So I was watching the Wall Street Journal Report with Maria Bartiromo (of all things, right?) and it had an interesting interview with the CEO and President of Estée Lauder, Fabrizio Freda. He was talking about cosmetics shopping strategies for 2012. So I am just sharing it because I learned several things I didn’t know before!
1 – While I know they have been doing this at some of their brands, like Origins, for a while; more brands are now putting prices at the counter. I really love this, because I always feel a little like Pretty Woman when I have to ask for the price of an item. Especially if I am on my lunch break from work or something. And besides, sometimes I just want to look around and compare and not have a sales person involved yet. Which brings me to point #2…
2 – While I knew Estée Lauder owned many brands, like Origins and Prescriptives, I had no clue that they owned over 20! I think I am mostly suprised to hear that they own La Mer and hair care brands B+B and Ojon. Some of their brands:
- Jo Malone
- Lab Series
- Bumble & Bumble
- Bobbi Brown
- La Mer
3 – That this Fabrizio guy was the CEO anyway… I always thought it was Aerin Lauder or another family member. I guess you learn something everyday! and finally…
Some of the interview highlights talked about how women’s discretionary income is increasing. More women are working, graduating, having lucrative careers. So women have more available money. And the top 3 things women spend this extra money on are: Food, Fashion and Cosmetics/Beauty. I love how practical we are!
He also talked about how women around the world are beautifully different from one another. For example, in China they are passionate for skin care. Roughly 70% of sales fall into the skin care category. Chinese women will do up to 7 steps of skin care on average per day if they can afford it. To them, a gorgeous complexion is a symbol of beauty and high social status. But in Brazil, the majority is spent on makeup. All sorts of makeup. But in India it is makeup for lips and in the Middle East it is in eye makeup. But in the USA and Europe, fragrance is their biggest seller.
I always love to hearing about how beauty ideals differ in different parts of the world.
Here is a link to an except from the video if you’d like (not the whole interview) VIDEO