Leonard Lauder, billionaire heir to cosmetics empire, dies at 92
Leonard Lauder, former chairman of Estée Lauder Companies and eldest son of founders Estée and Joseph Lauder, passed away at the age of 92. He played a pivotal role in transforming the beauty industry, joining the family business in 1958 when it had fewer than 10 employees. Over the decades, he helped expand the company into a global cosmetics empire, taking it public in 1995 and building a portfolio of iconic brands including Clinique, MAC, and La Mer.Known for his thoughtful leadership style and emphasis on building relationships, Lauder was famous for sending handwritten notes and giving out generous product samples to build customer loyalty. He also coined the term "lipstick index" during the 2001 economic downturn, observing that cosmetic sales&mdashespecially lipstick&mdashoften rise when the economy falters.Pioneer of cosmetics, Estée LauderBeyond business, Lauder was a generous philanthropist and art collector. He donated a landmark collection of Cubist art to the Metropolitan Museum of Art and co-founded the Alzheimer&rsquos Drug Discovery Foundation. He is survived by his wife, Judy Glickman Lauder, and sons William and Gary. His legacy continues through his family&rsquos involvement in the company and his lasting impact on both the beauty and philanthropic worlds.