder Companies into a global leader in the cosmetics industry, has passed away at the age of 92. Lauder died on Saturday, surrounded by family, as confirmed by the company in an official statement.
Lauder joined the family run cosmetics business in 1958, eventually serving as chief executive officer for 17 years. Renowned for his strategic vision, he oversaw the acquisition of iconic brands including Clinique, Bobbi Brown, and MAC. Under his leadership, the company’s annual revenues soared, reflecting his pivotal role in its expansion and global reach.
Career Overview
Born in 1933 in New York City, Lauder was the eldest son of founders Estée and Joseph Lauder. Before entering the family business, he served as a lieutenant in the U.S. Navy. At the time of his joining, Estée Lauder Companies reported less than $1 million in annual sales equivalent to approximately $11 million today. Over the decades, this figure grew exponentially, with last year’s sales reaching $15.6 billion across 150 countries.
Lauder was instrumental in establishing the company’s first research and development laboratory and driving its international expansion into Europe and Asia. He took Estée Lauder public in 1995, achieving a remarkable 33 percent share price increase on its first day of trading in New York.
Lauder stepped down from the CEO position in 1999 but remained active in the company as chairman emeritus until his passing.
Remembering Leonard Lauder
Tributes have poured in from various sectors, with figures such as Elizabeth Hurley, who began her modeling career with Estée Lauder, expressing heartfelt condolences. Hurley referred to Lauder as her “American Daddy” and lamented the loss of his influential presence in the industry.
Steve Forbes, editor-in-chief of Forbes Media, highlighted Lauder’s fulfilling life, stating, “his passing is the world’s loss.” Former New York Mayor Mike Bloomberg remarked, “His legacy will be felt for generations to come,” underscoring the profound impact Lauder had on both business and society.
Philanthropy and Personal Interests
Outside of his business achievements, Lauder was also known for his deep passion for art. In 2013, he made headlines with his pledge of a billion dollar collection of Cubist artworks to the Metropolitan Museum of Art in New York.
Lauder was also a staunch advocate for cancer research, serving as the honorary chairman of the board for the Breast Cancer Research Foundation. His dedication to various philanthropic causes highlighted his commitment to giving back to the community.
As the world reflects on Lauder’s contributions, his influence on the beauty industry and beyond remains indelible. His visionary leadership and business acumen have left a lasting mark, shaping the future of cosmetics for generations to come.
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