How An Innovative Business Leader Transformed A Company Into A Formidable Force In Global Skincare Industry

4:03 AM
In order to succeed in a competitive market environment, an entrepreneur must be both innovative and creative. Only the entrepreneur’s innovative ideas will be instrumental in helping him/her analyze various problems and situations in order to effectively deal with them. Such an innovative and creative entrepreneur can introduce new products, develop efficient methods of production and exploit new markets. In the process, he/she is able to reorganize and transform a business enterprise. In the international cosmetic industry, William Lauder is an example of how innovative entrepreneurs can play a pivotal role in transforming a corporate entity into a major global player in the market.

William Lauder is the illustrious grandson of Mrs. Estee Lauder and the scion of the Estee Lauder Corporation. Mrs. Estee Lauder, an enterprising and innovative entrepreneur herself, founded the Estee Lauder Corporation with her husband in 1946. She entered the American cosmetic industry at the time with the objective of introducing a new range of unique cosmetic products for women that were safe on the skin. These cosmetic products became immensely popular with customers in America and propelled the company to a household name in the America.
In spite of the fact that she entered the market with just four unique products, the popularity of the products was a catalyst in establishing the company’s first departmental store in New York.  The next fifteen years witnessed the rapid expansion of the company and the diversification of its products including a section on men’s cosmetics. The popularity of Estee Lauder Corporation’s products found their way on the shelves of a prominent departmental store in London – Harrods. With a few years, the company opened its first international office in Hong Kong.
When William Lauder joined the company in 1986, he was determined to make the Estee Lauder Corporation a prominent name in the global market. On assuming responsibility of nine premium products of the company, he put his exceptional business acumen and entrepreneurial skills to the test. However, his innovative marketing strategies paid off and these products become international best sellers.
Customers, critics and his competitors appreciated William Lauder’s innovative promotional and marketing strategies like the concept of a store within a store. This revolutionary marketing strategy was adopted by others in the industry and made the company’s products available to a wider international audience. He introduced similar innovative strategies when he gave his personal touch to the digital activities of the company. This made the Estee Lauder’s products available to customer at their doorsteps. 
When William Lauder took charge of the retail and distribution channels of the company, he implemented many groundbreaking strategies to streamline the process. William Lauder’s creative and innovative strategies not only changed a company but the entire cosmetic industry.         

Share this

Related Posts

Previous
Next Post »