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The Estée Lauder Companies Inc. 2012 Annual Report

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The Estée Lauder Companies Inc. 2012 Annual Report The Estée Lauder Companies Inc. 2012 Annual Report contents 2 Executive Chairman’s Letter 6 President and Chief Executive Officer’s Letter 12 In Memoriam: Mrs. Evelyn H. Lauder 14 Sustaining Our Profitable Growth 77 Outlook 80 Portfolio of Brands 90 Board of Directors 92 Executive Officers 93 Financial Highlights 97 Financial Section 16 4 Management’s Report on Internal Control Over Financial Reporting 165 Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting 16 6 Report of Independent Registered Public Accounting Firm 167 Stockholder Information 74358es_txt.indd 1 9/12/12 1:50 PM Executive Chairman’s Letter William P. Lauder 2 2 74358es_txt.indd 2 9/10/12 3:07 PM Dear Fellow Stockholders, Fiscal 2012 was another record year for The Estée prestige beauty worldwide and gained global Lauder Companies. Thanks to our focused growth share against the competition. Overall, we grew strategy and strong business model, we achieved profitably in many of our most strategic areas, sales gains in all regions and major product including our largest brands and product categories, illustrating the broad strength of our categories, as well as in key markets and Company and the power of our brand portfolio. distribution channels, such as China, travel retail and United States department stores. We continued to exercise strong financial discipline, For over 60 years, The Estée Lauder Companies allowing us to invest in new capabilities to support has been committed to our strategy for the long term and advance our working together, with all Strategic Modernization Initiative (SMI). We are of our stakeholders, also pleased with the progress of the newest with uncompromising additions to our brand portfolio, Smashbox and ethics and integrity. Ermenegildo Zegna. We believe that both of these brands hold great potential for us and we look Our strong performance is a tribute to the forward to growing their businesses globally. commitment and hard work of our employees, the As I reflect on our many successes of the year, exceptional quality of our products and services, it is with a heavy heart that I look back on the the vision and outstanding leadership of my partner loss of a woman who embodied the heart and and our President and Chief Executive Officer, soul of The Estée Lauder Companies — my mother, Fabrizio Freda, and the entire management team. Mrs. Evelyn H. Lauder. She carried the torch of This year’s performance built upon our prior our Company’s heritage and deep family values. success, and we achieved a number of milestones, Over the course of her more than 50 years which enabled us to increase total stockholder with our Company, she fostered in us a great return. In the process, our Board authorized a appreciation for the value of relationships and the two-for-one stock split and raised the dividend by importance of giving back to our world at large. 40 percent. We grew net sales at double the rate of This year, as we celebrate the 20th Anniversary of 3 74358es_txt.indd 3 9/10/12 3:07 PM The Estée Lauder Companies’ Breast Cancer a Company and serves as a record for measuring Awareness (BCA) Campaign, a campaign my our progress. mother founded, we give special tribute in One of the joys of my role as Executive Chairman is celebrating her extraordinary and inspiring life. spending more time focused on relationship More than anything, it was her recognition of building. Fiscal 2012 made it more evident than the critical need to fight breast cancer through ever that the social and political boundaries of our medical research — an emblem of her dedication to world are changing. To sustain the success of people and to philanthropy — that has become one our business, particularly in increasingly regulated of the pillars of our Company’s commitment to environments, relationships are critical — with our corporate responsibility. That commitment — toward our world, our Despite the global communities and our people — is especially economic and political meaningful to me, and I am pleased with the uncertainties that marked progress we continue to make as responsible fiscal 2012, we enter the corporate citizens. From our Company’s BCA fourth year of our strategic journey having achieved Campaign to M.A.C’s incredibly successful VIVA a number of record highs. GLAM campaign, and through many more initiatives across the organization, our employees and brands have raised critical awareness and employees, our consumers, our customers and our support for key social issues in the priority areas of communities at large. Visiting local markets and women’s health, women’s empowerment, operations to meet with employees, industry education, health and human services, and global leaders and consumers is an important part of my emergency disaster relief. We remain focused on role and one that I value deeply. For over 60 years, environmental stewardship efforts, including water The Estée Lauder Companies has been committed security, sustainable ingredient sourcing, renewable to working together, with all of our stakeholders, energy and sustainable packaging. We look forward with uncompromising ethics and integrity. I am to releasing our most comprehensive Corporate personally dedicated to strengthening that Responsibility Report later this year, which commitment, ensuring good governance and highlights the positive strides we are making as continuing to enhance our corporate reputation around the world. 4 74358es_txt.indd 4 9/12/12 1:50 PM As I reflect on our excellent performance in fiscal leadership, unsurpassed creativity, a strong balance 2012, I would like to express my deep appreciation sheet, and a winning strategy that enables us to take for all of the people who have contributed to our advantage of our biggest global opportunities and success. Despite the global economic and political to ensure the sustainable, profitable growth of our uncertainties that marked fiscal 2012, we enter the business for the foreseeable future. fourth year of our strategic journey having achieved Sincerely, a number of record highs. This is a testament to the strength of our business model and the outstanding leadership of Fabrizio Freda. His vision, thoughtful William P. Lauder management and disciplined focus have positioned Executive Chairman The Estée Lauder Companies for what I believe will be a bright future. I am also grateful to my father, Leonard Lauder, whose strength and devotion to our Company continues to inspire us all. I extend my deepest thanks to our Board of Directors and our Executive Leadership Team — we are fortunate to have some of the world’s best talent helping to guide our organization. To our consumers, our suppliers, our retailers and our stockholders, thank you for your ongoing loyalty and support. And most importantly, I would like to thank our employees around the world for their extraordinary efforts and contributions. I look toward the next phase in our evolution with confidence and optimism. The Estée Lauder Companies has always been a unique organization with a rich heritage, and the steps we have taken over the past three years have made us stronger than ever. We finished fiscal 2012 in an enviable position, bolstered by exceptional talent and 5 74358es_txt.indd 5 9/10/12 3:07 PM President and Chief Executive Officer’s Letter Fabrizio Freda 74358es_txt.indd 6 9/10/12 3:07 PM Dear Fellow Stockholders, Thanks to the incredible focus and hard work of our two of our brands, Estée Lauder and La Mer, employees last year, The Estée Lauder Companies significantly outpaced the market. continued its powerful momentum, outperforming These meaningful accomplishments resulted from the global prestige beauty industry for the third year the contributions of our more than 38,000 full-time in a row and surpassing many of our strategic employees, each of whom plays an important role targets. In all, our year was marked by outstanding in making this Company extraordinary. To them — achievements across our brands, regions and and to the talented senior management team product categories. Such success demonstrated, yet whose excellent leadership, sound judgment and again, that our disciplined strategy and the increased discipline have been critical to our outstanding equity of our brands have created sustained growth — I am extremely grateful. a sustainable, winning formula that has helped us Additionally, I extend my deepest appreciation deliver another great year of record performance. for the ongoing support and partnership of This formula — our combination of innovative William Lauder, the wisdom and guidance of products, High-Touch services, strategic vision and Leonard Lauder, and the sage counsel provided operating excellence — resulted in impressive fiscal by our Board of Directors throughout the year. 2012 sales growth of 10 percent. For the second Amidst an exceptionally bright year, our Company consecutive year, we saw double-digit sales suffered a terrible loss — that of our beloved increases in our largest product categories and Evelyn H. Lauder. During her more than 50 years most important geographies. We had another with this Company, she was a guiding force, outstanding year in North America, for example, contributing invaluable insights through her many where we accelerated growth in our key channels positions and helping to develop some of our and strengthened our leadership position in prestige most successful fragrances. She was perhaps best skin care. In the travel retail channel, we gained known for her tireless advocacy for breast cancer share overall, secured the number one position in awareness through The Breast Cancer Research prestige skin care and became the leading company Foundation® and The Estée Lauder Companies’ in prestige makeup. Simultaneously, we continued Breast Cancer Awareness (BCA) Campaign, both of to expand our beauty leadership in China, where which she founded. As we celebrate The Estée 7 74358es_txt.indd 7 9/12/12 1:50 PM reducing non-value added costs, we have Our successes over the past year reinforce generated more profitable growth and reinvested our belief that our to further improve our strengths.
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