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Este Lauder
Companies
Strategic Audit



Kim Howard
Jamie Olander
Scott Bristol
Mgt. 496
University of Nevada, Reno


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Table of Contents
Executive
Summary..3
Introduction.....4
Company Overview.....5
External Industry Analysis.......6
Industry Overview...6
Threats..7
Internal Company Analysis......................8
Business Model....8
Strategy....8
Longitudinal Analysis......9
Cross-Sectional Analysis...10
Strategic Recommendation....10
Evolving High-Touch.....10
Digital Shopping...11
Travel Retail........11
Local Relevance....12
Developing Countries...12
Creativity and Cost Savings12
Portfolio of Brands .....13
Appendix..14-16
References......17


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Executive Summary:

The purpose of this strategic audit was to analyze Este Lauder Companies business from all
areas. This report details the different strategies that the company implements to drive their
success, for today and into the future. The report is broken down into four different sections,
Company Overview, External Industry Analysis, Internal Analysis, and Strategic
Recommendations.

The Company Overview provides a brief history of the company as well as information on the
various brands that Este Lauder Companies sells all over the world.

In the External Industry Analysis, the beauty industry is analyzed. The various opportunities that
are available in the beauty industry as well as the changes that have taken place in this constantly
evolving market are detailed. This section also examines the various threats that Este Lauder
faces as well as the continuous competition that they must overcome in all of their markets. Key
success factors for selling in the beauty industry are explored in this section as well.

The Internal Industry Analysis provides insight into Este Lauder Companies business model
and strategy. A financial section examines the companies finances from a cross-sectional and
longitudinal level.

To conclude the report, we have provided a Strategic Recommendation section that will provide
Este Lauder with an action plan to continue to improve and increase sales in the future. This
section reflects on various opportunities that Este Lauder will capitalize on to improve in the
future.











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Introduction:

The Estee Lauder Companies is an organization which engages in the manufacturing, marketing,
and sale of several beauty products. The company is divided into four sectors, skin care,
makeup, fragrance, and hair care. The skin care sector is comprised of moisturizers, creams, sun
screens, lotions, and anti-aging products. Makeup is made up of lipstick, lip glosses, nail
polishes, and other makeup products. The fragrance sector is comprised of various colognes and
perfumes for both men and women. Through their fragrance line, they hold the licenses to
distribute several brands of cologne, perfume, and sprays. Lastly, the hair care line consists of
shampoos, conditioners, hairsprays, and other hair products.

Estee Lauder is based in New York City and currently employs 32,300 people. They are a global
company with locations in over 140 countries around the world. The products are mostly
marketed through department stores, specialty retailers, upscale perfumeries, pharmacies, salons,
and spars. Additionally products are sold at company owned free standing stores and through e-
commerce in selected countries. The company is still controlled by the Lauder family, which
controls about 70% of the voting shares. Estee Lauders grandson is currently the chairman of
the board of directors.

Estee Lauder focuses on a global strategy with an emphasis on research and development. They
invest over 80 million dollars into their research and development program that is located in the
United States, Belgium, and Japan. Additionally, the company has several manufacturing
facilities in these countries along with Canada, Switzerland, Germany, and China. Each facility
is strategically located near the markets in which they will distribute their products to.

This organization has been able to maintain a positive net income throughout the global
recession and beyond. With their wide variety of brands, they emphasize the idea that they have
a little something for everybody. They aim at occupying every market niche from the low end
all the way into the high end while keeping costs low and sales revenue high.
















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Company Overview:

Este Lauder, the founder of the $8 billion dollar company, Este Lauder Companies started her
business with four skin care products and a simple thought: that every woman can be beautiful.
With her philosophy, drive, creativity and passion she changed the entire cosmetics industry.

She began by creating face creams in her kitchen, and later selling them in beauty salons. In
1946, she and her husband launched the Este Lauder Company. She pioneered the gift with
promotion strategy and gave away samples of her products with every purchase. Este believed
that if women liked her products they would tell their friends which resulted in one of her most
famous quotes, Telephone, Telegraph, Tell-a Woman. Mrs. Lauder believed that in order to
make a sale, you had to touch the consumer, to show them results first hand and explain the
products, this lead to the companys strategy of using personal High-Touch service.

Este Lauder established three core values creativity, entrepreneurship, and integrity. They
remain the focal point of The Este Lauder Companies, who is now the global leader in prestige
beauty, where High-Touch is the central feature of its service.

Today, Este Lauder is a company that manufactures and sells skin care, makeup, fragrance, and
hair care products in 140 countries. Its products are distributed through a variety of channels,
from large department store retailers, to smaller boutique retailers, and salons and spas. Estee
Lauder also distributes through direct-selling through company-owned stores, over the internet,
and infomercials. Este Lauder Companies owns Este Lauder, Aramis, Clinique, Prescriptives,
Lab Series, Origins, M-A-C, Bobbi Brown, Tommy Hilfiger, Kiton, La Mer, Donna Karan,
Aveda, Jo Malone, Bumble and bumble, Darphin, Michael Kors, American Beauty, Flirt!,
GoodSkin Labs, Grassroots Research Labs, Sean John, Missoni, Tom Ford, Coach, Ojon,
Smashbox and Ermenegildo Zegna. EL also owns global licenses to market fragrances under
various brand names. These names are those such as Tommy Hilfiger, Donna Karan Cosmetics,
Sean John Cosmetics, and Aramis.

According to their most recent annual filing, the future is bright for Este Lauder Companies.
CEO and President Fabrizio Freda explains their accomplishments for 2011 We experienced
many outstanding achievements during the past year. First, we grew sales by 13 percent
three times the growth of global prestige beauty. Additionally, we saw double-digit sales
increase across our largest product categories of skin care and makeup, as well as in our
geographic regions. We had our best year in North America in a decade, achieved prestige
beauty leadership in China and became the leader in skin care in travel retail, the fastest-growing
category in one of the fastest-growing prestige beauty channels

Today, we remain focused on our vision and are pleased to report that we are the number one
prestige skin care, makeup and fragrance player in the world.




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External Industry Analysis:
Industry overview:
Analysts at Goldman Sachs estimate that the revenue of the global beauty industry can be broken
up by various segments. Skin care: $24 billion; make-up: $18 billion; hair-care products: $38
billion and perfumes: $15 billion. This industry is growing at up to 7% a year, which is more
than twice the rate of the developed world's GDP.
This growth in the industry is being led by the aging baby-boomers and the increase of income in
the west as well as the growing middle classes in the developing countries. China, Russia and
South Korea are quickly turning into increasingly popular markets. Although the industry's
customers are predominantly women, there has been an increasing shift to market to men as well.
The industry has also begun to consolidate. Younger brands are being bought out by the giants.
Este Lauder owns many smaller brands such as Prescriptives, Origins, MAC, Bobbi Brown,
Darphin, La Mer, and Tom Ford. Unable to challenge their rivals financially, the traditional
beauty companies are trying to out-innovate. They are striving to have more credentials and the
industry has begun to market a new category of products that comprises cosmetics and non-
prescription drugs called "cosmaceuticals".

When making purchase decisions, Brand identity is the most important factor that consumers
consider when purchasing. 92% reported their focus on brand. Pricing is the second most
important factor that affects consumer buying decisions which reflects the complexity of the hair
care and skin care cosmetic shoppers decision process.

It is therefore imperative that companies in the beauty industry implement a strong corporate
strategy on establishing their brand identity. Pricing is also an important factor so companies
must stay in tune with their competitors and their pricing strategies. These consumer products
must also continue to be innovative and continually advancing.
In 2011, l Este Lauder spent $2,345.8 million in Global net expenses for advertising,
merchandising, sampling, promotion and product development costs to further their brand
recognition. Excluding the impact of purchase with purchase and gift with purchase promotions,
advertising, Merchandising, sampling and promotion expenses included in operating expenses
were $2,160.7 million in 2011. To continue their mission of always innovating, Este Lauder
spent $85.7 million on Research and Development costs for 2011.

Este Lauder companies is ranked number 5 on Fortune 500s Household and Personal Products
list and ranked 307 overall for Fortune 500 companies. Net earnings have been positive since
2007 and are at an all-time high at $700.8 million for 2011.






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Threats:
Competition:
Este lauders brands face severe competition in the cosmetics industry. However, its
professional makeup brands, M.A.C. and Bobbi Brown face significantly less competition
because of their target marked of specialized clientele. Este Lauders all-natural products face
competition from Bare Esentuals. Its mid-end products compete against Revlon, Avon, and
Elizabeth Arden. Many cosmetic companies in the industry also face competition from small
private companies with specialized products.

Main competitors are displayed:
L'oreal (LRLCY)
Avon Products (AVP)
Revlon (REV)
Elizabeth Arden (RDEN)
Bare Escentuals (BARE)
Economic downturn:
The recent economic downturn has affected the beauty industry in distinctly different ways than
any other CPG market segments. Activity in the hair care, skin care and cosmetic beauty markets
has been uneven. To deflect unit declines, especially in the hair and skin care segments, pricing
action was taken.

As consumers plan and budget for hair, cosmetic, and skin care purchases they implement the
Trade off strategy. Some shoppers are remaining loyal to their favorite beauty brands,
purchasing less. Others are shifting to value brands.

Nearly one fourth of consumers that were surveyed stated that they are trading in their usual
products for lower-priced brands as well as shopping at different stores. This has increased the
amount of consumers at supercenters and mass outlets for beauty products.

Department stores are seen as offering higher-end beauty care options and advice for consumers,
suffered a 4.5% dollar sales decline in the 52-week period ending September 2009 (source for
department stores information is NPD and the BeautyCross Channel Monitor).














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Internal Analysis:
Business Model:
The Estee Lauder Companies is a beauty company based in the United States. The
company consists of four main business segments; Skin Care, Make Up, Fragrance, and Hair
Care. The fiscal year 2011 Skin Care accounted for 42% of net sales, Make Up accounting for
38%, Fragrance 14%, and Hair Care representing 5% of net sales. Furthermore, the company
spans a geographic presence in 140 countries around the world. The Americas is the largest
market representing 47% of net sales in 2010. Europe, Middle East, and Africa accounted for
39% of net sales, and Asia/Pacific captured 14% of sales.
Estee Lauders main business is manufacturing and marketing all their products and
licenses. EL distributes its products through carious channels appropriate for the market position
and audience of the products. Some of the channels include department stores, specialty
retailers, pharmacies, and salons. Currently Estee Lauder operates of 600 single branded-
branded free-standing stores and over 100 multi-brand stores worldwide. Additionally, they also
sell their brands through e-commerce in the United States, Canada, The UK, France, Germany,
Australia, Korea, China, and Japan. The company manufactures many of their own products in
the United States and Canada but also have manufacturing facilities in Belgium, Switzerland,
and the UK.
Strategy:
Estee Lauder is very much a global company with a global strategy to follow. The
company markets products that they know will sell in each country depending on research that
has previously been conducted. However, with such a variety of brands, this has become
extremely easy. They aim to target different market niches in each region. They follow the
marketing strategy of Bringing The Best To Everyone We Touch. As previously mentioned,
this has become extremely easy with their vast market appeal.
The Skin care brands Clinique and Origins are marketed to appeal to customers that want
natural, organic, and allergen-free products. Makeup lines MAC and Bobbi Brown are targeted
for the higher end fashion savvy customer. These brands appeal to both teens and middle aged
market and offer professional-grade makeup and tools. La Mer and Darphin are targeted at their
high-end market and have substantial brand recognition as the prestigious skin care and makeup
brands. Lastly, Estee Lauder positions its AmericanBeauty and Flirt brands to the low-end
consumers. In offering a product to nearly every market niche, Estee Lauder has been able to get
through the global economic downturn while still positing profits each year.
Estee Lauders overall strategy also includes heavily investing in Research and
Development. In order to have the most advanced products that consumers desire they feel that
this is a necessary expense. Additionally the company does not conduct animal testing or have
anyone do so on their behalf. They test each and every product on a panel before releasing it to
the public. As of June 30, 2011 Estee Lauder had approximately 550 employees engaged in
R&D costing 85.7 million dollars.
Corporate Strategy:
Este Lauders corporate strategy is broken up into four parts:
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Committed to Growth: Este Lauder Companies long-term strategy is achieving
higher levels of sustainable and profitable growth that will allow them to remain a leader in
global prestige beauty. They are committed to continuing to innovate in all aspects of their
business. They put a greater focus on consumer insights and they integrate their brands, regions
and functions to leverage scale and efficiencies. The four areas that are being strengthened to
distinguish their company are:
Key Initiatives:
1. Creativity and Innovation- They are focused on creating fewer, but more successful
products. They are motivated to be creativity-driven and consumer-inspired. Their
muse is the consumer, who is used to create beauty products that they couldnt have
imagined needing.
2. High-Touch- Their High-Touch personal service allows the company to create an
emotional connection with the consumer and inspire more brand loyalty. They implement
a customized educational approach that comes from beauty advisors and makeup artists.
They have also adapted it for online use, using direct response television and self-assisted
formats as well.
3. Local Relevance- Este lauder strives to be locally relevant to consumers everywhere
they live. They do this by creating certain products for specific markets and altering their
marketing depending on the region, this allows them to speak to consumers in a more
culturally relevant way.
4. Enhancing Digital Capabilities- they are immersed in the online world and continue to
invest resources in everything digital. Many of their brands interact with consumers via
Facebook, Twitter, and YouTube. They have also established global e-commerce sites
that create powerful viral marketing campaigns.
Improvements:
Estee lauder has also been working to strengthen the department store channel as a
fundamental part of its business. In fiscal 2011, they had their best year in a decade in North
America. One way they did this was by creating highly innovative products that were backed
with more effective advertising mixes, therefore increasing department store traffic. Once
consumers ventured into the store, they leveraged their signature High-Touch experience to
personalize product selection, educate consumers and create an emotional connection to foster
brand loyalty. To enhance their merchandising they created compelling new counter designs to
further increase store traffic and drive sales.
Longitudinal Analysis:
Estee Lauder has achieved above average growth relative to themselves and the industry.
Since 2009 the company has experienced an average revenue growth of 9.76%. In 2011 revenue
was 8.81 billion compared to the 7.8 billion dollars in 2010, a growth of 12.95%. Additionally in
2010 revenue was up from the 7.32 billion in 2009, a growth of 6.5%. Furthermore the
companys ROA continually growing due to acquisitions of smaller companies. In 2011 the
ROA was 16.34% up from the 12.9% in 2010. The ROA nearly doubled from 2009 to 2010; in
2009 the ROA was 6.62%. This is due to a combination in both revenue growth and company-
wide expansion.
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Estee Lauder also experiences a much higher ROE than the Personal Product industry.
The 2011 average ROE was 23.5%. However, Estee Lauder was over 15 percent higher than this
with an ROE of 39% in 2011. In 2010 their ROE was 35.33% and 20.9% in 2009. Lastly, as
revenue continues to grow and the company streamlines its production and marketing processes,
the company has nearly doubled its net income since 2009. This increase in net income has
come without laying off employees too. From 2009 to 2011 the number of employees has grown
from 31,300 to 32,300. Net income in 2011 was $700,800,000 up 46.5% from 2010 net income
of $478,300,000. Net income grew 119% percent from the 2009 net income of $218,400,000.
Cross-Sectional Analysis:
When comparing Estee Lauder to its closest competitors, Proctor & Gamble and L'Oreal.
The ROA for each company is relatively good; however, Estee Lauder still gets the most out of
their assets with an ROA of 16.34% in 2011. This is the same for 2010 as well. In 2010 P&Gs
ROA was 11.74%, L'Oreals was 12.11 while Estee Lauders was 12.90%. The same is true for
the Return of Equity. In 2011 the industry average was 23.5%. P&G had an ROE of 24.62%
while Estee Lauders was 39%. Estee Lauder is dominating not only its closest competitors, but
the industry overall. This can be attributed to their large contributions to research and
development as well as their vast market appeal. With nearly double the amount of brands than
its competitors, Estee Lauder dominates the beauty market.
Strategic Recommendations:
The economic recession has taken a toll on all industries, including Estee Lauder,
However during these difficult times Estee Lauder has been able to still increase revenues and
lead in the prestige beauty market. Estee Lauder looks to stick to their core business strategy of:
creativity, entrepreneurship, and integrity in many parts of their company to continue to increase
profits and lead the beauty industry as it has for the past 60 year and for the next 60 years to
come.
Evolving High-Touch
Estee Lauders High-Touch program is a key differentiator from the rest of the beauty
industry. Looking into the future the company will look to take their outstanding service, expert
education, and deep personal customization to the next level. This will to continue to strengthen
their competitive advantage in the industry. One way they look to capitalize on this service is
through consumers use of in store Ipads and other technologies, which will enable consumers to
personalize their skin care assessment each time they enter into retailers. The company will look
to re-invest in their High-Touch experience for customers; allowing consumers to feel that they
receive the same treatment no matter how they purchase products.
Customers are quickly become more digitalized and Estee Lauder has committed to
staying in touch with these customers in the same regard as in their stores. Estee Lauder will look
to continue connecting the High-Touch system with their digital shoppers, so to continue their
strategy of Bring the Best To Everyone We Touch no matter where the consumer is.
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Digital Shopping
Winning in the digital market is going to be important for Estee Lauder to continue to
lead the beauty industry. Looking towards the future, more and more people are beginning to
live online, and this will change how consumers perceive, select, try, and purchase beauty
products. Estee Lauder looks to make online services a competitive advantage for them in the
future. By being able to communicate with the consumers in real time, and to continue their
High-Touch system will be essential for the company.
Continuing the use of social media sites and video to educate and communicate with
customers are investments that Estee Lauder will continue to implement. Also, through digital
marketing Estee Lauder will look to strengthen their apps on mobile devices that will further
connect them to their consumers.
Estee lauder looks to change about 80 percent of their advertising to the digital market over the
next 10 years. Since they feel that their consumers will start living online, this will give them
an advantage in the digital world of the future.
Travel Retail
With extensive upgrades in airports and an increase in air travel, Estee Lauder is seeking
to invest more in travel retail. 30 to 40 percent of travelers look at duty free magazines while on
airplanes, and about 10 to 15 percent of those are potential customers. Estee Lauder wants to
change this, by catching their attention more with more retail outlets in airports as well as
increasing marketing on traveler sites and in the duty free magazines. Offering innovations
supported by High-Touch services, Estee Lauder looks to expand advertising for travelers online
and offline, as wells as outside and inside of airports. They look at the travelers journey as an
experience, not just an opportunity to make a quick impression on a customer.
Estee Lauder is implementing a service to provide special offers for travelers. This will
include offering exclusive products only in duty free magazines and in airport retailers. This will
increase their market to include customers who are traveling along with consumers who purchase
products in department stores.
Due to the volatility of the travel industry, this sector will be analyzed closely and adjusted as
needed. Estee Lauder sees the travel retail market as an excellent platform for global product
launches and they will look to increase local sales from this market for the future.

Local Relevance
Estee Lauder will seek to become more global brand in the future. To achieve this goal,
Estee Lauder will adapt their products to fit the needs and wants for each regional market.
Increasing their overall ability to understand the concerns and preferences of the local consumers
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to develop locally relevant products is their main focus concern. They will change the way they
communicate with consumers in order to become a more culturally inclusive company. Estee
Lauder looks to achieve this through different marketing strategies such as the Every Women
Can Be Beautiful, but also by learning and communicating in the languages of the countries
they are in. Adapting Estee Lauders High-Touch system to each culture is an essential part of
the company achieving success globally.
Having an attuned attitude toward cultural differences will lead to inspire innovation and
communication with different cultures. This will not only drive up profits, but also there will be
an increase of 30% for global beauty business in the next 3 years. So Estee Lauder feels that
taking the initiative to start understanding the wants and needs of a culture will pay off
immensely in the future.
Developing Countries
With this increase of 30% over the next 3 years, Estee lauder has already taken steps
towards improving their understanding of different countries preferences. They have already
started increasing stores in developing countries such as Russia, Brazil, and China. China is one
of the fastest growing beauty markets in the world and with their wealth quickly increasing; the
market for beauty products will increase as well. This is why Estee lauder has built an
Innovation Center in Shanghai, which Estee Lauder uses for research and development of new
technologies and product preferences for the Chinese consumer.
Brazil becomes Estee Lauders is another developing country that Estee Lauder is looking
to expand into. Brazil is the 3
rd
largest beauty market in the world and Estee Lauder is looking to
capitalize on this. Consumers in this country spend a significant part of their income on beauty
products, and many Brazilian consumers have taken a liking towards Estee Lauders brand
already. Estee lauder has opened 50 free standing stores to continue to build the brand loyalty of
these consumers, and looks to build more stores as the country continues to develop into the
future.
When focusing on Russia, Estee Lauder has already discovered what consumers want
most from the beauty industry and that is fragrance. Taking advantage of the fragrance market,
to build brand loyalty with consumers in Russia, Estee Lauder looks to strengthen the countrys
want for prestige beauty products. They look to do this by having high talented organization and
a strong infrastructure in Russia to develop with the increase in the prestige beauty market.
Estee lauder has also positioned itself in other developing markets such as the Middle
East, Eastern Europe, Turkey, South Africa, and Latin America. Already they have seen a 30%
revenue increase in the Middle East despite all the turmoil. In Latin America, Estee Lauder has
expanded distribution and looks to build more stores in those countries. Estee Lauder looks to
developing countries as an avenue to increase sales in the future.
Creativity and Cost Savings
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Estee Lauders entrepreneurial talents have lead them to build the strength in creativity,
innovation, and impeccable product quality; which has distinguished them from their
competition and enabled them to lead the beauty industry. This creativity has translated into
innovations and designing products and services that capture the imagination of the consumer,
and create excitement in the market of the future. Their advantage in creativity stems from Estee
Lauders understanding the wants and desires of their customers, which leads to breakthrough
innovations in the beauty industry.
Estee Lauder has better aligned its organization with the strategy of being an innovative,
entrepreneurship, and ethical company in the past two years. Estee Lauder is now more prepared
for cost saving expenditures in the future. Estee Lauder looks to use their Strategic
Modernization Initiatives to address the needs for more sustainable operations, which will enable
Estee Lauder to continue to deliver new processes and infrastructure to the support corporate
strategies. Both of these initiatives are directed at driving out non-valued-added cost to increase
investments towards activities that will bring the greatest returns in the future, like digital sales
and products in developing countries. However, in the end, the strength of the company comes
from their strong brands they offer to their consumers.
Portfolio of Brands
Estee Lauders cost savings initiatives are also directed at acquiring new brands to
continue strengthening their brand portfolio for their consumers. Even with Estee Lauders
highly selective process, they are looking to make at least one to possibly two acquisitions a
year. This will bring more offerings for their consumers, as well as keep them at the head of the
beauty industry.
Also Estee Lauder will look to continue improving their brands they already offer. They
have already made launches off the different Bobbi Brown and M.A.C products into new regions
after past success. So the company will look to launch new skin care and other beauty products
that have seen successes in other regions, and move them into different regions. Estee Lauder
looks to continue building their strong portfolio and expanding it into new regions for the future.








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Appendix:

Exhibit 1:









Exhibit 2:







Exhibit 3:
Estee Lauder Companies Inc.
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2011 2010 2009
Revenue $8,810,000,000 $7,800,000,000 $7,320,000,000
Net Income $700,800,000 $478,300,000 218,000,000
ROA 16.34% 12.90% 6.62%
ROE 39.00% 35.33% 20.90%
Profit Margin 11.64% 8.83% 4.68%
Gross Margin 81.40% 79.88% 77.75%

Exhibit 4:
2011 2010 2009
Estee Lauder
ROE
39.00% 35.33% 20.90%
ROA
16.34% 12.90% 6.62%
Proctor & Gamble
ROE 27.46% 24.62% 22.84%
ROA 10.98% 11.74% 10.69%
LOreal
ROE N/A 21.21% 18.18%
ROA N/A 13.11% 10.61%

Exhibit 5:
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2011 2010 2009
Estee Lauder
Revenue $8,810,000,000 $7,800,000,000 $7,320,000,000
Profit Margin 11.64% 8.83% 4.68%
Proctor & Gamble
Revenue $82,600,000,000 $78,920,000,000 $76,750,000,000
Profit Margin 18.4% 19.06% 18.79%
LOreal
Revenue N/A $26,100,000,000 $25,200,000,000
Profit Margin N/A 16.17% $14.14












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