End Of An Era: Leonard Lauder, Who Turned Estee Lauder Into A Global Beauty Empire, Passes Away At 92

He helped transform the business from a handful of products sold under a single brand in U.S. stores to a multi-brand cosmetics and beauty giant.

Estee Lauder (EL) chairman emeritus Leonard Lauder has died, according to a company statement. He was 92.

Leonard, who passed away on Saturday, had joined the company in 1958 and helped transform the business from a handful of products sold under a single brand in U.S. stores to a multi-brand cosmetics and beauty giant.

He served as chairman of the company from 1995 to 2009. Before that, he was president from 1972 to 1995 and chief executive officer from 1982 to 1999.

Leonard was the son of Estee Lauder's founders, Estee Lauder and Joseph Lauder.

The company said in a statement that Leonard developed and implemented innovative sales and marketing programs that revolutionized the beauty industry.

He established the company's first research and development laboratory, introduced professional management at every level, and was the driving force behind Estee Lauder's international expansion, which helped increase the company's sales and profits exponentially.

Estee Lauder went public in 1995.

According to the company statement, Leonard remained deeply involved in the company's acquisition strategy until his death, including the acquisitions of Aveda, Bobbi Brown, Jo Malone London, La Mer, and MAC.

The Lauder family is the largest shareholder of the cosmetics company and controls more than 80% of the voting power, according to The Wall Street Journal.

On Stocktwits, several users posted about his demise, and the retail sentiment for the company remained 'bearish.'

Estee Lauder shares are down 10.2% year to date.

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