Estee Lauder 2011 Annual Report Download - page 10
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8
Our strategic journey began in 2009. Since that time, we have stepped forward with confidence and
better aligned our organization and infrastructure to support our new corporate strategy. In the process,
we reduced non-value-added costs and imposed new financial discipline across the Company. At the
same time, we developed the necessary capabilities to improve our competiveness and, today, we are
better positioned to manage our business more effectively and allocate our resources to the most
promising opportunities.
The qualities that have been central to The
Estée Lauder Companies since our beginning
shape who we are and inspire us to deliver
uncompromising quality and unparalleled
service to our consumers.
In fiscal 2011, we updated our strategy to prioritize those opportunities with the biggest potential and, as
a result, increased our share in several key product categories and geographic regions. For example, we
saw the luxury sector recover significantly and prestige beauty gain against mass in many important
countries and categories. Our continued commitment to providing prestige product and service innovations
has been paying off.
We recognize that in order to be a truly global company we need to be
even more locally relevant. This
year, we grew our capabilities to innovate closer to where our consumers
live and shop, especially in emerg-
ing markets. We opened a larger research and development facility in Shanghai to help us develop break-
through technologies and products based on the preferences of Chinese consumers. We also expanded