Billionaire Leonard Lauder, the heir to the cosmetics empire, has passed away at the age of 92.
Lost Legend in the Realm of Cosmetics: Leonard Lauder, RIP
Saying goodbye to Leonard Lauder, the visionary ex- CEO of the beauty behemoth Estée Lauder Companies, has left a profound impact on the world of cosmetics and beyond. In a heartfelt announcement by the company, we bid adieu to the remarkable 92-year-old pioneer.
Known as the architect of modern cosmetics, Leonard's tireless dedication left an everlasting mark on the industry. William P. Lauder, his son and Chairman of the company's board of directors, beautifully encapsulated his father's legacy in a poignant statement. He revealed how Leonard, from his humble beginnings joining his mother on sales calls in salons to packing boxes of beauty essentials, gradually transformed into the iconic industry titan he became.
Born to a Jewish family in the bustling city of New York, Leonard followed his mother's footsteps at a young age, nurturing a strong bond with his beloved mother – a bond he would carry throughout his life. After serving as a lieutenant in the US Navy for three years, he graduated from Columbia University's School of Business, setting the stage for his momentous journey ahead.
At 25, in 1958, Leonard joined the still-small Estée Lauder Companies, marking the beginning of an unparalleled era. From a team of mere handfuls and under $1 million in sales, Lauder molded the company into a global empire boasting an impressive portfolio that encompasses Clinique, La Mer, The Ordinary, MAC Cosmetics, and Bobbi Brown Cosmetics, among others.
Throughout his tenure, Leonard donned various hats, serving as President for 23 years, Chief Executive from 1982 to 1999, and ultimately Chairman from 1995 till 2009. His strategic leadership guided the company to new heights, culminating in its successful IPO in 1995 on the New York Stock Exchange at $26 a share. Today, Estée Lauder Companies Inc., now with a market capitalization of approximately $24.3 billion, endures as an undeniably powerful entity in the beauty realm.
Leonard's contributions extend far beyond the corporate sphere. In a 2020 interview with CBS News, he succinctly summarized his aspirations: "He listened ... and he was kind." Indeed, Leonard's personality shone through in every interaction, as exemplified by his personal, often handwritten notes that served as a testament to his warm, engaging spirit.
A trailblazer in the truest sense, Leonard is credited with coining the concept of "the lipstick index" following the September 11 attacks. Resilience personified, he observed a fascinating phenomenon: during economic downturns, women surprisingly tended to gravitate towards more affordable beauty picks, such as lipsticks, as a means of self-care and mood-boosting self-indulgence. This insight revolutionized the industry's understanding of consumer behavior and has since become an enduring industry axiom.
One can't discuss Leonard Lauder's life without acknowledging his philanthropic initiatives. From cultivating a remarkable 78-piece collection of cubist art, donated to the Metropolitan Museum of Art in a historic single philanthropic gift, to his establishment of a research center for modern art at the Met, Leonard's generous spirit transcended the corporate realm.
A committed cancer research advocate, Leonard served as an honorary chairman on the Breast Cancer Research Foundation's board of directors. Together with his brother Ronald, he founded the Alzheimer's Drug Discovery Foundation in 1998, working tirelessly to support drug research aimed at preventing, treating, and curing the debilitating disease.
Leonard Lauder's impact will continue to ripple through generations, thanks to his unwavering philanthropy, advocacy, and groundbreaking creativity. His compassionate leadership touched countless lives, making an indelible mark on society as a whole.
In memory of this extraordinary individual, we celebrate Leonard Lauder's remarkable life and cherish the enduring legacy he leaves behind. He is survived by his loving wife, Judy Glickman Lauder, and sons William and Gary.
- Leonard Lauder's legacy as a philanthropic figure is evident in his donation of a 78-piece collection of cubist art to the Metropolitan Museum of Art.
- With a remarkable career spanning decades, Leonard Lauder played a pivotal role as the President, CEO, and Chairman of the Estée Lauder Companies, overseeing its transformation into a global powerhouse in the beauty industry.
- Leonard Lauder's identity extended beyond business, with a strong focus on diversity and inclusion, serving as honorary chairman on the Breast Cancer Research Foundation's board of directors.
- A champion of thoughtful leadership, Leonard Lauder displayed kindness and empathy in all interactions, as demonstrated by his personal, handwritten notes.
- As part of his crusade for innovation, Leonard Lauder coined the concept of the "lipstick index," a vital perspective on consumer behavior that enhanced understanding within the fashion-and-beauty sector.
- Leonard Lauder's approaches to finance, entrepreneurship, and wealth management fostered the growth of a small business into a billion-dollar enterprise on the New York Stock Exchange — the Esteé Lauder Companies Inc.
- In addition to his business endeavors, Leonard Lauder made substantial strides in career development and personal finance, especially in the housing market, as evidenced by his philanthropic initiatives aimed at cancer research and the support of drug research for Alzheimer's disease.
