Estée Lauder vs L'Oréal | Buying Spree | 5

Business Wars

Wondery

History, Business, David Brown, Management

4.6 • 13.2K Ratings

🗓️ 17 February 2021

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

It’s 1991, and after the financial crash of 1987, Estée Lauder is looking for a new way to continue expanding without sinking millions of dollars and several years into developing a new brand. The answer lies in acquisitions, and they set their sights on two young, hip, buzzworthy companies: MAC and Bobbi Brown.

Meanwhile, determined to strengthen L'Oréal’s foothold in the American mass market, CEO Lindsay Owen-Jones takes a risk on flailing drug store brand Maybelline, convinced he can turn it into an industry juggernaut.

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Transcript

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0:00.0	Hey, prime members, you can listen to business wars, add free on Amazon music.
0:04.8	Download the app today.
0:07.0	1991, New York City.
0:19.4	Leonard Lauders stands on the sidewalk.
0:21.8	He's on Christopher Street in the lively Bohemian neighborhood of Brennidge Village.
0:26.5	He's looking across the street, where a crowd is gathered in front of a storefront.
0:31.6	Music blasts from large speakers, drawing in curious passers-by.
0:36.6	It's the grand opening of the first free-standing American store for Mac, an acronym for Makeup
0:43.0	Art Cosmetics.
0:44.7	The cosmetics brand started in Canada seven years ago.
0:48.6	Lauder joins the crowd.
0:50.4	He feels like he's lining up to get into the hottest nightclub.
0:54.2	And as a 58-year-old white man, he looks extremely out of place.
0:59.3	These customers are young, hip, and diverse.
1:02.7	The girl in front of him sports purple hair in a stylish nose ring.
1:06.6	Another wears red spandex shorts with high heel combat boots.
1:10.9	The clientele is just as edgy and fashion-forward, as the brightly colored cosmetics sold inside.
1:17.4	Mac is not your grandmother's makeup.
1:21.3	As Lauder reaches the front of the line, he finds two drag queens greeting customers and
1:25.8	passing a coupons.
1:28.0	One addresses Lauder, sizing him up.
1:30.7	Welcome to Mac.
	...

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