Leonard Lauder, the man who made Estée Lauder one of the world's biggest cosmetic makers, died at the age of 92.
According to BBC, cosmetics giant Estée Lauder Companies announced that the eldest son of cosmetics pioneers Estée and Joseph H. Lauder passed away on Saturday surrounded by his family.
Leonard’s son William P. Lauder, who serves as chairman of the company’s board of directors, stated, “Throughout his life, my father worked tirelessly to build and transform the beauty industry, pioneering many of the innovations, trends, and best practices that are foundational to the industry today.”
Leonard Lauder: An ‘icon and pioneer’
Lauder joined his parent’s company at the age of 25 in 1958 and served as chief executive for 17 years. He soon became an accomplished dealmaker and acquired brands including Clinique, Bobbi Brown and MAC.
He served as a lieutenant in the US Navy before joining the family business. When he joined the company, the annual sales of the firm were less than $1m, about $11m in recent times. But now Estée Lauder is a global cosmetics giant with sales of $15.6bn last year.
Stephane de La Faverie, chief executive of Estée Lauder, said, “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.”
Lauder expanded the business into Europe and Asia, and it is now operating in 150 countries across the globe.
The New York-born billionaire with an estimated net worth of $10.1 bn (£7.5 bn) stepped down as the chief executive in 1999 but remained involved in the business as chairman emeritus until his death.
