−Removed: The Estée Lauder Companies Inc., founded in 1946 by Estée and Joseph Lauder, is one of the world’s leading manufacturers, marketers and sellers of quality skin care, makeup, fragrance and hair care products.
+Added: The Estée Lauder Companies Inc., founded in 1946 by Estée and Joseph Lauder, is one of the world’s leading manufacturers, marketers and sellers of quality skin care, makeup, fragrance and hair care products, and is a steward of luxury and prestige brands globally.
Our products are sold in approximately 150 countries and territories under a number of well-known brand names including:
−Removed: Estée Lauder, Clinique, Origins, M·A·C, Bobbi Brown, La Mer, Aveda, Jo Malone London, Too Faced, Dr.Jart+, and The Ordinary.
−Removed: We are also the global licensee of brand names for fragrances and/or cosmetics, including Tom Ford and AERIN.
+Added: Estée Lauder, Clinique, Origins, M·A·C, Bobbi Brown Cosmetics, La Mer, Aveda, Jo Malone London, TOM FORD, Too Faced, Dr.Jart+, and The Ordinary.
+Added: We are also the global licensee of the AERIN and BALMAIN brand names for fragrances and cosmetics.
Each brand is distinctly positioned within the market for cosmetics and other beauty products.
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We believe that our strategy of pursuing selective distribution heightens the aspirational quality of our brands.
−Removed: For a discussion of recent developments relating to the COVID-19 pandemic, see Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations – Overview .
We have been controlled by the Lauder family since the founding of our Company.
Members of the Lauder family, some of whom are directors, executive officers and/or employees, beneficially own, directly or indirectly, as of August 11, 2023, shares of our Company's Class A Common Stock and Class B Common Stock having approximately 84% of the outstanding voting power of the Common Stock.
−Removed: Skin Care - Our broad range of skin care products addresses various skin care needs.
−Removed: These products include moisturizers, serums, cleansers, toners, body care, exfoliators, acne care and oil correctors, facial masks, and sun care products.
+Added: Skin Care - Our broad range of skin care products address various skin care needs.
+Added: These products include moisturizers, serums, cleansers, toners, body care, exfoliators, acne and oil correctors, facial masks and sun care products.
Makeup - Our full array of makeup products includes lipsticks, lip glosses, mascaras, foundations, eyeshadows, nail polishes and powders.
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Hair Care - Our hair care products include shampoos, conditioners, styling products, treatment, finishing sprays and hair color products.
−Removed: Other - We also sell ancillary products and services.
+Added: Other - We also sell ancillary products and services that do not fit the definition of skin care, makeup, fragrance, and hair care.
+Added: The other category also includes royalty revenue from our licensing of the TOM FORD trademark to third parties since our fiscal 2023 acquisition of the TOM FORD brand.
Given the personal nature of our products and the wide array of consumer preferences and tastes, as well as competition for the attention of consumers, our strategy has been to market and promote our products through distinctive brands seeking to address broad preferences and tastes.
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Beauty brands are differentiated by numerous factors, including quality, performance, a particular lifestyle, where they are distributed (e.g., prestige or mass) and price point.
−Removed: Below is a chart showing most of the brands that we sell and how we view them based on lifestyle and price point:
+Added: Below is a chart showing the brands that we sell and how we view them based on lifestyle and price point:
Estée Lauder brand products, which have been sold since 1946, have a reputation for innovation, sophistication and superior quality.
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Lab Series, introduced in 1987, is a series of high performance, specialized skin care solutions uniquely created to improve the look and feel of men’s skin.
−Removed: Introduced in 1990, Origins is known for high-performance natural skin care that is “powered by nature and proven by science.” The brand also sells makeup, fragrance and hair care products and is distributed primarily through online, specialty-multi and freestanding Origins stores.
+Added: Introduced in 1990, Origins is known for high-performance natural skin care that is “powered by nature and proven by science.” The brand also sells makeup and fragrance products and is distributed primarily through online, specialty-multi and freestanding Origins stores.
Origins has a license agreement to develop and sell beauty products using the name of Dr.
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The brand is distributed primarily through high-end independent pharmacies and online brand and retailer channels.
−Removed: In 2005, we entered into a license agreement to develop and distribute luxury fragrances and beauty products under the Tom Ford brand name, all shaped with Tom Ford’s vision to be the first true luxury brand of the 21 st century encompassing fashion, fragrance and accessories.
−Removed: In the same vein as the fashion brand, Tom Ford Beauty exudes seductive modern-day glamour and includes luxury fragrance, color cosmetics, men’s grooming products and skin care products for discerning consumers globally.
+Added: On April 28, 2023, we acquired the TOM FORD brand and related intellectual property.
+Added: The TOM FORD brand is a luxury brand created in 2005, encompassing fashion, fragrance, eyewear and other accessories.
+Added: From 2005 until the closing of the acquisition, we developed, manufactured and distributed luxury fragrances and beauty products as a licensee.
+Added: As the current owner and steward of the brand, we are continuing with the beauty products and have licensed the fashion brand and operations and eyewear to third parties.
+Added: Consistent with the fashion brand, our products exude seductive modern-day glamour and include luxury fragrance, color cosmetics, men’s grooming products and skin care products for discerning consumers globally.
Acquired in 2010, Smashbox Cosmetics is a Los Angeles-based, photo studio-inspired makeup brand with high performance products created for our consumer’s everyday life in the spotlight.
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Its portfolio includes The Ordinary, an ingredient-focused brand, and NIOD, a science-driven skin care brand.
−Removed: In fiscal 2021, we made the decision to exit the global distribution of BECCA products, a makeup brand we acquired in 2016 and substantially completed this exit during the fiscal 2022 first quarter.
−Removed: We previously announced that we would not be renewing our license agreements for the Donna Karan New York, DKNY, Michael Kors, Tommy Hilfiger and Ermenegildo Zegna product lines when their respective terms expire in June 2023.
−Removed: We have since negotiated early termination agreements with each of the licensors effective June 30, 2022 and continued to sell products under these licenses until such time.
−Removed: We are working with the licensors and their respective new licensees, where applicable, to transition the business to the new licensees.
+Added: In fiscal 2021, we made the decision to exit the global distribution of BECCA products, a makeup brand we acquired in 2016 and substantially completed this exit during fiscal 2022.
+Added: In fiscal 2022, we negotiated early termination agreements for our previous license agreements for the Donna Karan New York, DKNY, Michael Kors, Tommy Hilfiger and Ermenegildo Zegna product lines effective June 30, 2022 and continued to sell products under these licenses through such time.
From time to time, we also make strategic minority investments in other companies, mainly in the beauty industry.
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Our current minority investments include a company based in India that manufactures, markets and sells Ayurvedic skin care and other products under the Forest Essentials brand name, primarily in India.
−Removed: Our “heritage brands” are Estée Lauder, Clinique and Origins.
−Removed: Our “makeup artist brands” are M·A·C and Bobbi Brown.
−Removed: Our “luxury brands” are La Mer, Jo Malone London, Tom Ford Beauty, AERIN Beauty, Le Labo, Editions de Parfums Frédéric Malle and Kilian Paris.
−Removed: Our “designer fragrances” are sold under the Tommy Hilfiger, Donna Karan New York, DKNY, Michael Kors, and Ermenegildo Zegna brand names, which we license from their respective owners.
+Added: Our “luxury brands” are La Mer, Jo Malone London, TOM FORD, AERIN Beauty, Le Labo, Editions de Parfums Frédéric Malle and Kilian Paris.
+Added: Our “large brands” are Estée Lauder, La Mer, M·A·C and Clinique.
+Added: Our “scaling brands” are Jo Malone London, TOM FORD, Aveda, Bobbi Brown Cosmetics and The Ordinary.
+Added: Our “developing brands” are Le Labo, Too Faced, Dr.Jart+, Origins, Kilian Paris, Bumble and bumble, Smashbox, Darphin Paris, Lab Series, Editions de Parfums Frédéric Malle and GLAMGLOW.
Social Impact and Sustainability
−Removed: In fiscal 2022, we continued to further integrate social impact and sustainability into our strategy and business operations.
+Added: We continue to integrate social impact and sustainability into our strategy and business operations.
Our social impact and sustainability initiatives help drive innovation, growth and efficiency across the business and within our brand portfolio.
−Removed: These initiatives aim to foster employee engagement and build consumer trust and loyalty.
+Added: These initiatives also aim to foster employee engagement and build consumer trust and loyalty.
Areas of focus include climate and energy;
−Removed: responsible sourcing;
green chemistry and ingredient transparency;
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We have set goals or made commitments within these focus areas.
−Removed: For example, our goals related to climate and energy support efficiency and conservation within our facilities, internal supply chain and value chain, and some of these goals are also intended to help us reduce cost and waste.
+Added: For example, our goals related to climate and energy support efficiency and conservation within our facilities, internal supply chain and value chain.
+Added: Certain goals are also intended to help us reduce cost and waste.
Our Nominating and ESG Committee, one of our Board committees, has oversight responsibility for our Company’s environmental, social and governance (“ESG”) activities and practices, including citizenship and sustainability matters.
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Our general practice is to accept returns of our products from customers if properly requested and approved.
−Removed: Through our flexible global distribution network we have generally been able to respond to the shifts in consumer landscape and consumer behaviors attributable to the COVID-19 pandemic.
Online, we sell products from most of our brands direct-to-consumer through our brand.com sites and third-party online malls.
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As of June 30, 2023, we operated approximately 1,600 freestanding stores.
−Removed: The total reflects the net impact during fiscal 2022 of closures due to natural lease expirations and store closures related to the Post-COVID Business Acceleration Program, offset by new door openings.
+Added: The total reflects the net impact during fiscal 2023 of store closures related to the Post-COVID Business Acceleration Program and closures due to natural lease expirations, offset by new door openings.
Most freestanding stores are operated by us under a single brand name, such as M·A·C, Jo Malone London and Aveda.
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In certain countries, we sell our products through carefully selected distributors who we believe share our commitment to protecting the image and position of our brands.
−Removed: In addition, we sell certain products in select domestic and international U.S.
−Removed: military exchanges.
For information regarding our net sales and long-lived assets by geographic region, see Item 8.
Financial Statements and Supplementary Data – Note 22 – Segment Data and Related Information .
+Added: Our “emerging markets” in Europe, the Middle East & Africa are India, the Middle East, Turkey, South Africa, Central Europe, Israel, Russia and Kazakhstan;
+Added: in Asia/Pacific are Thailand, Malaysia, Vietnam, Indonesia, the Philippines and Singapore;
+Added: and in The Americas are Brazil, Mexico, Chile, Colombia, Panama, Peru and Argentina.
Our strategy is to build strong relationships globally with select retailers, and our senior management works with executives of our major retail accounts on a regular basis in support of these relationships.
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In addition, we connect with our consumers directly through freestanding stores, e-commerce sites and social media to build a robust omnichannel experience that allows a consumer to shop in these and other channels.
−Removed: Our largest customer in fiscal 2022 sells products primarily in China travel retail and accounted for 13% of our consolidated net sales for fiscal 2022, 14% for fiscal 2021 and 7% for fiscal 2020, and 24% and 10% of our accounts receivable at June 30, 2022 and 2021, respectively.
Our strategy to market and promote our products begins with our well-diversified portfolio of distinctive brands across four product categories.
Our portfolio can be deployed in multiple distribution channels, key travel corridors and geographies where our global reputation and awareness of our brands benefit us.
−Removed: Our geographic and distribution channel diversity allows us to engage local consumers across an array of developed and emerging markets by emphasizing products and services with the greatest local relevance, inclusiveness and appeal.
+Added: Our geographic and distribution channel diversity allows us to engage local consumers across an array of developed and emerging markets by emphasizing products and services with local relevance, inclusiveness and appeal.
This strategy is built around “Bringing the Best to Everyone We Touch.” Our founder, Mrs.
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Our marketing and sales executives spend considerable time in the field meeting with consumers, retailers, beauty advisors and makeup artists at the points of sale to enable us to offer a seamless experience across channels of distribution.
−Removed: The onset of the COVID-19 pandemic had a significant impact on consumer behaviors and accelerated the trend for a digital-first consumer journey and e-commerce.
−Removed: This provided a catalyst for redesigning each brand's “High-Touch” experience and accelerated changes to our direct-to-consumer business models and consumer engagement programs, such as selling through social media and web conferencing platforms (“Virtual Selling”).
−Removed: These models and programs continue to provide distinct one-to-one and one-to-many “High-Touch” omnichannel services and personalized experiences by leveraging technology and our talented beauty advisors, consultants, and makeup artists.
+Added: As consumer behaviors, digital-first consumer journeys and e-commerce evolve, we adjust our direct-to-consumer business models and consumer engagement programs.
+Added: These models and programs are designed to provide distinct one-to-one and one-to-many “High-Touch” omnichannel services and personalized experiences by leveraging technology and our talented beauty advisors, consultants, and makeup artists.
Information Technology
−Removed: Information technology supports all aspects of our business, including product development, marketing, sales, order processing, production, distribution and finance.
−Removed: We continue to maintain and enhance our information technology systems in alignment with our long-term strategy.
−Removed: An increasing portion of our global information technology infrastructure is cloud-based.
−Removed: This allows for a more scalable platform to support current and future requirements and improves our agility and flexibility to respond to the demands of the business by leveraging more advanced technologies.
+Added: Information technology, including operational technology and our websites, is a key enabler of all aspects of our business, from research and development, product development, production and distribution, to marketing, sales and order processing, consumer experiences as well as finance and human resources.
+Added: We continue to make strategic investments to align with our long-term strategy and to maintain and enhance our information technology and cybersecurity infrastructure.
+Added: We are focused on optimizing adoption of such investments to maximize return on investment and realized value.
+Added: The modernization and simplification of our technology ecosystem remains a key focus, as we increasingly leverage the benefits of the cloud.
We recognize that technology presents opportunities for competitive advantage, and we continue to invest in new capabilities and the use of emerging technologies across various aspects of our business.
−Removed: During fiscal 2022, we continued to respond to shifting consumer and employee behaviors driven by the COVID-19 pandemic, which included new, hybrid ways of working for our office-based employees.
−Removed: We invested in hardware, software, education and support structures to create engaging and collaborative work environments across our facilities, in both virtual and hybrid settings.
−Removed: We also continued to invest in new marketing and consumer engagement capabilities globally with a focus on innovative digital experiences across our omnichannel landscape.
−Removed: Our strategy over the next few years includes continuing to build a strong and secure technology infrastructure to adapt to evolving business dynamics, which includes the expansion of our seamless omnichannel capabilities and our Virtual Selling, the creation of more modernized manufacturing and distribution facilities (including upgrades to existing facilities) powered by technology and the utilization of predictive analytics to optimize our supply and demand planning.
+Added: In fiscal 2023, we made investments in research and pilots of technologies that serve and attract new consumers.
+Added: As the working environment for our team members evolve, including hybrid ways of working for our employees, we continue to invest in hardware, software, education and support structures that drive productive, collaborative facilities and meeting spaces, both virtually and in person.
Research and Development
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As our business continues to grow globally, and to satisfy the demand for locally relevant consumer products, we have increased our focus on innovation in Asia/Pacific, especially in China, as well as in Japan and Korea.
−Removed: In fiscal 2021, we began construction at a newly leased site that will become our innovation center in Shanghai, as we aim to better meet the needs of consumers through local relevancy with superior capabilities in product and package design and consumer and clinical testing.
−Removed: Construction is nearly completed and the facility is now expected to be operational in early fiscal 2023.
+Added: In fiscal 2023, we completed construction of a newly leased site for our new Research and Development facility in China, to better meet the needs of the Chinese consumer through local relevancy with superior capabilities in product and package design and consumer and clinical testing.
Our research and development costs totaled $344 million, $307 million and $243 million in fiscal 2023, 2022 and 2021, respectively, and are expensed as incurred.
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We manufacture our products primarily in our own facilities in the United States, Belgium, Switzerland, the United Kingdom and Canada and also leverage global third-party manufacturing networks.
−Removed: We continue to streamline our manufacturing processes and identify sourcing opportunities to improve innovation, increase efficiencies, minimize our impact on the environment, ensure supply sufficiency and reduce costs.
+Added: We continue to evaluate our manufacturing facilities and processes and identify sourcing opportunities to improve innovation, increase efficiencies, minimize our impact on the environment, ensure supply sufficiency and reduce costs.
Our plants are modern, and our manufacturing processes are substantially automated.
−Removed: In fiscal 2021, we began construction of a new manufacturing facility near Tokyo, which is expected to enable us to better meet demand and increase speed to market in the Asia/Pacific region.
−Removed: Construction of the first phase was completed in fiscal 2022, and we expect the remainder of the site to be completed and operational in early fiscal 2024.
+Added: In fiscal 2023, we began limited production in our new owned manufacturing facility near Tokyo as we continued construction, which is expected to enable us to better meet demand, further drive our sustainability efforts, optimize costs and increase speed to market in the Asia/Pacific region, including our travel retail business within the region.
+Added: We expect the remainder of the site to be completed and operational in early fiscal 2024, with production levels scaling over the next few years.
While we believe that our manufacturing network of internal and external sites is sufficient to meet current and reasonably anticipated increased requirements, we continue to implement improvements in capacity, technology, and productivity and align our manufacturing with regional sales demand to be more agile.
−Removed: From time-to-time, demand changes may challenge our capacity for certain subcategories on a short-term basis, but we believe that these changes will not impact our ability to meet our annual or long-term strategic objectives.
−Removed: We have established a flexible global distribution network of logistic providers that is managed by us or third parties.
+Added: From time to time, demand changes may challenge our capacity for certain subcategories on a short-term basis, but we believe that these changes will not impact our ability to meet our long-term strategic objectives.
+Added: We have established a flexible global distribution network that is managed by us or third parties.
The network is designed to meet the changing demands of our customers while maintaining service levels.
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In fiscal 2022, we opened a new, state-of-the-art distribution center in Switzerland to support the growth of our travel retail business and further drive our sustainability efforts.
+Added: During fiscal 2023, we continued to support the growth of our business in China with the opening of an additional distribution center in Guangzhou.
As discussed above, we continue to focus on social impact and sustainability across our operations.
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We also engage in initiatives to improve our equipment and buildings to support and deliver our sustainability goals and reduce our impact on the environment.
−Removed: Environmental efforts include waste reduction, zero industrial waste to landfill, investments in renewable energy sources and sustainable packaging focused on recyclable and recycled content.
+Added: Environmental efforts include waste reduction, zero industrial waste to landfill, investments in renewable energy sources and packaging that incorporates recyclable and recycled content.
The principal raw materials used in the manufacture of our products are essential oils, alcohols and specialty chemicals.
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Procurement of materials for all manufacturing facilities is generally made on a global basis through our Global Supplier Relations function.
+Added: We also partner with an extensive and reliable network of third-party manufacturers that help us access innovation and capacity.
We review our supplier base periodically with the specific objectives of improving quality, increasing innovation and speed-to-market, ensuring supply sufficiency and reducing costs.
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Brand recognition, product quality and effectiveness, distribution channels, accessibility, and price point are some of the factors that impact consumers’ choices among competing products and brands.
−Removed: Marketing, merchandising, in-store and online experiences and demonstrations, and new product innovations also have an impact on consumers’ purchasing decisions.
There continues to be increased interest and awareness from our customers and consumers in responsibly-sourced ingredients and environmentally sustainable products, and we believe we are well-positioned to benefit from the resulting change in consumer preferences due to our social impact and sustainability efforts.
−Removed: With our portfolio of diverse brands sold in a variety of channels, we are one of the world’s leading manufacturers, marketers and sellers of skin care, makeup, fragrance and hair care products.
+Added: Marketing, merchandising, in-store and online experiences and demonstrations, and new product innovations also have an impact on consumers’ purchasing decisions.
+Added: With our portfolio of diverse brands sold in a variety of channels, we are one of the world’s leading manufacturers, marketers and sellers of skin care, makeup, fragrance and hair care products, and are a steward of luxury and prestige brands globally.
We compete against a number of global and local companies.
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Natura & Co.;
−Removed: and LG Household & Health Care.
+Added: and Bath & Body Works, Inc.
We also face competition from a number of independent brands, some of which are backed by private-equity investors, as well as some retailers that have their own beauty brands.
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Trademarks, Patents and Copyrights
−Removed: We own the trademark rights used in connection with the manufacturing, marketing, distribution and sale of our products both in the United States and in the other principal countries where such products are sold, including Estée Lauder, Aramis, Clinique, Lab Series, Origins, M·A·C, Bobbi Brown, La Mer, Aveda, Jo Malone London, Bumble and bumble, Darphin, Smashbox, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, Kilian Paris, Too Faced, Dr.Jart+, DECIEM and The Ordinary and the names of many of the products sold under these brands.
−Removed: We are the exclusive worldwide licensee for fragrances, cosmetics and/or related products for Tom Ford, Dr.
−Removed: Andrew Weil, and AERIN.
+Added: We own the trademark rights used in connection with the manufacturing, marketing, distribution and sale of our products both in the United States and in the other principal countries where such products are sold, including Estée Lauder, Aramis, Clinique, Lab Series, Origins, M·A·C, Bobbi Brown, La Mer, Aveda, Jo Malone London, Bumble and bumble, Darphin, TOM FORD, Smashbox, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, Kilian Paris, Too Faced, Dr.Jart+, and The Ordinary.
+Added: We are the exclusive worldwide licensee for fragrances, cosmetics and/or related products for AERIN, BALMAIN, and Dr.
For further discussion on license arrangements, including their duration, see Item 8.
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We are proud of our history of driving awareness and acceptance around the world and for standing up for the rights of individuals in the workplace and beyond.
−Removed: We have accelerated our efforts to make racial equity a priority by announcing a series of commitments across our business, focusing on U.S.
+Added: We remained resolute in our commitment to prioritize racial equity, diligently advancing our previously announced series of commitments across the business, with a focus on U.S.
Areas where we have made commitments include programs related to listening and learning, talent and opportunity, representation, suppliers and investing in change.
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Hiring, retaining and developing the best talent globally is key to our success in sustaining long-term growth.
−Removed: Our talent strategy is focused on employee engagement and investments in career development, as well as measuring, recognizing and rewarding performance.
+Added: Our talent strategy is focused on employee engagement and investments in career development, as well as measuring, recognizing and rewarding business and leadership performance.
Our investments include providing programs to ensure our employees are equipped with the right skillsets and knowledge, as well as opportunities to transfer to other functions or regions through short-term and long-term assignments.
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We provide several mechanisms for our employees to provide their feedback, including direct discussions with managers, employee surveys and interactive townhall meetings.
−Removed: Key topics covered during employee engagement include inclusion, diversity and equity, learning and development, work-life structure, and employee benefits.
+Added: Key topics covered during employee engagement include inclusion, diversity and equity, learning and development, work-life structure, leadership effectiveness, and employee benefits.
Based on our review of employee survey results, action plans are implemented to enhance employee satisfaction and to ensure alignment with our overall human capital strategy.
In fiscal 2022, we responded to employee need for more access to career opportunities by launching our first Talent Marketplace, ELC Grow, which enables employees to explore personalized roles, projects, and networking opportunities that can empower employees to grow their skills and career.
+Added: We are expanding access to this marketplace to all employees globally in fiscal 2024.
An important element of our talent strategy is succession planning and building leadership at various levels across the organization.
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Our programs are offered through in-person, online or virtual learning experiences.
−Removed: In response to the ongoing challenges stemming from the COVID-19 pandemic, we adjusted and reprioritized our training and development programs and delivery methods to meet the needs of our employees who are working from home.
+Added: As our ways of working continue to evolve, we have adjusted and reprioritized our training and development programs and delivery methods to meet the needs of our employees who are working from home.
These changes included delivering learning experiences around subject matters such as managing remotely, mental health awareness and building resilience during uncertain times, as well as pivoting traditional in-person sessions to virtual instructor-led learning.
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We establish and update safety policies and procedures, train employees on our safety guidelines and local requirements, and create a culture focused on safety through ongoing communication, awareness and engagement.
−Removed: As we plan for the future and continue to embrace our new normal, our focus is on flexibility, work-life harmonization, and ensuring that our employees have what they need to succeed personally and professionally.
+Added: As we plan for the future, our focus is on flexibility, work-life harmonization, and ensuring that our employees have what they need to succeed personally and professionally.
Employee Rewards
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To support the health and well-being of our employees, we offer competitive benefit packages that may include pension and post-retirement benefit plans, health and wellness benefits, flexible working arrangements, parental (maternal and paternal) leave, adoption assistance and education-related benefits, which may vary by country.
−Removed: In response to the on-going challenges stemming from the COVID-19 pandemic, we developed several employee initiatives that were implemented at the global, regional and local levels with the objective to support the physical, mental and financial well-being of our employees.
Volunteerism and Community Engagement
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Fluctuations in net sales and operating income in total and by geographic region and product category in any fiscal quarter may be attributable to the level and scope of new product introductions or the particular retail calendars followed by our customers that are retailers, which may impact their order placement and receipt of goods.
−Removed: Additionally, gross margins and operating expenses are impacted on a quarter-by-quarter basis by key shopping moments, as well as variations in our launch calendar and the timing of promotions, including purchase with purchase and gift with purchase promotions.
+Added: Additionally, gross margins and operating expenses are impacted on a quarter-by-quarter basis by holiday and key shopping moments, as well as variations in our launch calendar and the timing of promotions, including purchase with purchase and gift with purchase promotions.
Availability of Reports
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Roberto Canevari 57 Executive Vice President – Global Supply Chain
+Added: Stéphane de La Faverie 49 Executive Group President
Fabrizio Freda 65 President, Chief Executive Officer and a Director
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Peter Jueptner 60 President, International
+Added: Jane Lauder 50 Executive Vice President, Enterprise Marketing and Chief Data Officer and a Director
Lauder 90 Chairman Emeritus and a Director
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Lauder 63 Executive Chairman and a Director
−Removed: Moss 75 Vice Chairman
Michael O’Hare 55 Executive Vice President – Global Human Resources
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Charlene Barshefsky Chair, Parkside Global Advisors, an international consulting company, and former Senior International Partner, WilmerHale, a law firm
−Removed: Rose Marie Bravo, CBE Retail and Marketing Consultant
Wei Sun Christianson Senior Advisor at Morgan Stanley, a global financial services firm, and former Managing Director and Co-Chief Executive Officer of Asia Pacific and
Chief Executive Officer of China at Morgan Stanley
−Removed: Lynn Forester de Rothschild Co-founding partner of Inclusive Capital Partners, an investment manager, and Chair, E.L.
+Added: Lynn Forester de Rothschild CEO of E.L.
Rothschild LLC, a private investment company
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Lauder Executive Chairman, The Estée Lauder Companies Inc.
−Removed: Chief Marketing Officer, Nu Holdings Ltd., a digital banking platform
−Removed: Parsons Senior Advisor, Providence Equity Partners LLC, a global private equity and investment firm, and co-founder and partner of Imagination Capital LLC, a venture capital firm
+Added: Manager of private investments on his own behalf and former Chief Marketing Officer, Nu Holdings Ltd., a digital banking platform
+Added: Parsons Chairman of the Equity Alliance, a firm that invests in diverse, emerging venture capital fund managers, and co-founder and partner of Imagination Capital LLC, a venture capital firm
Sternlicht Chairman and Chief Executive Officer, Starwood Capital Group, a privately-held global investment firm
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.