Estee Lauder won one of the most prestigious awards meant for research and innovation in the area of beauty. At the 2017 Marie Claire Prix d’Excellence de La Beaute Awards in Paris, three of Estee Lauder’s skincare brands, namely, Advanced Night Repair (ANR) Intensive Recovery Ampoules, Advanced Night Repair Concentrated Recovery Powerfoil Mask, and the Revitalizing Supreme + Anti-aging Wake Up Balm were given the spotlight for their scientific breakthroughs. The ANR range of products have been around for the last 35 years and yet the products are constantly upgraded with the help of new innovation to appeal to contemporary beauty users.
Reasons Why Estee Lauder Is A Leader In Beauty Innovation
- The size of the U.S. prestige beauty market is estimated to have reached around $16 billion in 2015, reflecting a 7% year-on-year growth. Estee Lauder is the only big company that is solely focused on this segment and with this market consistently outperforming the mass beauty market, we can expect Estee Lauder’s growth to be further boosted by the rising demand in this segment. Research and Innovation is a key growth driver for Estee Lauder. The company’s innovative range of products is one of the reasons that makes it the leader in the premium beauty segment.
- As proof of how much the company stresses on the agility of implementing its innovative ideas, in fiscal 2016, more than 50% of its R&D initiatives was completed in less than 12 months time.
- Furthermore, almost one-fourth of its fiscal 2016 revenues were generated by new and innovative products. Estee Lauder’s global patent portfolio has expanded by 40% over the last four years, especially in skin care and in areas with high consumer demands.
- The company takes the inspiration for its innovation from its most demanding customers from across the globe. Geographies such as Korea, Japan, and California are some of its biggest sources of inspiration to innovate even further.
- An example of its innovative spirit was its 2015 investment in South Korean brand Dr. Jart+, one of the fastest growing skincare brands in the country.
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