Lauder: The middle class must drive the cosmetics market

 As such, it was no surprise that cosmetics stores sold cremes worth €1,000 each in 2007-2008, nor was it unusual for cosmetics firms to announce the expansion of sales or production. At this time, however, the market depends on the middle class, which will also be responsible for a redress of premium cosmetics slaes, said Leonard Lauder, Chairman of the Board of Directors of the international Estee Lauder cosmetics company, in a brief, exclusive interview for Business Standard.

The premium and luxury cosmetics producer has its own store in Romania, on Bucharest’s Calea Victoriei, and its products are distributed in a number of chains in the country, including Sephora and Douglas. The 75-year-old is the son of the company’s founder, Estee Lauder. The cosmetics producer’s competitors include Lancome, Guerlain and Clarins.

He told Business Standard that there his products are sold in about 100 locations throughout Romania, but does not think the company will expand much. When asked if he thinks Romania’s economy will bounce back, he replied: “ I am very confident about the Romanian economy. It must grow, and will grow again.”