Estee Lauder 2009 Annual Report Download - page 5

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Dear Fellow Stockholders:
For 63 years, The Estée Lauder Companies has excelled at building innovative brands that have appealed to
consumers all over the globe. Along the way we have weathered tough challenges, including severe
recessions and key customers going out of business. But we have always emerged a greater company—
stronger, smarter and more fl exible. Diffi cult times reward companies that are versatile, adaptive and
diversifi ed. All are true of The Estée Lauder Companies.
Fiscal 2009 was a challenging year, as we and everyone else confronted a global economic downturn.
Under the strong leadership of our Executive Chairman, William P. Lauder, and our President and
Chief Executive Offi cer, Fabrizio Freda, we quickly took action to respond to the external environment.
The following report will provide detail on our new corporate strategy, which was rolled out in fi scal 2009.
This strategy provides a roadmap to speed up innovation, prioritize investments, rein in costs and usher in
the next stage of our Company’s growth.
4
LEONARD A. LAUDER
CHAIRMAN EMERITUS’ LETTER