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The secret of Estee Lauder’s success

(BLOOMBERG) - In the midst of taking Estee Lauder public in 1995, Mr Leonard Lauder, the company's then chairman and chief executive, fielded a question from an investment banker during the roadshow. "If your products are so good," the banker asked Mr Lauder, then in his 60s, "why do you have so many lines on your face?" Fortunately, Mr Lauder writes in his new book, The Company I Keep: My Life In Beauty, "my wrinkles didn't deter investors". His comeback came in the stock's debut. It opened at US$26 a share and climbed to US$34.50 in its first day of trading. He hasn't quite written an autobiography; there isn't much discussion of his personal life, friends, travels or lifestyle. Most of the names you'll find in the book are hard-working employees whom Mr Lauder singles out for praise, various industry competitors and luminaries with whom he has collaborated in various industries. Aside from his mother, father, first wife Evelyn, and second wife Judy, even Mr Lauder's relatives don't get much print. Of his younger son Gary, who chose not to join the family business, Mr Lauder writes that "Gary has a dedicated sense of philanthropy and doing his own thing" and leaves it at that. Bu...