Estée Lauder is one of the world's largest prestige beauty companies, selling skin care, makeup, fragrance, and hair care products across more than 20 brands globally. The company operates exclusively in the prestige and luxury tiers — it does not compete in the mass market. Skin care is the largest and most profitable category, led by the Estée Lauder, La Mer, and Clinique brands. Fragrance is the fastest-growing category, anchored by Jo Malone London, TOM FORD, Le Labo, and KILIAN PARIS. Makeup is led by M·A·C and Clinique, while hair care is led by Aveda and Bumble and bumble. Estée Lauder sells through wholesale channels (department stores, specialty-multi retailers like Sephora and Ulta, and travel retail) and DTC, including roughly 1,600 freestanding brand stores and online platforms. Online sales reached 31% of sales in FY25. The company operates in approximately 150 countries, with mainland China and the U.S. as its two most important markets. Estée Lauder earns higher margins than mass-market peers through premium pricing, fewer promotions, and a favorable product mix skewed toward high-margin skin care and luxury fragrance. The company is currently executing a multiyear restructuring targeting $800M–$1B in annual gross savings through workforce reductions and back-office outsourcing, while simultaneously pivoting toward faster-growing channels and accelerating its innovation cadence. The Lauder family retains approximately 84% of voting power.