ESTEE LAUDER COMPANIES INC (EL)

The Estée Lauder Companies Inc., founded in 1946 by Estée and Joseph Lauder, manufactures, markets and sells skin care, makeup, fragrance and hair care products. It stewards more than 20 luxury and prestige brands and reaches consumers in approximately 150 countries and territories. The company has been controlled by the Lauder family since its founding; family members beneficially own shares representing about 82% of the voting power of its common stock as of August 12, 2026. In February 2025 it launched a strategic vision called "Beauty Reimagined," and it created the "One ELC" operating model (One Team, One Culture, One Operating Ecosystem) to simplify the organization and speed up decision making and execution.

The company reports results by four product categories: skin care (moisturizers, serums, cleansers, masks, sun care and more), makeup (foundations, lipsticks, mascaras, eyeshadows, brushes and tools), fragrance (parfum, eau de parfum, eau de toilette, candles and fragrance-based body products) and hair care (shampoos, conditioners, styling and hair color). An "Other" category covers royalty revenue from licensing the TOM FORD trademark and ancillary products and services. The brand portfolio includes Estée Lauder, Clinique, Origins, M·A·C, Bobbi Brown, La Mer, Aveda, Jo Malone London, Bumble and bumble, Darphin, TOM FORD (acquired in fiscal 2023), Smashbox, AERIN, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, KILIAN PARIS, Too Faced, Dr.Jart+, DECIEM (The Ordinary, NIOD, Avestan, Loopha), Balmain Beauty, Lab Series and Aramis. The company groups brands as Luxury Brands, and by size as Large Brands (net sales of $1,000 million or more), Scaling Brands ($400 million to under $1,000 million) and Developing Brands (under $400 million). It also makes minority investments, including through New Incubation Ventures, such as in Forest Essentials in India.

Operating as a wholesaler, the company sells through brick-and-mortar and e-commerce channels run by department stores, duty-free retailers, specialty-multi retailers, online pure players, upscale perfumeries and pharmacies, and salons and spas. It also sells direct to consumers through about 1,600 freestanding stores as of June 30, 2026, its brands' websites and third-party online platforms. Online sales come mostly from mainland China, the United States and the United Kingdom. Since July 1, 2025 it has reported four geographic regions: The Americas; Europe, the United Kingdom and Ireland and Emerging Markets (EUKEM); Asia/Pacific; and Mainland China. Marketing centers on distinctive brands, "High-Touch" service, hero products, and integrated media, digital, creator and retail media programs.

The company has wholly owned operations in over 50 countries for marketing, selling and distributing its products, and uses selected distributors in certain other countries. Dedicated sales teams manage retail accounts, and senior management works with major retail partners. It generally accepts returns of products when properly requested and approved. It also integrates social impact and sustainability into its strategy, overseen by the Nominating and ESG Committee of its Board of Directors.