With three of the fifteen person Estee Lauder board under 50 and facing into a quickly shifting younger demographic, Estee Lauder executives have made a focused effort to connecting their senior leadership to millennials.
One way Estee Lauder have done this is by creating “millennial advisory boards” to connect their senior leadership teams with the trends and mindset of their changing customer demographic. These boards led to Estee Lauder launching their first “millennial” brand – Estee Edit.
They also connect senior leaders with millennials on “retail immersion” excursions, reverse mentoring programmes and sessions on how millennials are using new technologies such as Snapchat.
Estee Lauder acknowledge that one of their key challenges is “perfection over progress” and while the millennial focus is encouraging, it will take time to develop. “The receptiveness among the executive leadership really varies across the brands.”
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