CAPACITY GROWTH IN CHINA - CASE COMPARISONS AND FOR THE ESTÉE LAUDER COMPANIES INC - Alexis Newkirk
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THE ESTÉE LAUDER COMPANIES INC.
CASE COMPARISONS AND
CAPACITY FOR
GROWTH IN CHINA
PART TWO: EMERGING MARKETS SUPPLY CHAIN
MANAGEMENT REPORT
APRIL 18, 2018
ALEXIS NEWKIRK
TABLE OF CONTENTS
About this Report 4
New Business Models in Emerging Markets 6
The Hidden Risks in Emerging Markets 13
Competitive Advantages in the Face of Change 16
References 18
Estée Lauder’s #1 foundation - its Double Wear Stay-in-Place Makeup.1
2 Table of Contents Table of Contents 3
ABOUT THIS REPORT
Since 1946, Estée Lauder has evolved not only into an American
icon of a woman entrepreneur, but also a household name in
beauty. The company, a portfolio of 29 prestige cosmetic brands,
has expanded to over 150 countries and reached a market cap of
$51.5 billion as of June 2018.1
But expanding an already successful business abroad doesn’t
always translate well at first. Throughout this paper, I will discuss
how Estée Lauder tackles expanding into emerging markets,
particularly Asia, and explore the risks they must mitigate
when dealing with communication and marketing preferences,
consumer tastes, political affairs and policy changes. I will then
compare ELC’s practices to recommendations given in two
Harvard Business Review case studies.
Estée Lauder, Founder of the Estée Lauder Companies.2
4 About this Report 5
NEW BUSINESS MODELS IN EMERGING MARKETS companies should direct their focus. Affordability does not mean
sacrificing quality for the sake of price, or providing less for less,
rather, trading expensive features and functions that people
do not need for less-expensive ones they do. When it comes to
The first case I’ll focus on centers around companies’ abilities the access component, it is well understood that populations
to adapt to operating and meeting customers’ needs in new and in emerging markets are typically well-dispersed and have a
emerging markets. While the challenges to breaking into a new tougher time obtaining goods and services than in the West. This
market are significant, Western multinationals expect to find 70% is one of the key areas where most companies fail to succeed
of their future growth there – with 40% of it in China and India in adapting their current models to fit the needs of emerging
alone.2 Though their product offerings may remain the same, markets.
so do their business models, which is why Western companies
struggle to enter them. More often than not, domestic models In addition to addressing these two components, the case delves
don’t translate to emerging markets and unchanged fundamental into four ways to prepare a company to uncover unmet needs.
profit formulas and operating models resign companies to being First, they recommend studying what your customers are doing
only available to the highest income tiers, which oftentimes with your product. Second, look at the alternatives to your
cannot generate sufficient returns. offerings that consumers buy. Knowing not just what your direct
competitors do well, but also what substitute products do well
What the authors of this case suggest multinational companies can lead to lightbulb moments in adapting product lines for
do prior to entering emerging markets is a three-pronged emerging markets. Third, watch for compensating behaviors.
approach. First, the company should identify an important As discussed earlier, it is important to understand which jobs
unmet job a target consumer needs done. Second, they should and products are being satisfied poorly. And fourth, search
blueprint a model that can accomplish that job profitably for for explanations. Understanding the “why” behind consumer
a price the customer is willing to pay. And lastly, they should behavior and what people are trying to accomplish by using
carefully implement and evolve the model by testing essential these goods and services is vital to developing customized,
assumptions and adjusting as they learn.3 Fulfilling these unmet successful product lines, distribution channels, and marketing
jobs at a profit not only gives companies a competitive advantage campaigns. These four tactics combined with agile functional
but affords them credibility when it comes to introducing other expertise allow companies to mitigate uncertainties in emerging
products to the market, offering them tremendous opportunities markets and utilize a broad network of resources to create a new
for growth. business model resulting in an enduring competitive advantage.
The case also states that in attempting to redirect demand, a Relating this case back to the Estée Lauder Companies, it is
company’s customer value proposition must solve a problem important to note their success in entering and sustaining
more effectively, simply, accessibly, or affordably than the growth in emerging markets, particularly China. According to
alternatives. When it comes to developing markets, however, their 2017 Investor Fact Sheet, the company has steadily grown
affordability and access are the two key components where sales at a faster rate than global prestige beauty. Twenty percent
Global Reach.3
6 New Business Models in Emerging Markets New Business Models in Emerging Markets 7
of net sales for fiscal 2017 and 22 percent of operating income
were accounted for by their Asia/Pacific region, with 38 percent
of total net sales and 53 percent of operating income attributed
to skin care. In addition, international department stores led
fiscal 2017 net sales by distribution channel at 24 percent, and
travel retail coming in third at 14 percent. They also highlighted
double-digit sales growth in Chinese, Russian and Italian markets ELC’s Asia-specific brand Osiao Inner Radiance Concentrate.4
as well as online and travel retail channels.4
As stated in their investor proposition, ELC’s “10-year compass launched in specialty stores in Hong Kong. The first beauty brand
identifies emerging trends in prestige beauty and helps us created under Freda’s leadership, Osiao is part of his long-term
position our brands in the fastest-growing geographies, channels plan to focus company resources on emerging markets with the
and product categories. We react quickly as macro conditions greatest growth potential.
and consumer desires change and reallocate resources to areas of
strength to capitalize on the best opportunities around the world. In regard to exploring consumer explanations, “If you do this
Our financial discipline, cost savings program, productivity from the U.S. with people that are not local, that would be a
improvements and emphasis on efficiency provide resources risk,” Freda states, “But we are doing this with our local people
to pursue high-growth areas, build capabilities and help drive and they do understand what they are doing because it is their
strong earnings.”5 culture.” Because market research indicated that skin treatments
were the most valued by Asian consumers, Osiao was dedicated
In addition to their 10-year Compass long-range planning to skin care. Everything from the brand name and packaging
tool, Estée Lauder Companies also launched their Leading to marketing has been intentionally curated with an Asian
Beauty Forward initiative aimed at leveraging cost structure perspective, not an American one.7
and freeing resources to invest in future growth. Beginning in
2016, the initiative aims to be completed through fiscal 2021 In particular, the brand was created and built on the foundation
and is estimated to cost between $600 million to $700 million of beauty in China, that external beauty is a reflection of
before taxes. It will eliminate approximately 2.5 percent of its wellness.8 University of Pennsylvania marketing professor John
current workforce but is expected to yield annual net benefits Zhang explains that ELC’s investment in Osiao is part of a smart,
of between $200 million and $300 million before tax, portions of long-term strategy. “Up to this point, Chinese consumers worship
which will be reinvested in future initiatives to drive sustainable, anything Western, especially in cosmetics,” he states, “However,
profitable sales growth. According to ELC’s President and CEO, at some point in the future, Chinese customers will become more
Fabrizio Freda, ELC is “launching this initiative from a position rational, they will want to go back to their roots, they will value
of exceptional strength… Leading Beauty Forward should further their own heritage and they will want the things that are good
position us better to continue winning on a complex global stage specifically for them. When that day comes, pure Western brands
and generate savings to help sustain our long-term sales growth will lose their luster” leaving Osiao a strategic move for Estée
and margin progress.”6 Lauder in retaining customers in their brand portfolio.9
Following the advice of this case, ELC is proactive in anticipating In addition to adding an entire brand catering to the Chinese
long-term industry trends and positioning its brands in market, Estée Lauder is also reevaluating the products in their
promising, accelerating markets. Where most companies only portfolio and seeing potential for their adaptation to Chinese
create a couple products specifically for the Chinese market, preferences. The launch of this brand and ELC’s internal China
the Estée Lauder Companies have added an entire new brand 2020 team helps to further Freda’s goal of making China the
to their portfolio. In 2012, they introduced the skin care brand company’s second home market, making sure it grows to the
Osiao to cater to Asian consumers. Using localized research and same level of management, local customer intelligence and
development in Shanghai and manufactured in Japan, the line operations as they have in the United States.10
8 New Business Models in Emerging Markets New Business Models in Emerging Markets 9offers an advantage in this. Data gained from Tmall offers Estée
With a growing strong local team, ELC has been able to
Lauder insights on their consumers, allowing them to tweak their
understand and execute the different social media marketing
approaches, and, with a link to their WeChat account, is used to
tactics needed to successfully reach Asian consumers. Out
create a full-circle marketing journey.
of communist restrictions and censorship has risen WeChat
and Weibo, two social apps that have developed as Chinese-
While many luxury brands have avoided Alibaba due to its
controlled substitutes for Facebook and other Western media
reputation for counterfeit sellers, using Tmall in the correct
platforms. As ELC has evolved in these markets, these two
way has allowed ELC to build awareness before recruiting loyal
apps have become increasingly integral to the brand’s success.
customers to shop on their owned e-commerce site. Having this
According to Tricia Nichols, ELC’s Vice President of Global
localized expertise guiding them to use Tmall led to the biggest
Consumer Marketing and Engagement,
first-day sales for a prestige beauty company on the marketplace,
according to Dennis McEniry, President of ELC Online.12 This
is a smart move, with mainland China’s overall luxury market
“These two channels are both very important to our strategy for, not only estimated at $17.2 billion and 50 percent of China’s domestic
the awareness, but an engagement standpoint. And also because they are luxury consumption generated online by 2020.13 In partial thanks
really a part of this broader, all-in-one ecosystem… to expansion in China and global online, Estée Lauder’s stock
rose 46 percent in 2017, outperforming the S&P 500 Index.
According to Bloomberg, their standout category was skin care,
WeChat is a one-to-one platform for a lot of things. It offers us great with sales rocketing 15 percent from 2016, propelled by Chinese
opportunity to create the message and nice interaction from an engagement shoppers.14
standpoint. There is also a customer service element to it, such as how it
links back to our e-commerce site.”11 In addition to growing their online presence for accessibility,
ELC is spreading its reach in China by expanding free standing
- TRICIA NICHOLS, stores. This model is expected to work well in smaller Chinese
ELC VP OF GLOBAL CONSUMER MARKETING & ENGAGEMENT cities where they don’t have access to department stores, but still
want the company’s products. As of 2016, they only had M.A.C
In fact, as of 2017, China is already Estée Lauder’s third largest and Jo Malone free standing stores in the region but expect to
online market, and fastest growing in terms of team size and continue to add other current brands. With its internal initiatives
sales figures. Tackling problems of accessibility discussed in this and emphasis on localization, ELC’s visibility in China will
case, ELC’s 40 percent sales growth in China can be directly continue to rise as their distribution channel widens, increasing
related to their use of third-party partners such as Alibaba’s accessibility through stores and e-commerce.15
consumer marketplace Tmall, which has allowed them to launch
brand storefronts where shoppers can browse brand content
and purchase items directly through the site. “I think, on Tmall,
we are really a leader in global prestige beauty brands,” says Jon
Roman, ELC’s Vice President of Online, “We look at Tmall as an
incredible opportunity to reach consumers, especially in Tier 3
and Tier 4 cities, where we don’t have the product distribution. It
allows us to reach and learn more about consumers and how to
target and communicate with them.”7
Nichols also states that the biggest challenge for Estée Lauder
in furthering their profits from the Chinese market is being able
to keep up with their constantly evolving way of shopping and
understanding these trends to develop products with them. Tmall
10 New Business Models in Emerging Markets New Business Models in Emerging Markets 11THE HIDDEN RISKS IN EMERGING MARKETS
In this case we explore the risks that multinational companies
must mitigate when entering new markets. Not only do elections
and other political events affect the way companies are able to
do business, but economic and societal changes can have just
as drastic an impact. According to this case, “the multinational
firms best able to anticipate and manage the related risks and
opportunities will have the strongest competitive edge.”16
In the past, chief concerns among multinational corporations
operating in foreign markets was expropriation, or the ability
of the government to seize foreign-owned assets. However,
with strengthened international law and an increased interest
in global growth since the 1980s what now concerns foreign
investments is policy risk, or the ability of a government to
change regulatory laws.
In relation to this article, I will discuss how the Estée Lauder
Companies leverage global economies in their favor, their
involvement in political affairs, and how they combat criticism
for complying with certain foreign regulations. Since the
2008-2009 economic downturn in North America and Europe,
companies who made prior investments in the Asia-Pacific region
have largely benefitted from the economic offset those ventures
provided. Cosmetic companies in particular have been able to
benefit from the increase in disposable income and growing
millennial demographic in Asia.
What appeared to be a risk to many companies looking to
expand during this time, turned into an advantage for Estée
Lauder. ELC’s strategic advantage lies in the exclusivity of its
product portfolio. It focuses exclusively in prestige beauty, and
premium-branded goods are continuing to rise in demand as the
number of middle-class consumers grow in China.17
According to University of Pennsylvania operations and
information professor, Marshall Fisher, “though average
disposable income in China is below the West, it is such a big
country that the top of the income pyramid is huge. This has
made China a prime target for luxury brands.”8 Regional revenues
in their Asia-Pacific market increased by $110 million in fiscal
2012, reaching $2.12 billion in fiscal 2013. Additionally, excluding
Fabrizio Freda, ELC President and CEO.5
12 The Hidden Risks in Emerging Markets The Hidden Risks in Emerging Markets 13currency volatility of 1 percent, constant currency revenues grew assessment, an exception can be made… We will continue to
6 percent in fiscal 2013.18 And as developed markets continue to work in close partnership with industry, government and non-
recover, expanded discretionary income levels will lead to higher profit groups in countries that require animal testing to work
consumer interest and revenues for prestige cosmetics. together towards the elimination of this practice and the global
acceptance of non-animal testing methods.”22
Another economically strategic move for ELC has been their
consistent lucrative investments in skin care acquisitions. With a However, China requires skincare and cosmetics firms to
rising consumer demand for prestige skin care in Asia, and these submit to compulsory animal testing in government labs prior
trends trickling into Europe and North America, the acquisition to regulatory approval for sale. Estée Lauder and competitor
of By Kilian, RODIN olio lusso, and GLAMGLOW as well as the L’Oréal have endured scrutiny for entering the market under
investment in DECIEM continues to drive profits combatting these policies when other, albeit smaller, brands refuse. But in the
a decline in retail traffic with successful cost and resource end, this decision means complying to animal testing or losing
allocation strategies.19 billions of dollars in sales and market share in the world’s largest
cosmetics market.23
In terms of policy and political support, The Estée Lauder
Companies does not have a political action committee, nor However unideal these circumstances, Estée Lauder has tried to
does it utilize funds to support Super PACs or make political mitigate this reputational risk by partnering with the Institute
contributions to candidates for federal office. When policy for In Vitro Sciences (IIVS), a non-profit research and testing
matters arise that are of interest, ELC works with industry consortium dedicated to the advancement of non-animal testing
association and trade organizations on public policy matters, all methods worldwide.22 As animal testing continues to get banned
expenditures of which are disclosed on their website.20 in major markets around the world such as Europe, Australia,
India, Israel and the U.S., China has had increasing pressure to
But some policy changes have a clear positive effect on the pursue alternative testing methods. Additionally, if China hopes
company, such as the 2017 U.S. Tax Cuts and Jobs Act, with to trade internationally with these countries, they’ll be forced to
which 2018 is estimated to be a strong year for ELC. According to verify product safety using non-animal methods.24
Freda, their 2017 “strong results, combined with future benefits
we expect from the passage of the new Tax Cuts and Jobs Act, With the help of IIVS and many others, the State Council of
further enhance our ability to strategically invest in faster- China and the China Food and Drug Administration announced
growing areas of prestige beauty to attract new customers.” new import rules on non-special use cosmetics in March 2017.
With the implementation of this act over 2018, ELC is raising its Non-special use cosmetics, defined as hair care, skin care,
full-year constant currency sales growth forecast to between 10 makeup, nail care products and perfumes, are now subject to a
percent and 11 percent and increasing their constant currency filing management process replacing registration that requires
earnings per share growth estimate to between 19 and 20 animal testing.25 These regulations allow foreign firms, such
percent, prior to restructuring charges and the impact of one- as Estée Lauder, to bring non-special use cosmetics to market
time tax act items. Looking at second quarter fiscal 2018, ELC’s quicker if imported through the Shanghai Pudong Free Trade
net sales increased 14 percent, excluding the impact of foreign Area.26 However, this positive policy change brings an onslaught
currency translation. With the foreign currency translation, of new challenges for Estée Lauder, as more firms enter the
diluted net earnings per common share positively increased by competitive market who previously abstained due to animal
$.03.21 testing regulations.
Entering more of a gray area in policy impact is the use of animal
testing as a requirement of entry for cosmetics in China. The
Estée Lauder Companies states on its website that they do “not
test on animals and we never ask others to do so on our behalf.
If a regulatory body demands it for its safety or regulatory
14 The Hidden Risks in Emerging Markets The Hidden Risks in Emerging Markets 15COMPETITIVE ADVANTAGES IN
THE FACE OF CHANGE
As with any company, Estée Lauder is constantly evolving and
reevaluating its place in the fast-moving beauty-industry. Their
strengths lie in their ability to identify new acquisitions to satisfy
consumer demand and diversify its brand portfolio as well as
use local resources to successfully bring their company global.
Estée Lauder consistently takes an interest in using data-backed
strategies to market towards their customers in foreign countries
using their preferred method of communication and strive to
influence positive change in international policies that concern
the beauty industry as a whole. While improvement is a never-
ending process, the Estée Lauder Companies strive to maintain
competitive advantages and monitor costs by remaining agile in
the face of changing demands.
Left to right: William P. Lauder, ELC Executive Chairman; Lynne Greene, Global Brand President of
Clinique, Origins and Ojon; Fabrice Weber, ELC President of Asia Pacific; Joe Cheung, Taiwanese Actor and
Supermodel; Changhua Wu, The Climate Group Great China Director; and Jane Lauder, Origins Senior Vice
President and General Manager at the launch of the Origins brand in mainland China at its Shanghai store.6
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18 References References 19Estée Lauder works at her desk.7 This report is work and property of Alexis Newkirk, MBA. 2018. alexisnewkirk.com
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