Passed Away at 92 Surrounded by Family
Also Renowned as a Philanthropist and Art Collector
Leonard Lauder, the honorary chairman who helped grow Est?e Lauder into one of the world's largest cosmetics companies, has passed away. On June 16, Yonhap News Agency, citing foreign media such as Bloomberg, reported that Leonard Lauder, honorary chairman of Est?e Lauder, died at the age of 92, surrounded by his family. Leonard Lauder led the company founded by his parents in New York, launching or acquiring major cosmetics brands such as Clinique, Aveda, MAC Cosmetics, Tom Ford Beauty, Bobbi Brown, Jo Malone London, and La Mer, significantly expanding the business.
When he joined the company in 1958, annual sales were only $800,000 (about 1.1 billion won). By the time he stepped down as chairman in 2009, Est?e Lauder's sales had reached $7.3 billion (about 10 trillion won). According to the Bloomberg Billionaires Index in March 2023, Lauder's net worth was $26.2 billion (about 35.9 trillion won), making him one of the wealthiest people in New York.
He became particularly well-known for creating the "lipstick index" economic indicator in 2001. This concept suggests that cosmetics, especially lipstick, sales are inversely related to economic downturns?a phenomenon known as the "lipstick effect." In fact, during the fall of 2001, following the 9·11 terrorist attacks, lipstick sales in the United States increased by 11 percent. Earlier, during the Great Depression, overall cosmetics sales reportedly rose by 25 percent.
Lauder was also deeply knowledgeable about art. In 2013, he donated 78 Cubist works he had collected, including pieces by Pablo Picasso, to the Metropolitan Museum of Art in New York. The value of the donated artworks was estimated at $1 billion (about 1.4 trillion won), making it the largest donation in the museum's history. He also engaged in extensive philanthropy, including founding an organization dedicated to developing treatments for Alzheimer's disease.
William Lauder, chairman of Est?e Lauder and son of Leonard Lauder, said in a statement, "My father dedicated his life to advancing the cosmetics industry and pioneered countless innovations and trends," adding, "Above all, he showed kindness to everyone he met."
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