Estee Lauder 2009 Annual Report Download - page 9

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8
Dear Fellow Stockholders:
Fiscal 2009 was a time of tremendous transformation for The Estée Lauder Companies. The global economic
downturn prompted us to change the way we operate even more quickly, while at the same time we began
laying the foundation for the Company’s new four-year strategy.
I am particularly proud of how our talented people successfully managed the business against this challenging
backdrop. Despite reduced consumer spending, we were able to gain share in many important countries
and channels, thanks to our employees’ hard work and creative efforts.
We also focused on gaining effi ciencies and fostering more collaboration across our brands, regions and
channels. During the year, we resized the Company to compensate for lower sales and restructured the
Company by introducing new processes and leadership teams for improved organizational alignment.
William Lauder and I, together with the Company’s top leadership, spent much of the year developing
a strategic plan that we believe will generate sustainable, profi table growth for the long term. The strategy
focuses our resources on our most promising opportunities worldwide by brand, category, region
and channel.
FABRIZIO FREDA
PRESIDENT AND CHIEF EXECUTIVE OFFICER’S LETTER