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Michelle LeBlanc, Vice President of Merchandising for Beauty and Personal Care & Hispanic Center of Excellence, CVS Health

GL: You speak about CVS being at the nexus of Beauty, Wellness & Health, how do you envision enhancing that relationship, so it helps the guest and the vendor as well?

ML: To start, I think it’s important to acknowledge that shoppers think of beauty, wellness and health as deeply connected – they’re all part of well-being.  At CVS Pharmacy we have always approached our relationship with our shoppers starting from a place of trust and community.  And this lens has fueled many of the choices we made and continue to make with our customers at the center.  We are truly on their health and beauty journey with them.  It’s one of the main reasons I am so proud to be part of CVS Health. From  our decision to stop selling tobacco to our commitment to transparency in beauty images through Beauty Unaltered, we stand by what we carry in a way no other retailer does. This deepens our relationship and our role in our shopper’s overall well-being journey. And with more than 9,000 retail locations across the U.S. we’re doing it right in their community.

Additionally, our customers are often on a mission-based shopping trip, meaning they are coming in because they need something specific (i.e., sick kids, pick up a prescription, ran out of sunscreen on way to the beach).  We offer a curated assortment designed to meet our shopper’s needs.  What this does is simplify the shopping experience for our customers. From the moment they walk through the doors, we help them easily find the products they need on-shelf, and leave, on average, in under 6 minutes.  CVS is providing a destination that meets the vast need-states of our shoppers.  And we’re doing so as a small-format retailer that is within 10 miles of 85 percent of the U.S. population.

That is why I refer to us as the nexus of beauty, health, and wellness.   We offer convenience, breadth of solutions and, importantly, trust that meets shoppers’ needs in a way others cannot.  By uniting our trust in health with our expertise in the evolving beauty and wellness landscape, CVS is not just a retailer.  We’re a community destination for self-care, confidence, and head-to-toe well-being.

GL: You mentioned the average time of a visit to CVS and the key touch points of the guest experience, how do you see this being refined so that you optimize the experience ?

ML: Simply put, we want to meet our consumers where they are.  Whether in our 9,000+ store locations, online, via rapid delivery, or through BOPIS (buy online, pick-up in store), we have built an omnichannel ecosystem to do just that.

For the purpose of today, I’ll focus on our in-store experience. We’re on a journey of simplification and personalization, ranging from the assortment we continue to curate that meets the unique needs of each community we serve, to the way those products show up on shelf, to the visual cues throughout the store that help the shopper find what they are looking for.  We want our shoppers to be in and out but enjoying themselves along the way and hopefully discovering something new in the process… this mission of ours makes me smile! One example of how we accomplish this is in our CVS Y Más & Navarro store locations. We have 1,000 stores across 20 states that are specifically curated for our Hispanic customers.

We create a localized, relevant shopping experience where Hispanics feel welcome in an environment that is culturally relevant and feels more like home with products they know and love.  This is a great proof point of how we think about personalization and localization, putting our customer first and their shopping experience at the center of how we are evolving.

GL: How do you see the future of guest experiences and relationships?

1) more social media engagement? 2) in store events / experiences?

ML: A fundamental of retail is that shoppers want to interact with products. They crave the ability to touch/feel and learn about products they’re interested in.  Part of what I love about social media, specifically within beauty and skin, is it’s given shoppers an engaging way to be introduced to products. The impact of a before and after eye serum, for example, is incredibly powerful when you see it online.  However, those interactions that start on screen often inspire shoppers to want to learn more in-person and that is where CVS stores continue to play an important role.

All that said to state: our relationship with our shoppers is one built on trust.  One way that trust comes through is with our team of Beauty Consultants and our focus on education/training.  Beauty Consultants can help us  amplify fun trends and enhance the experience of a shopper in a fun way, but they are also our front line in beauty in sharing information with customers about new products and their benefits and usage. They help our shoppers make the best choices to meet their needs.

GL: As a guest finishes their interaction, what thoughts would you like them to leave with?

ML: As our shoppers leave, I’d want them to feel three things:

1. First and foremost, across all of CVS Pharmacy, we want customers to know we are there for them in their time of need. Staying true to our shopper’s mission and ensuring we help them succeed in that mission is of the upmost importance. This is where that ease of shop, coupled with breadth yet curation of assortment is so meaningful to our shopper’s experience!
2. Within beauty, I want our shoppers to feel confident, cared for, and empowered through our trusted, curated assortment, transparency in beauty standards, and unmatched access to head-to-toe solutions!

And lastly, that we surprised them with a moment of joy and discovery with our beauty and personal care assortment. Everyone’s day is a little more fun with a bright red lip oil!

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Pat McGrath, often hailed as “the most influential makeup artist in the world,” will oversee this dedicated métier. Beyond her collaborations with numerous designers and fashion houses, including Louis Vuitton, her creative influence expanded with the launch of her eponymous brand, Pat McGrath Labs, in 2015. A member of the Order of the British Empire since 2014, she became the first and only makeup artist ever to receive the title of ‘Dame’ in 2021 from Her Majesty Queen Elizabeth II.

Since its founding, Louis Vuitton’s travel history embraced beauty, with innovative vanity cases specially crafted for the transport of delicate toiletries, perfumes and cosmetics. In the 1920s, Louis Vuitton designed luxurious powder compacts, brushes and mirrors. Two exceptional examples preserved in the Louis Vuitton archive date from 1925: Le Milano was a bespoke kit made for the soprano Marthe Chenal, while an exquisite toiletry case was also created for the Polish composer, Jan Paderewski. Moreover, the first Louis Vuitton handbags for women were conceived with the need to carry daily essentials including cosmetics.

“Working backstage for over 20 years at Louis Vuitton fashion shows, I am thrilled to now play such a key role in the launch of La Beauté Louis Vuitton, which is the result of extraordinary craftmanship, creativity and innovation. The beauty universe is about so much more than just product, and what we are creating here will unlock a new level in luxury beauty,” says McGrath.

“La Beauté Louis Vuitton is a natural business evolution, driven by our meticulous attention to quality, formula and innovation. Through this new universe, we have the opportunity to further accompany clients in their everyday lives with purpose and pleasure, while continuing to celebrate our creativity and heritage.”, says Pietro Beccari, Chairman and CEO, Louis Vuitton.

With more information on the product range to follow, La Beauté Louis Vuitton reflects the broadening scope of luxury, whereby the House’s rich heritage assumes once again a new, contemporary form.

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The Estée Lauder Companies announced  that Ronald S. Lauder will retire from the Company’s Board of Directors (the “Board”) effective immediately. Pursuant to the stockholders’ agreement among Lauder family members and the Company, Mr. Lauder has the right to designate two directors of the Company. His daughter Jane Lauder will continue to serve on the Board in her current position, and he has named his son-in-law Eric Zinterhofer, who is married to his daughter Aerin Lauder, to be his second designee. In connection with Mr. Lauder’s retirement from the Board and his designation of Mr. Zinterhofer as his nominee, the Board has elected Mr. Zinterhofer effective immediately. Mr. Lauder will remain Chairman of Clinique Laboratories, LLC.

Mr. Zinterhofer joins the Board with extensive financial, investing and global business experience, and is currently a Founding Partner of Searchlight Capital Partners. He serves on the Investment Committee, Operating Committee and Valuation Committee, and is jointly responsible for overseeing the Firm’s activities with the two other Founding Partners. He serves on the boards of several portfolio companies of Searchlight including Care Advantage, Hemisphere, Liberty Latin America, and TelevisaUnivision, and serves as Chairman of the Board of Charter Communications. Prior to co-founding Searchlight, he was a senior partner at Apollo Management in New York. Mr. Zinterhofer received a BA in both honors economics and European history, cum laude, from the University of Pennsylvania and an MBA from the Harvard Business School.

Mr. Lauder joined the Company in 1964 and has served in various capacities. He was a member of the Board of Directors of the Company from 1968 to 1986, from 1988 to July 2009 and from 2016 through his most recent retirement.

“As a member of the Lauder family and Director on the Board, Ronald has been a steadfast advocate for The Estée Lauder Companies, our people, and our brands. His dedication and strategic vision have been integral to ensuring our company is built upon a strong foundation. On behalf of the organization, I want to express my heartfelt gratitude for his remarkable service and leadership,” said William P. Lauder, Chair of the Board. He continued, “I would also like to welcome Eric to the Board. As a member of the family, Eric will continue to champion the values at the heart of our company while bringing a fresh perspective at this pivotal moment. We are confident Eric’s significant governance experience, strategic insight, and industry knowledge will be an asset to the company and advance our plans for long-term growth.”

Regarding this transition, Mr. Ronald Lauder said, “For more than 50 years, it has been an incredible honor and privilege to serve The Estée Lauder Companies. While I may be retiring from this position on the Board, I will continue to be committed to supporting this incredible company, the next generation of the Lauder family in leadership, and our family legacy. I am confident Eric’s experience and perspective will be an asset to the company’s long-term vision and plans to return to growth, while maintaining the values at the heart of our work.”

“During his more than 50 years of contributions to The Estée Lauder Companies, including his service on the Board, Ronald helped build a foundation of excellence. While we will miss Ronald in his board capacity, Eric is an outstanding choice as his designee. On behalf of my fellow Directors, I thank Ronald for his leadership and many contributions and welcome Eric to the Board,” said Richard F. Zannino, the Company’s Lead Independent Director.

In addition to his activities with The Estée Lauder Companies, Mr. Lauder served as Deputy Assistant Secretary of Defense for European and NATO Affairs from 1983 to 1986. From 1986 to 1987, he was U.S. Ambassador to Austria. Mr. Lauder is an Honorary Chairman of the Board of Trustees of the Museum of Modern Art and President of the Neue Galerie. He is also Chairman of the Board of Governors of the Joseph H. Lauder Institute of Management and International Studies at The Wharton School at the University of Pennsylvania and the co-founder and Co-Chairman of the Alzheimer’s Drug Discovery Foundation.

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Regarding Mr. de La Faverie’s appointment, William P. Lauder said, “Stéphane’s deep-rooted industry and operational expertise, and his collaborative and dynamic approach, make him the ideal CEO to move us forward with speed, and urgency. Having worked closely with him for many years, I can attest to Stéphane’s ability to nurture and build powerful prestige brands, while his thorough understanding of and respect for our Company’s heritage and culture positions him well for success in this role. His strategic vision will position the Company to drive long-term growth in the face of its current challenges, as he deploys transformational new approaches for the future. This appointment marks an exciting new chapter in our Company’s story, and I look forward to supporting Stéphane as he leads the many talented employees of The Estée Lauder Companies and accelerates us along our path to a promising future.”

Mr. Lauder continued, “As I reflect on sixteen years of working alongside Fabrizio and so many talented leaders and employees, I am immensely proud of what we have accomplished. My decision to focus solely on my role as Chair of the Board represents an important evolution for the Lauder family. Our family’s long-standing day-to-day management of the Company is evolving and reflects my desire to focus more on the overall strategic direction of the Company. As a family, we remain committed to this incredible Company and continue to view our investment through the lens of long-term patient capital. I am confident that Stéphane will be an effective, impactful CEO, able to take the decisive actions needed in the face of our current challenges, and that he and the next generation of the Company’s leadership will steer us towards even greater success.”

“Stéphane is the ideal transformational leader needed to drive this extraordinary Company through its current challenges and into its next chapter of growth,” said Charlene Barshefsky, Presiding Director of the Board of Directors. “Following a comprehensive CEO succession planning process, and a thorough review of external and internal candidates, Stéphane was the clear choice of the Board for his mix of strategic vision, global industry knowledge and experience, profound ambition for the Company and its remarkable brands, and unique ability to address the challenges facing the Company to revitalize growth. His deep knowledge of our Company will enable Stéphane to quickly assess opportunities and implement strategic plans. His inclusive leadership style will enable him to inspire and mobilize the Company with speed and agility and set us on a path to long-term, sustainable growth and drive shareholder value.”

With more than 25 years of prestige beauty experience, Mr. de La Faverie joined the Company in 2011 and currently serves as Executive Group President, overseeing many of the Company’s brands across its powerful portfolio, from billion-dollar-plus brands such as Estée Lauder to scaling and developing brands including Jo Malone London, The Ordinary, and Le Labo. A creative, energized, and focused leader, Mr. de La Faverie has demonstrated uncompromising focus on brand excellence and innovation across categories, geographies, and channels, as well as an ability to drive profitability with discipline, speed and efficiency. He has played a particularly instrumental role in enhancing the Company’s fragrance portfolio during a pivotal moment for the category, adeptly navigating industry shifts and evolving consumer behaviors. Additionally, Stéphane has played a key role in leading the implementation of the Company’s Profit Recovery and Growth Plan to help restore stronger and more sustainable profitability.

Prior to his current role, he led the Estée Lauder brand, one of the world’s largest prestige beauty brands. During that time, he successfully harnessed growth opportunities, including hero products, digital-first and data-led marketing, new technologies, and high-growth channels, enabling the brand to engage a diverse consumer base, from ageless to Gen Z, and led it to become a top brand among Chinese consumers.

A highly impactful member of the Company’s Executive Leadership Team since 2014, Mr. de La Faverie is widely respected within the Company and throughout the industry for his ability to assess business solutions from multiple perspectives, guided by his comprehensive understanding of global markets, emerging channels, and consumer dynamics. His extensive commercial expertise, ability to navigate complex global supply chains, experience managing through disruption, and his ambition and commitment to strengthening the Company and its brands, are pivotal leadership qualities as the Company undergoes a strategic reset. Furthermore, Mr. de La Faverie has developed meaningful connections with stakeholders across the industry, including global retailers and suppliers, and members of the investor community.

On his appointment, Mr. de La Faverie said, “I am deeply humbled and excited to lead The Estée Lauder Companies, a company founded by a visionary entrepreneur whose legacy continues to inspire us today. As we work together to return to our pre-eminent position as the leader in global prestige beauty, we will draw on our family heritage, extraordinary brands, exceptional talent, consumer-centric approach and creativity – core elements that reflect our very DNA. We are extremely focused on revitalizing our growth via groundbreaking innovation, unforgettable experiences, and cutting-edge marketing to inspire our consumers worldwide. I am grateful to Fabrizio for his strategic guidance, and I look forward to working with him on a seamless transition. It is an honor to advance this legacy of excellence, and I am excited to lead our incredible teams as we work together to shape the beauty landscape of tomorrow while representing the interests of all shareholders.”

Fabrizio Freda said, “Having worked alongside Stéphane for many years, I am thrilled to welcome him as the next President and CEO of The Estée Lauder Companies and look forward to supporting a seamless transition. His visionary leadership is defined by his unwavering commitment to excellence and forward-thinking approach to enhancing our brands and shaping the consumer experience. In an industry as dynamic as prestige beauty, Stéphane’s deep knowledge, exceptional strength as a leader, and unique ability to combine inspiration, authenticity, and strategic insights to drive profitable growth will enable him to guide the future success of the Company’s portfolio.”

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On September 26th, Arcade Beauty celebrated it’s 10th Anniversary in Paris bringing together employees, board members, suppliers, and customers -including L’Oreal, Puig, Shiseido, Charlotte Tilbury, Chanel, Estée Lauder and COTY, for cocktails at the Eiffel Tower.

There was a video and speech from Carl Allain, President and CEO of Arcade Beauty, with guest speakers Hugo D’avout, Cofounder of Sienna Private Equity, and former partner of Oaktree Capital in 2014, and Ludovic Anceau, a former President of Bioplan Beauty.

Here are a couple of Q&As with Carl Allain reflecting on the past ten years, and looking to the future.

Q&A WITH CARL ALLAIN.  PRESIDENT & CEO OF ARCADE BEAUTY

What are a few things you’re most proud of Arcade Beauty for achieving over the last 10 years?

We have successfully created our identity, on solid foundations, with strong values of commitment and co-development with our customers, teamwork and agility. We have been able to adapt to changes in the beauty market, and we continue to do so.

What do you see as the key innovations that will shape the future of sustainable beauty sampling, and how is Arcade Beauty investing in those areas?

There are two major market demands: The first is switching our packaging to recyclable materials, such as paper. Our road map on this initiative is ahead of schedule. The second is refilling packagings—offering solutions for all sizes, based on our technical expertise in flexible materials

With global sustainability standards evolving rapidly, how does Arcade Beauty ensure it remains agile and ahead of regulatory shifts while leading by example in the industry?

We are very attentive to the market and our customers, and we made strong commitments to sustainable development early on, in terms of eco-design, carbon footprint reduction, and supplier on-boarding.

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“As a seasoned global business leader, Simona brings over 30 years of experience in the luxury beauty industry,” CHANEL said in a statement.

“She has managed prestige brands, built new businesses across product categories and led large transformations within complex global organisations based around the world.”

Cattaneo’s appointment follows a recent executive shakeup at CHANEL, which saw the departure of its Artistic Director Virginie Viard.

CHANEL reported sales of nearly $20 Billion in 2023 with its Fragrance and Beauty division said to have experienced “very strong growth” across all categories.

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With over 20 years of experience in the industry, Nicole began her career in fragrance after graduating Cum Laude from Montclair State University with a Bachelor’s degree in Psychology. Thereafter, she attended Givaudan School of Perfumery in France, which solidified her passion for the métier. Her studiesin psychology have informed and influenced her fragrance creations, by emphasizing the mind-body connection, and the power to touch people’s lives in meaningful ways.

After a successful tenure at Givaudan as a perfumer in the Consumer Products division, focusing on air care and personal care brands, she transitioned to the Fine Fragrance team in New York City, specializing in retail, celebrity, and local fine fragrance brands. Across her extensive career, Nicole has created a variety of iconic and renowned fragrances. Most notably, in 2020, Nicole worked with KKW Fragrance to create “Kylie Nude Lips”, which won the Fragrance Foundation USA’s Fragrance Women’s Popular Award of the Year.

“We are thrilled to welcome Nicole Mancini, who is highly accomplished and respected in the fine fragrance space,” said Robin Mason, President, Fine Fragrance North America. “Her passion for creating delightful and memorable scents will bring a new perspective to our talented roster of perfumers. Nicole’s expertise, alongside our portfolio of best-in-class fragrances, will continue to strengthen dsm-firmenich as a category leader and set the standard for global perfumery trends.”

In her new role as Principal Perfumer at dsm-firmenich, Nicole will be focusing on Fine Fragrance and cross category creations. “As I step into the esteemed halls of dsm-firmenich, I’m humbled by the legacy of excellence that precedes me,” she shares. “Joining this revered team is not just a career move, it’s an invitation to elevate the very essence of artistry in fragrance. With every creation, I aspire to weave dreams into reality, crafting scents that transcend time and culture. Here’s to a journey where passion meets precision, and remarkable milestones are achieved.”

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“On behalf of the entire Board of Directors and the Lauder family, we wish to extend our sincere gratitude to Fabrizio for over sixteen years of devoted service to the Company,” said William P. Lauder, Executive Chairman. “We look forward to celebrating Fabrizio’s many amazing accomplishments as his formal retirement date nears. Until then, the Board, Fabrizio and the entire leadership team are laser-focused on navigating the current challenges faced by the Company.”

Mr. Lauder continued, “On a personal note, Fabrizio has been an incredible partner to me as well as other members of the Lauder family. He understands the uniqueness of this family business and has used our long-term focus and principle of patient capital as a point of strength as he has transformed the business to meet evolving consumer aspirations.”

On his retirement, Mr. Freda said, “Leading The Estée Lauder Companies for sixteen years, is and has been, a true honor and privilege. I am so proud of our company’s incredible accomplishments, and to have built the most talented, dedicated, and passionate team in the industry. Together we have transformed the Company in beautiful ways; and we have set new standards for excellence. I will continue to be fully focused on the execution of our strategic reset and the Profit Recovery and Growth Plan, as we continue to address the current challenges. As we manage for the long term, now is the right time to look ahead to the next generation of leadership for this great company. I look forward to continuing to work closely with our Board of Directors in the selection of my successor and ensuring a seamless transition.”

The Company will announce its fiscal 2024 earnings results for its fourth quarter and full year ended June 30, 2024, on Monday, August 19, 2024.

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