The Estée Lauder Cos. Inc. is closing in on a milestone year.
The prestige beauty company plans to sail past $10 billion in sales by the end of its fiscal year on June 30, which also marks the end of its four-year restructuring program, which began in 2009.
“The $100 billion [beauty] industry at retail expanded by 3 to 4 percent annually in the past decade and is forecasted to increase at least that much over the next 10 years,” Cedric Prouvé, the company’s group president of international, told attendees on Tuesday at Deutsche Bank’s 10th Annual Consumer Conference, taking place this week in Paris. He noted that Lauder has an approximate 15 percent share of the prestige beauty market and reiterated “our goal is to expand 1 percent faster than the industry.”
Lauder has been outpacing that goal for some time under the stewardship of Fabrizio Freda, who assumed the post of president and chief executive officer in 2009. Prouvé said the company has grown about two times faster than the industry over the past four years. It has also expanded its operating margin to an estimated 15 percent for the year, up from 7 percent in 2009 when sales were $7.3 billion.
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