Leonard Lauder, the businessman who built Estee Lauder into one of the world’s biggest cosmetic makers, has died aged 92.
Lauder joined his parents’ company in 1958 and served as chief executive for 17 years. He was an accomplished dealmaker and bought brands including Clinique, Bobbi Brown and MAC.
“He was an icon and pioneer, earning respect worldwide. His energy and vision helped shape our company and will continue to do so for generations to come”, said Stephane de La Faverie, chief executive of Estee Lauder.
The New York-born billionaire had an estimated fortune of $10.1bn (£7.5bn), according to the 2025 Forbes rich list.
Lauder passed away on Saturday surrounded by his family, said Estee Lauder in a statement.
Born in 1933, he was the eldest son of Estee and Joseph Lauder. He served as a lieutenant in the US Navy before joining the family business.
At the time, the firm’s annual sales were less than $1m – about $11m in today’s money. It is now a global cosmetics giant, operating in 150 countries with sales of $15.6bn last year.
Lauder led the firm’s expansion into Europe and Asia and created its first ever research and development laboratory.
He took the company public in 1995, with its share price rising 33% on the first day of trading in New York.
Lauder stepped down as chief executive in 1999. He remained involved with the business and was chairman emeritus until his death.
Celebrities and business people have been paying tribute to Lauder.
Elizabeth Hurley, who got her first modelling job with his company, said on Instagram: “I called him my American Daddy and I can’t imagine a world without him.”
Steve Forbes, editor-in-chief at Forbes Media, said Lauder “lived life well, & his passing is the world’s loss’.”
“His legacy will be felt for generations to come,” said multi-billionaire and former New York mayor, Mike Bloomberg.
Away from business, Lauder was passionate about art. In 2013, he pledged his billion-dollar collection of Cubist artworks to the Metropolitan Museum of Art in New York.
He was also an advocate for cancer research and served as the honorary chairman of the board of directors at the Breast Cancer Research Foundation.
Credit: Source link
