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Estee Lauder
- 2. Background • Born in 1908, daughter of European immigrants • Grew up in Queens, New York • At a young age worked at her father’s store and got a sense of entrepreneurship and business • Recognized her true path in life when started working for Uncle Schotz, a chemist trying to make facial creams • Selling her uncle’s creams helped her experience the world of marketing and merchandising
- 3. Early Business Days • Established Estee Lauder Inc. in 1946 • Made Manhattan restaurant into own manufacturing factory: made creams and oils on the stove at night and sold during the day •
- 4. Business Strategies • Made wise marketing decision to sell products at well known department stores • First big break: Saks Fifth Avenue‐ her creams sold out immediately • Targeted big department stores‐ became a “traveling salesperson dedicated to penetrate every fine department store in the United States.”
- 5. Business Strategies Cont. • Persuaded store owners to feature her cosmetic products • Set up counters at each store with elegant and refined salespeople to attract customers • Enticed clients and buyers by offering free gift with any purchase • Gave makeovers at counters to convince buyers of her products’ great quality‐personal selling approach • Traveled around stores praising her products “To sell a cream, you sold a dream in the early days.”- Estee Lauder
- 6. “Free Gift with a Purchase” • Revolutionized selling by her concept of free gift with each purchase‐ later became a common business practice • Accounted for her success‐ became company trademark • Attracted many customers and clients
- 7. Turning Point • Introduced first fragrance‐Youth Dew • Was affordable for women and yet luxurious • Sales grew‐in 1950’s Youth Dew was 80% of total sales • Became multimillion dollar industry
- 8. Going International • In 1960’s company began to grow • Added new lines of products • Convinced Harrod’s of London and Paris to feature her products • In mid 1970’s Estee Lauder products were on international market in more than 70 countries “Think locally, act globally” concept personified Estee Lauder’s ambition
- 9. Sweet Success • Company grew in 1980’s and 1990’s to become third largest cosmetics industry in U.S. • Controls 45% of U.S. cosmetics market • Sells in more than 118 countries • $3.6 billion in sales in the last year alone • Owns shares worth $6 billion
- 10. Aim and Ambition • Wanted to inspire women‐ send the message that every woman could be beautiful with Lauder’s beauty creams • Lauder’s creams symbolized “jars of hope” for women trying to find everlasting youth • Wanted her products to be used by the very “best”‐celebrities, famous and important people
- 11. Estee Lauder: Queen of Cosmetics • “I was a woman with a mission and single‐minded in the pursuit of my dream”‐Estee Lauder • Named as a classic entrepreneur • Driven by ambition to become successful and inspire women around the world • Known as one of the cosmetics industry’s most influential people • Known as the “Queen of Beauty”
- 13. Work Cited • Epstein, Rachel. Estee Lauder: Beauty Business Success. New York: Franklin Watts, 2000. • Estee Lauder. The Sweet Smell of Success. 8 Feb. 2010 <http://www.entrepeneur.com> • Grace, Mirabella. "Beauty Queen: Estee Lauder." Time, 8 Feb. 2010; 155‐156 • Severo, Richard. "Estee Lauder, Pursuer of Beauty and Cosmetics Titan, Dies at 97." New York Times. 26 April 2004:A1