Killer Business Advice From Former Chairman of Estée Lauder
Leonard Lauder, the son of Joseph and Estée Lauder, was the chief executive of Esteé Lauder Companies Inc. until 1999. During that time, he was responsible for building Estée Lauder into the beauty behemoth we know today, operating several brands, including Estée Lauder, Clinique, MAC Cosmetics, Aveda, Bobbi Brown, Smashbox, and La Mer. Read on for some business wisdom from the legendary beauty mogul.
Lauder offers MAC, which has the smallest distribution of any Estée Lauder brand, as a prime example of thinking small. “If you take, for example, a company like P&G or Walmart, they would sell between $30 and $50,000 per door. The average sale that MAC would have is about $1,800,00 per store. So if you have a hot brand and you don’t over-distribute, if you hold it tight, that’s thinking small to me.” For all of you aspiring business leaders, consider this business model when your company starts to grow.
It’s one thing to build a great team. It’s quite another to build a team that wants you to succeed. Go the extra mile and acknowledge every team members’ efforts when they do a good job. “I write people little notes congratulating them if they’ve done well,” Lauder tells Fashionista.
Lauder quoted one female account executive on her thoughts about the difference between men and women in the workplace: “You know, all the men I work with, all they want is to get promoted. I don’t care about getting promoted. All I want to do is do the best job possible.” Lauder continued, telling Fashionista that that notion of women really resonated with him. “I love women,” he says. “I want to hire as many women as I can, and if they’re good, they’re really great.”
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Opening photo: courtesy of The Metropolitan Museum of Art