For the Estée Lauder Cos., success comes not from keeping up with the pace of change — but leading it.
Lauder ticks off other disruptive periods when the company was able to seize the moment and create lasting change, like the department store consolidation and bankruptcies of the mid to late ’80s that led the firm to create a brand with its own freestanding stores and then jump on the digital bandwagon and create an e-commerce division in the earliest days of the internet back in the ’90s.
“Having gratitude allows us to determine what are the things we need to preserve to create more energy for the future. That is an important concept, because otherwise it is a celebration without meaning,” he continued. “I believe that in this post-COVID moment, it is important to bring this energy together and motivate people, to create a new sense of positive energy for the future. That is my goal.
While COVID-19 and the global wave of lockdowns negatively impacted Lauder, as it did most companies, Tracey Travis, executive vice president and chief financial officer, noted that the enterprise effectively navigated the rough terrain.
“Going from 130 cities to many more will take years and bring years of growth,” said Freda. “This consumer, in that time, will have the opportunity to buy online, and that will also bring growth. China is a unique market.”
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