Dear Fellow Stockholders,
THE PURSUIT OF BEAUTY
Again this year I had the opportunity to travel the world meeting with our employees, retail customers and consumers, as well as witnessing new trends in beauty and style. These travels reminded me that women globally have a shared ambition-to look and feel their best.
The $37 billion prestige beauty industry is a highly desirable sector of the economy which continues to grow steadily as women and men-from teenagers to baby boomers-pursue their goal of looking good and feeling well.
Prestige beauty seekers share a desire for the latest products and the newest innovations. Whether it's the azurée color story from the Tom Ford Estée Lauder Collection or
the newest scent from Jo Malone, high-end shoppers want tomorrow's best sellers today. They also expect a shopping experience as luxurious as today's prestige beauty products.
Increasingly, the best stores around the world are romancing their top-end customers with concierge-level services. Impeccable and informed service is more critical than ever. Our beauty advisors, consultants and makeup artists are devoted to providing the critical advice, expertise and service that these sophisticated consumers expect.
Our Company motto, "Bringing the Best to Everyone We Touch," is more relevant and important today than ever. The Estée Lauder Companies has retained its leadership position in the prestige beauty industry by setting the standard for excellence and we will continue to support our consumers' beauty aspirations with high-quality beauty products.
I wholeheartedly endorse the strategy that our Chief Executive Officer, William Lauder, details in this report.
This strategy, combined with our passion for excellence, is a winning combination.
Sincerely,
Leonard A. Lauder
Chairman
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