STORY: :: Stéphane de La Faverie, Estée Lauder Chief Executive Officer
"I think we are in a world where the funnel - the media funnel - has completely collapsed. So consumers are basically entering brands through very, very different places and TikTok is one of the social media platforms. What I find fascinating today - we're in the world of consumer centricity - and that's why Beauty Reimagined, I say we are really becoming and want to become the best consumer centric beauty company in the world by putting the consumer and recognizing the consumer is in charge today of the communication. Consumers tap into TikTok because TikTok is about communities. They want to feel part of a community. They want to be part of a trance. We're using a lot of TikTok today not only to advertise our brand, but to put our brands in the hands of the creators that through the right style gal, are going to be able to just say, 'This is my interpretation of what Estee Lauder Double Wear Foundation is,' or 'my interpretation of Le Labo Lavande 31 is going to be' and so that gives a lot more creativity and allows us a more personalized communication than ever before, because I believe the world of beauty is about consumer centricity, is about personalization, is about experience and speed, without ever mortgaging quality. And that is the revolution that we are facing - that we want to lead with Beauty Reimagined, and putting out brands, frankly, whether consumers are physically or digitally."
The company, which is in the middle of a turnaround, is also looking to rebalance growth by embracing the Americas and emerging markets, though not at the expense of China, whose consumers have faltered with their spending in recent years, La Faverie added.
Estée Lauder is focused on "local relevance," La Faverie said, adding that the company has taken minority investments in Chinese, Mexican and Indian beauty labels.
