Estée Lauder Companies was a technologically advanced, innovative company which gained a worldwide reputation for elegance, luxury and superior quality. Estée Lauder Companies, Inc. which founded in 1946 is a U.S manufacturer and marketer of skin care, cosmetics, hair-care and fragrance products. The company’s headquarters are in Manhattan, New York City. The company launched with four products under its flagship brand but over the decades, the business has grown alongside its reputation for elegance and quality. One of the platforms that Estée Lauder discovered was in 1968, with the launch of Clinique Laboratories Inc. and hence become the first company with a line of products that were allergy tested and 100 percent fragrance free. Estée Lauder acquired more brand licensing of names such as Tommy Hilfiger, MAC, Bobbi Brown, LaMer, Kiton fragrances, Donna Karan, and Aveda. And, in 1983 their product were introduced in the Soviet Union.
In 1998, Estée Lauder began selling a variety of products over the Internet and was one of the first major cosmetics firms to offer online shopping. A new division called ELC Online was created to manage all online strategies and activities for all of its brands. During this same time frame other acquisitions included Jo Malone, Stila Cosmetics, and Gloss.com. New York-based Bumble and Bumble LLC was acquired. In 2003, Darphin and Rodan + Fields were acquired and a license with Michael Kors was signed shortly afterward. In 2004, the company’s teen-oriented Jane business was sold and Estée Lauder launched Beauty, Flirt, and Good Skin through its BeautyBank division, followed by Grassroots in 2005 and Daisy Fuentes in 2006.
The year 2006 also saw license agreements with Sean John, Missoni, and Donald Trump, and the Stila brand was sold. Today Estée Lauder Companies has 26 brands, sells products in over 130 countries and territories, and employs over 22,000 people worldwide. Estée Lauder has now annual revenues of more than $5 billion.
“Bringing the best to everyone we touch”
Estée Lauder’s vision statement is easy to understand clearly inspiring but we noticed that it lacks specification, does not clearly stating what the company envisions for itself. Also, the vision statement does not provide a foundation for their mission statement which is not ideal in strategic management.
Proposed Vision Statement:
“Reaching customers heart and mind by delivering the promise of ‘forever young” opening the gate to market leadership in the cosmetics industry"
Our proposed vision statement clearly stated the three aspects including reaching costumers heart and mind which is reiterated by promising to deliver the promise that Estée Lauder’s individual products brings with it, of being young forever which will eventually lead to market leadership in global cosmetics industry.
We are a family company committed to working together with uncompromising ethics and integrity. We strive to always:
• Provide customers with innovative cosmetic products of the highest quality.
• Deliver outstanding service by treating each individual as we ourselves would like to be treated.
• Create an environment that fosters personal growth and well being.
• Build partnerships with our suppliers, retailers and colleagues based on fairness and trust.
• Enhance our reputation of image, style and prestige.
• Pursue profit, but never at the expense of quality, service or reputation.
• Eliminate waste and reduce inefficiencies in order to provide maximum value to our customers.
• Be responsible citizens in every community we serve.
Components of Mission Statement:
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