Extended Essay: Business and

Management

TITLE: Estee Lauder’s growth

between 2010 and 2015

RESEARCH QUESTION: Why did

Estee Lauder decide to acquire a
Smashbox Cosmetics in a year of
reduced financial performance?

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Introduction

Estee Lauder is one of the most successful companies and one of the market leaders in

the cosmetics industry. Since it was founded in 1946 by Estee Lauder and her husband the

company expanded across the world further developing new brands or purchasing new ones

and reaching profits of billions of dollars.

The company started as a small business in New York, The United States and was originally

selling four skincare products relying mainly on word of mouth promotion.

The 1960s especially marked a crucial growth period for the brand. During this decade the

company started the construction of three manufacturing facilities and expanded overseas

starting from the United Kingdom which will soon become a core market. Furthermore, the`

company developed two major brands which proved to be revolutionary. Hence, Aramis became

the first prestigious man fragrance brand and Clinique revolutionized the industry by introducing

fragrance-free skincare products that were anti-allergenic. The brands and products

implemented by Estee Lauder helped the brand revolutionize the industry and become one of

the most successful companies in cosmetics history.

Methodology

This essay will focus on the analysis of the strategy that was used by Estee Lauder to recover

after the recession and reinforce its position as one of the top cosmetics companies worldwide. 

First, the performance of the company will be calculated using the financial ratio analysis for

2010 and the following years. Next, the market competition will be evaluated using Porter’s Five

Forces analysis.

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The market mix and market segmentation of the company will be as well discussed.

Furthermore, important aspects such as the branding strategy and the expansion strategy of the

business will be explored in order to determine to what extent are they contributing to the

success of the company.

The essay will also take into consideration the internal and external factors that have an impact

on the development of the company. For the evaluation of these factors, PESTLE, SWOT and

Porter’s Five Forces analysis will be utilized.

The company expanded tremendously in the past 60 years and Estée Lauder Co. is now a huge

empire of beauty, owning 25 major brands such as Bobbi Brown, MAC, Jo Malone, Clinique,

Creme de la Mer, Tom Ford and Origins and selling their products in 150 countries. Up until the

Great Recession in 2009, the company has registered a constant growth of sales and revenue.

During the Great Recession in 2009 and 2010 the company experienced a drop in the net sales

for the first time in its history. This period was followed by 5 years of accelerated growth when

the company closed 10 acquisitions adding them to the list of the 21 brands previously owned. It

was interesting to research the implementation of such bold strategic decision, to buy new

businesses and try to rise again, despite the decline in sales. To focus more, only the

acquisition of one business will be taken into consideration. That is why, this essay is going to

answer the question Why did Estee Lauder acquire Smashbox cosmetics in a year of reduced

financial performance?

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Analysis
1. RATIO Analysis 1
In order to provide a background information for the activity of the company, ratio analysis can be
performed. It will show historically the financial position of Estee Lauder before the acquisition of
Smashbox Cosmetics. Profitability, liquidity and efficiency ratios are going to be used to evaluate the
performance of the business.

Liquidity Ratios
2.5

1.5

0.5

0
2009 2010 2011 2012 2013 2014

Current ratio Column1

The liquidity ratios graph shows how the current ratio registered a minimum point in the year 2012
followed by a more accelerated growth in the two following years. A low value of the current ratio
indicated that the company may find it more difficult to pay for the short term debts. In 2013 and 2014
the value of the ratio significantly increased reaching values of 2.22 and 2.43. Although the growth may
be beneficial for the company as it indicates high liquidity and capacity to pay short term debts in a
short period of time a higher value can implies that the company holds too much liquid money or stock
that could be otherwise used more efficiently. The quick ratio presents more constant values as opposed
to the current ratio suggesting that the discrepancies registered in the current ratio are caused by
inconsistencies in the amount of stock owned by the company.

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 REVENUE
GROSS PROFIT
12,000.00

10,000.00

8,000.00

6,000.00

4,000.00

2,000.00

0.00
2009 2010 2011 2012 2013 2014

REVENUE COST OF GOODS SOLD GROSS PROFIT2

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 Profitability Ratios

2014

2013

2012

2011

2010

2009

0 10 20 GPM 30
Series 3 40
Return 50
to asset 60to equity 70
Return 80 90

The profitability ratios show how the performance of the business increased gradually up until the year
2012 as all the ratios recorded higher values. In 2013 and 2014 the values of the ratios stagnated
registering very little change. The net profit margin especially, shows a bigger difference in values
growing from 6.47 to 8.99 between the 2010 and 2012. The growth is relatively larger than the growth
of the gross profit margin fact that indicates that the values of taxes and interest decreased during the
given time period.

Calculate % difference.

Leverage

2009 2010 2011 2012 2013 2014

Debt-to-Assets: Total Debt / 67.85 63.16 58.33 57.81 50.75 50.82
Total Assets
Debt-to-Equity Total Debt / 2.111 1.716 1.37 1.399 1.098 1.033
Equity
Long-term Debt-Equity ratio 83.41 91.48 63.6 62.59 57.80 50.20
Long-term debt / Equity

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The Debt-to-Asset ratio shows an increase in the company’s ability to pay off debts by selling assets.
Before 2013 the company was more reliant on debt. However, in the last two years all the ratios
recorded a significant decrease proving a more efficient functioning of the company.

Activity

2009 2010 2011 2012 2013 2014

Asset turnover revenue/ 1.414 1.46 1.40 1.47 1.42 1.39
asset
Inventory turnover cost of 2.366 2.21 1.94 2.02 1.82 1.66
goods sold/ average
inventory
Total asset turnover ratio 1.41 1.46 1.40 1.47 1.42 1.39
Net sales/ Total assets

The ratio analysis shows that even though the company purchased companies after a period of financial
decrease, the performance of the business improved, all ratios indicating a positive development over
the years proving a good and efficient development of the business.

PORTER’S FIVE FORCES ANALYSIS

1. Competitors

Estee Lauder currently operates in a multitude of different branches of the cosmetics industry

fighting against well established companies. In the makeup segment the most important

competitors are brands such as L’oreal, Avon or Revlon

(https://www.owler.com/company/elcompanies). However, Estee Lauder competes also against

more atypical companies such as Procter&Gamble, Unilever or Colgate-Palmolive. As the

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cosmetics market is quite wide presenting a somewhat limited range of products the competition

represents an important threat for the company (https://www.essay48.com/term-paper/12868-

Estee-Lauder-Swot-Analysis). The targeted customer has to choose between a multitude of

products that essentially serve the same purpose but are produced by different companies. For

this reason, in order to keep the stable position on the market, Estee lauder has to rely on

innovation and good marketing. Another important aspect is the presence of really old

companies. Brands such as Colgate-Palmolive which have been operating on the market for the

past 200 years (https://www.colgatepalmolive.com/en-us/about/history) have an important number

of loyal customers around the globe. Furthermore, one important disadvantage the company

has is that the majority of the competition offer range of products which are more affordable and

accessible to the average consumer. In order to keep the prestigious image of the company

Estee Lauder only presents more expensive products targeted at customers with medium to

high or high incomes (https://snapshot.numerator.com/brand/estee_lauder). Conclusively, the

existing cosmetics market is a quite competitive one. In the past decades the competitively

highly increased as many new brands appeared on the market. Estee Lauder had to adapt

throughout the years to the new trends, demographics and competitive brands.

2. Threat of substitute products

As Estee Lauder markets its name as prestigious and only sells high priced products, the

competition, brands such as Loreal and Revlon are able to take advantage and introduce similar

products at lower prices. Taking as an example foundation, the products offered by Estee

Lauder and Loreal perform similarly but have completely different price points. Estee Lauder’s

most bought foundation is sold for $43(https://www.esteelauder.com/product/643/22830/product-

catalog/makeup/face/foundations/double-wear/stay-in-place-makeup#/shade/0N1-Alabaster---Neutral-

Undertone) while the product from L’Oréal costs $14.99

(https://www.lorealparisusa.com/products/makeup/face/foundation-makeup/infallible-24-hour-fresh-

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wear-foundation-lightweight.aspx?shade=390-snow) These aspect has helped L’oreal to be a

market leader for many years, surpassing the sales of Estee Lauder. (https://www.loreal-

finance.com/en/annual-report-2018/cosmetics-market-2-1/)

3. Potential entry of new competitors

In the past decade the cosmetics market has been an intensively competitive one. New firms

enter periodically trying to penetrate the market and attract customers. Brands such as Lush,

The Body Shop or Skin foods can represent a threat to the already established company

affecting their sales and profits. The new brands are often more appealing to the customers as

they enter with innovative ideas, lower prices or better quality products. A common

phenomenon is that once the customer is satisfied by the new product they will continue

purchasing it and abandon their previous options.

Another threat is represented by old brands entering new markets where Estee Lauder is

operating. These brands that are already well known in other market segments will attract some

customers determining a decrease in the sales of Estee Lauder. Give an example of that.

In spite of the new threatening competition Estee Lauder manage to remain relevant on the

market by acquiring new brands under its name that appeal to the younger generations such as

MAC cosmetics or GlamGlow. Moreover, the company’s method of using celebrities to market

their products has also determined good sales performance. To write later on that perhaps this

was why estee lauder became successful again, because they acquired companies, which can

be added to their product portfolio, thus satisfying different price ranges and different needs.

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 4. Bargaining power of consumers

Consumers play an important role on the market and the main goal of the company should be to

satisfy their needs. Estee Lauder is constantly doing market research in order to be able to

predict the products that the customers will search for in the future. In the past the company

predicted a drop in the number of young people interested in Estee Lauder products. For this

reason, the company purchased brands that attracted the younger generations such . Thus,

Smashbox was purchased in 2010, followed by Glamglow in 2015 and Too Faced in 2016.

5. Bargaining power of suppliers

The suppliers represent an important factor that determine the performance of the business in the

market as they can determine the quality of the products and the time of the production, one important

benefit of Estee Lauder is that it owns manufacturing facilities as well as its own delivering service in

some of the most important countries it operates in. This allows the company to have control over the

quality of their products and reduce the involvement of third party companies that may affect the

customer’s experience.

https://www.inc.com/news/articles/2010/05/estee-lauder-acquires-smashbox.html

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The acquisition of Smashbox

Figure 1.1 Estee Lauder brands (2015)

The figure 1.1 shows all the brands owed by Estee Lauder as of 2015. Smashbox was the first
brand to be acquired after the great recession in 2010 when the company was experiencing a
decrease in net sales. Smashbox was well established on the market if you can write something
about the position of Smashbox on the market; for how much they bought it and Estee Lauder’s
acquisition further facilitated its growth. Smashbox’s position on the market and its entry-point
prices allowed Estee Lauder to develop the range of brands with are less luxurious appealing to
younger demographics. Furthermore, the company covered the market’s need for slightly
cheaper products due to the economic problems which were unfolding at the time.
Smashbox fitted into the Estee Lauder company, being a high-potential brand with a unique
identity and purpose which is conserved by the company. Throughout the years they managed
to spread evenly on the position map, their uniquely-positioned brands targeting a wide range of
customers. Estee Lauder’s main disadvantage is that unlike its most important competitors such
as Avon, L’oreal or Colgate-Palmolive, the company markets its products and brands as
prestigious, setting higher prices. Having in mind this aspect acquiring brands with a lower price
point but with a high quality that doesn’t affect the brands image was most probably an
adequate strategy. Perhaps they wanted to appeal to another market segment, plus to widen
their product portfolio.

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Additionally, Smashbox’s position on the market was probably improved because of the enhanced
channels of distribution, like (or such as) furthermore favorable for Estee Lauder as the brand has fast
growing retail channels such as TV shopping and open-sell store formats such as Ulta or Sephora. This
retail method is more appealing to the younger demographics a market segment which is not attracted
by the most of Estee Lauder brands such as Clinique that has a very traditional products or Bobbi Brown
or Tom Ford Beauty that have more luxurious products and high prices. 2

Also, the company’s biggest competitor is MAC cosmetics a brand owned by Estee Lauder. The two
brands have a similar target market but have a different vision and approach to their products.
Therefore, the acquisition of Smashbox was advantageous as Estee Lauder could monopolize the sales in
that market segment.3

Estee Lauder’s branding strategy is based on prestige the company only selling high quality products and
working with well-known suppliers. The fact the company owns it one manufacturing facilities as well as
shipping services allows it to have total control and ensure the best quality of their products. Estee
Lauder owns manufacturing and/or production facilities all over the world in the most economically
developed areas of the geographical regions such as the western countries in Europe, Hong Kong, South
Korea or Japan in Asia and Rio de Janeiro in South America.

2
https://wwd.com/beauty-industry-news/beauty-features/estee-lauder-cos-to-aquire-smashbox-3075862/
3
https://www.reuters.com/article/us-esteelauder-smashbox/estee-lauder-to-buy-smashbox-makeup-brand-
idUSTRE64G4PN20100517

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https://www.elcompanies.com/en/who-we-are/global-operations#/Manufacturing/Est%C3%A9e
%20Lauder%20Companies

Figure 2 Estee Lauder position map

To say something like, on this position map can be observed that Estee |Lauder has products in every
segment and give examples

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 Estee Lauder's Market Segmentation

By
By
By Category Distribution By Gender
Geography
Channel

- Skin care products - Retail Sales -Men Americas

-Hair care products - Online Sales - Women Europe
- Deodorants Middle East &
-Make up and Color Africa
Cosmetics Asia/Pacific
-Fragrances
-Others

Figure 3

As presented in Figure 3 Estee Lauder’s brands offer a wide range of high quality products, covering all
the cosmetics branches, and satisfying all the needs of the average customer. The products are
marketed as versatile and are presented in high quality packaging giving the customer the impression of
a good investment and raising the chances of people to by their products again and become loyal to the
company.

The company wants to position itself as The company insists on using only the most prestigious retailers
such as Sephora or Jo Malone in order to be associated with the highest standards and quality of
products4. The company also possesses websites for all their brands and runs multiple social media
accounts. Unlike its competitors such as L’Oréal, Estee Lauder does not sell its products in drugstores
and has higher prices that start from $25.

Finally, Estee Lauder operates in countries all around the world its main markets being The Americas,
Europe and the Middle East and Asia and Pacific. The company adapted to the different markets
acquiring specific brands from the area that are familiar to the demographics and satisfy the people’s
needs.

4
https://www.elcompanies.com/en/who-we-are/retail-channels/in-store-experiences

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Furthermore, most of their production facilities are based in developed countries such as The
United States or Europe. In Africa, Asia and South America the company effectuates the
production process in the most economically developed countries of the area such as Chile,
South Korea and South Africa

Throughout the years Estee Lauder kept expanding the possessed range of brands following

the example of other strong competitors in the market. In the past decades L’Oréal was the

number one company on the market as it includes a high number of brands and incorporating a

wide range of prices targeting customers of all ages and wage level.

Much of Estee Lauder success is determined by the company’s ability to adapt to the ever-

changing market. An important strategy that helped Estee Lauder keep its relevancy are the

regular acquisition the company is making. Out of the total of 31 brands the company

possesses, ten, 32%, were purchased between the years 2010 and 2015. The brands

acquisitioned were Smashbox, Ermenegildo Zelna, Aerin, Osiao, Marni, Tory Burch, Rodin. All

of the brands purchased are producing high quality or luxurious products and were rising in

sales at the moment of the acquisition. Thus, Estee Lauder relies on external methods of growth

preferring to acquire the brands they are interested in taking control over their operations and

profits. This method of expansion is advantageous for the company as it can be done in a short

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period of time. It seems they are acquiring well developed, profitable companies, which

immediately will bring more revenue and help in the growth and strength of the company.

PESTLE Analysis5
Estee Lauder benefited from a wide range of favorable factors since the beginning of the

company. The business started in New York, United States, an area with powerful economy

where the relatively high wages received by the average individual allowed them to invest on

more luxurious products. The economy of the countries where Estee lauder operates is

generally characterized by stability. The company’s profit dropped during the 2009 recession

marking the first time since the launch in 1946 when the company didn’t have a growth of net

sales. In 2011, after the recession passed and the economy retook its normal values the profits

of Estee Lauder started to grow again surpassing the highest point reached in 2008. Moreover,

the company had a possibility to put a patent and copyright over their products preventing the

competition from launching similar products increasing the competition on the market for Estee

Lauder.

Furthermore, economical factors have been as well mainly advantageous as the

capitalist economy of most of the states where the company operates is favorable for the

development of the business. After the expansion to Asia, the company introduced the business

to socialist economies. The expansion to these countries was further profitable as the

demographics and the already achieved brand recognition facilitated high sales.

Taking into consideration the social aspects, Estee Lauder benefits from a favorable

demographics all over the world. As the company has a very broad range of products many

generations of both women and men are targeted by the marketing campaigns and are loyal to

the business. As social media represents an important element of today’s society the publicity

brought by people with high numbers of followers further increased the sales. Social media has

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although certain disadvantages as people are able to bring bad reputation over some products

that may not satisfy their needs. In spite of the fact that the company is not vegan 6 or cruelty-

free, attributes requested in today’s American market Estee Lauder continues to support social

causes such as the most recent Viva Glam campaign started by the affiliate brand MAC

cosmetics that is raising funds for research regarding the development for AIDS treatment.

Finally, Estee Lauder had always been trying to keep up with the new technology. The

company was a pioneer in e-commerce, launching their first websites for the brands Clinique

and Bobbi Brown in 1996. Two years later a website containing all the company’s brands was

also introduced. The rapid adaptation to new technology has made the products more appealing

to the new generations. Over the last decades the rapid growth of technology represented a

challenge for the old, already established company. Estee Lauder however managed to remain

relevant purchasing new revolutionary brands (EXAMPLES) that kept the company relevant and

active on social media. Additionally, further technological advancements simplified the process

of production allowing the company to gain economies of scale and reduce the manual labor.

This process enhanced the profits as the company was able to spend less money on production

while keeping the same prices in the stores.

SWOT Analysis
An essential requirement for keeping the business on the top of the market is to constantly

consider the SWOT analysis making sure that the weaknesses don’t put the business at risk

and that the threats don’t create hazardous situations. Furthermore, the strengths and

opportunities should be exploited at their maximum to facilitate the business’ growth.

Strengths  Weaknesses

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https://veganrabbit.com/brands/estee-lauder/

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  strong brand equity  products portfolio is

 the growth reflected through financial specialized

parameters  ownership within family

 distribution channels

 product quality and superior marketing

techniques

 reliable dealers

Opportunities Threats

 the emergence of new markets  counterfeit products

 favorable demographics  rising cost challenges

  complaints and boycott7 

Firstly, one essential aspect is that the company is benefiting from a wide range of strengths

that outnumber the weaknesses. The strong brand equity has been one of the most powerful

factors that determined the company’s success across the decades. The good quality products

marketed in an effective way with the support of celebrities provided the company with a

constant number of loyal customers. The company controls both the manufacture and the

distribution of their products which enables them to have a wider range of control and not rely

on third-party companies do deliver the products. This advantage decreases the margin of risk

as the company can ensure the means and conditions of transportation of their products making

sure they maintain the highest quality when reaching the customers or the retail stores. All these

aspects reflect in the company’s finances as Estee Lauder shows constant growth since it was

founded in 1946. The company is hence acknowledged by both competition and customers as

being at the top of the industry. Additionally, the brand has further gained recognition as it was

7
https://www.swotandpestle.com/estee-lauder/

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associated with different public figures and started multiple humanitarian campaigns tackling

issues such as breast cancer.

Moving forward to the weaknesses of the company, Estee Lauder demonstrates a significantly

low number of weak points that are managed adequately. Firstly, although the business is solely

specialized in the cosmetics industry, it has managed to spread its products across many types

of different clients. The brands owned by the company offer skincare, haircare, and makeup

products and are targeting a wide range of consumers both male and female and of different

generations. Therefore, although the company limited itself by operating only in the cosmetics

industry this clear focus has enabled them to master the market and to aim for the top.

Another aspect that may be considered a weakness is the fact that Estee Lauder remained a

family business for many years. in spite of the fact that this has allowed the owners to have

increased control over the company’s operations and finances, it has deprived them of external

points of view and ideas that could have revolutionized the company, as well as external

sources of finance. Although Estee Lauder was indeed a private limited for many years, the

company went public in 1995 the decision further accelerating the growth.

Furthermore, over the years the company managed to take advantage of its opportunities. The

expansion to Europe and later to Asia proved as highly profitable and marked turning points in

the history of the business. The company quickly adapted to the needs of the new market and

introduced new products.

Conclusion

Estee Lauder is a really successful global makeup company that performed extremely well

throughout the years continuing to expand their existing brands but also acquiring new

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companies that would expand its target market. The company has as its main disadvantage the

fact that unlike its most successful competitors such as L’Oréal it has a prestigious image to

keep restraining from selling cheap products or being involved exclusively with esteemed

retailers. In order to start being more appealing to the younger demographics the company

acquired brands such as Smashbox or GlamGlow that sell quality products that don’t affect the

company’s image but have lower prices than other cosmetic brands of the company such as

Bobbi Brown or Estee Lauder. Conclusively, the Smashbox acquisitions and the ones made in

the following years were favorable for the company that owns companies evenly distributed on

the position map (Figure 2). The acquisition of Smashbox help Estee Lauder to position itself in

a different quadrant in the Position map, thus appealing to a different market segment. It started

variation and it widened the portfolio of the company. Additionally, it helped in spreading the risk

of failure. In case some of the products or brands are not that successful, others might be, so

anyway they can bring revenue, which can cover some of the losses of other products or brands

from the family.

https://www.ukessays.com/essays/marketing/a-strategic-analysis-of-estee-lauder-marketing-
essay.php

https://www.elcompanies.com/en/news-and-media/newsroom/press-releases/2009/08-13-2009

REFERENCES

Liquidity Ratios

2009 2010 2011 2012 2013 2014

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 Current Ratio: 2.03 1.98 1.89 1.81 2.22 2.43
Current assets /
current liabilities

Quick Ratio: (current 1.50 1.50 1.38 1.51 1.73 1.71

assets-inventory/
current liabilities)
Formula
(Appendix 1)

2009 2010 2011 2012 2013 2014

Revenue 7323.8 7795.8 8810.0 9713.6 10181,7 10968.8
Cost of the goods 1881.6 1829.4 1936.9 1995.8 2025.9 2158.2
sold
Gross profit 5442.2 5966.4 6873.1 7717.8 8155.8 8679.8
(Appendix 2)

2009 2010 2011 2012 2013 2014

Gross Profit Margin: 74.30 76,53 78,01 79,45 80,10 80,32
Gross profit /Sales
Revenue
Net Profit Margin: Net 4.32 6,47 8,35 8,99 9,84 10,37
profit /Sales Revenue
Return to assets: Net 6.12 9,04 11,21 13,05 14,32 15,36
Profit/Total assets
Return to equity: Net 18.76 24,75 26,77 31,48 31,14 31,36
profit/ total equity
(Appendix 3)

Bicliography:

“The Estée Story.” – The Estée Lauder Companies Inc., 25 July 2017,
www.elcompanies.com/en/who-we-are/the-lauder-family/the-estee-story.

“Estee Lauder Financial Ratios for Analysis 2005-2020: EL.” MacroTrends,

www.macrotrends.net/stocks/charts/EL/estee-lauder/financial-ratios.

The Estée Lauder Companies Inc. Annual Report 2010 . 2010, The Estée Lauder Companies Inc.
Annual Report 2010 , www.elcompanies.com/en/investors/earnings-and-financials/annual-
reports.

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“Estee Lauder SWOT Analysis / SWOT Matrix.” Essay48, Dec. 2018, www.essay48.com/term-
paper/12868-Estee-Lauder-Swot-Analysis.

“History.” Colgate, www.colgatepalmolive.com/en-us/about/history.

“Estee Lauder Companies Inc's.” CSIMarket, 2019, csimarket.com/stocks/compet_glance.php?

code=EL.

“Our Brands.” – The Estée Lauder Companies Inc., www.elcompanies.com/en/our-brands.

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