Every business owner will know the importance on taking risks while running a business enterprise successfully. In fact, the essential quality of any good entrepreneur will be his ability to take calculated risks in every business decision he/she makes. This means weighing the pros and cons of every business strategy while looking at the possible outcome of that strategy. In the international cosmetic industry, the calculated risk taking abilities of one exemplary entrepreneur made it possible for growth and expansion of a corporate entity. The name of this talented entrepreneur is William Lauder.
William Lauder is the scion of the Estee Lauder Corporation and grandson of Mrs. Estee Lauder- the founder of the company. She started her company in 1946 with her husband under humble beginnings. At the time, her vision was to make high quality skincare products for women that were free from any allergens with her motto “every woman can be beautiful”. With this vision in mind, she entered the cosmetic industry with just four unique products – The Crème Pack, Skin Lotion , Cleansing Oil and the Super Rich All Purpose Crème. These products were an instant success in the market. Among her customers, these products evoked trust, quality and care. The immense success of these products led to the establishment of the company’s first department store in New York within a period of two years.
The next fifteen years saw the rapid expansion of the company and the diversification of the Estee Lauder Corporation’s products. During this period, the company ventured into the market segment for personal care products for men. The success and popularity of the Estee Lauder Corporation’s products found its way to a prominent department store in London – Harrods. This was a major achievement for the company and the company opened its first international office in Hong Kong.
When William Lauder joined the company in 1986, he was determined to enhance the Estee Lauder Corporation’s presence in the international market. During the early days of his tenure, he formulated a number of innovative marketing strategies when he was responsible for the nine premium products of the company. The huge success of these products in the international arena was testimony of his exceptional entrepreneurial skills and risk taking abilities.
William Lauder’s amazing business acumen and risking taking abilities were evident in his innovative concept of a store within a store. This innovative marketing strategy changed the cosmetic industry and adopted by many other companies in the industry. These strategies along with his personal touch to the online activities of the company were responsible for making the products of the company more accessible to a larger audience. He also streamlined the retail and distribution channels of the company. William Lauder played a pivotal role in transforming the Estee Lauder Corporation and the cosmetic industry.