There is hardly a woman in Kuwait, aged between 30 and 100, who has not heard of or used Estée Lauder’s luxury cosmetics. I once traded in Estée Lauder perfumes in the mid- 1970s, although only for a short period. The Estée Lauder Companies Inc. is one of the world’s leading companies in cosmetics, skincare and perfumery. It was founded 80 years ago in New York by Estée Lauder and her husband, Joseph.
Estée was the driving force behind the business. She learned how to formulate creams from her uncle, a chemist, and came up with the idea of offering a free gift with every purchase. Almost all cosmetics companies continue to follow this practice today. The company expanded significantly during the 1960s and 1970s, entering international markets and selling through renowned retailers, including the famous Harrods department store in London. In 1964, the company also introduced products specifically designed for men. In 1995, the company was listed on the New York Stock Exchange, although the Lauder family retained control. Today, it is regarded as one of the dominant players in the global luxury cosmetics market.
The company generates annual sales and revenue of nearly $15 billion and has a market capitalization of approximately $40 billion. This corporate giant is headed by Ronald Lauder, heir to Estée Lauder and president of the World Jewish Congress, one of the most influential positions in the Jewish world. He recently gave an interview to the prominent Israeli newspaper Haaretz. Lauder, the American billionaire who was close to Israeli Prime Minister Benjamin Netanyahu for many years, told the newspaper, “I sold my apartment in Tel Aviv and donated my house in Beersheba to the Jewish National Fund. I have completely severed my ties there. I have absolutely no intention of returning to Israel. There are too many petty conflicts everywhere.”
According to reports by The Times of Israel and Haaretz covering the interview, Lauder did not reside permanently in Israel but spent a few weeks there each year at properties he owned, including a Bauhaus-style house in Bialik Square in Tel Aviv. Last year, Lauder sold or donated all the properties he still owned in Israel. His remarks came amid a broader falling-out with Netanyahu ahead of the Israeli Knesset elections scheduled for October 27, 2016. Lauder accused Netanyahu of choosing “politics over peace” and warned Israelis against re-electing him. His position added to the political tensions surrounding Netanyahu’s leadership. The Jewish billionaire’s decision to sever his ties with Israel cannot be viewed separately from the events of October 7, 2016, particularly given that he had been one of Israel’s strongest supporters, financially, politically and morally, for more than four decades.
By Ahmad alsarraf
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