Weaker dollar boosting beauty biz, says Lauder CEO
Family owned and operated cosmetic behemoth Estee Lauder has struck gold overseas.
William Lauder, Estee Lauder’s President & CEO, told CNBC’s Margaret Brennan that the weak U.S. dollar and steady consumer confidence is keeping the company in the “black” this holiday season.
In addition, online sales on “Cyber Monday” were “great” and hit a record, said Lauder, who expects both online and department store figures to remain strong. “We see our fastest growing segments in department stores in Asia,” Lauder said.
“The market does not understand the uniqueness of our business,” Lauder said. “Our key competitors are not based in the United States, and now, a majority of our business is not in the United States.”
Asia and Western Europe are proving to be more lucrative markets, he said.