Voting Control
Estee Lauder started the company in 1946 by making skin creams on her kitchen stove and selling them to beauty salons in New York. It became the largest closely held cosmetics company in the world before selling shares in a public offering in 1995. Lauder died in April 2004 at age 97.
Family members maintain more than 85 percent of its voting control. The company had $10.2 billion in revenue in the fiscal year ended June 30, selling products in more than 150 countries under brand names such as Aveda, Clinique and Bobbi Brown.
“There’s a lot of pride and devotion to the company from the sisters,” said Wu. “The fact that it remains largely family-run speaks to the dedication and passion that they have for the business.”