The Estée Lauder Companies Announces New Leadership Appointments in Asia/Pacific and Elevation of China

Today, The Estée Lauder Companies (NYSE:EL) ("ELC") announced the following updates to its Asia/Pacific leadership, which are effective February 1, 2022.

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ELC Appoints Joy Fan as President and CEO, China (Photo: Business Wire)

• Joy Fan will be promoted to President and CEO, China. She will report directly to Peter Jueptner in his new role as President, International, and she will remain a member of ELC's Executive Leadership Team.

• Following the recent announcement that Mark Loomis, currently President, Asia/Pacific, will be taking on a new role as President, North America, Matthew Growdon, currently General Manager, Japan, will be promoted to Senior Vice President and General Manager, Asia/Pacific, also reporting directly to Peter. He will become a member of the Executive Leadership Team, leading all markets in Asia/Pacific, excluding mainland China.¹

• Mainland China will be elevated to report directly into the International organization.

"This important evolution in our regional enterprise structure reflects our dedication to leveraging the unique talents, local expertise, and proven track records of internally-trained leaders across the organization. As we continue to elevate our commitment to China and Chinese consumers, these updates will also reinforce our focus on Asia/Pacific to realize future business growth," said Fabrizio Freda, President and Chief Executive Officer. "We are proud to elevate Joy and Matthew, two seasoned and globally-minded strategic leaders at the helm of our China and Asia/Pacific businesses."

"This business evolution will further enable our regions to lead in an increasingly complex and competitive beauty landscape," said Cedric Prouvé, Group President, International. "I have every confidence in Joy's and Matthew's strong leadership of our talented China and Asia/Pacific teams and know they will take our business to even greater heights as they step into their new roles."

Please read additional details about the elevation of China and Joy's and Matthew's respective appointments below.

The Elevation of China and Promotion of Joy Fan to President and CEO, China

China is one of the most dynamic markets globally for prestige beauty and is strategically significant for the company as a source of deep inspiration for product development, marketing excellence, and consumer insights. The company continues to believe in the long-term growth fundamentals in the market and expects to deepen its commitment to China and Chinese consumers.

Today, the company serves millions of consumers in over 600 cities across mainland China, with incredible potential for the future. Elevating ELC's China business will enable increased speed, local decision-making, and global collaboration to advance the company's leadership in this exciting market and to successfully deliver high-quality products and services for the Chinese consumer.

The company is delighted that Joy Fan will assume the new role of President and CEO, China, overseeing the mainland China business. A visionary executive and one of the most respected leaders in the business, she has deep expertise in China, complemented by a global perspective and exceptional brand-building abilities.

In 2012, Joy assumed leadership of the China affiliate, and has since worked with her team to lead its extraordinary growth over the course of just nine years. Her outstanding leadership while spearheading the direct-to-consumer strategy in China has resulted in the growth of multiple brands in ELC's portfolio and the development of key channels. Additionally, under her guidance, the China affiliate has grown into an industry leader in social media and digital marketing.

Joy has impressively leveraged her outstanding strategic vision, deep understanding of Chinese consumer preferences, and her terrific leadership abilities to successfully drive growth within the market, as well as to elevate the understanding of the Chinese consumer across the enterprise. The strong growth and success of the business in China, under Joy's leadership, is a testament to her ability to attract and develop a strong China Leadership Team and the best talent across the local organization. Notably, under Joy's leadership throughout the COVID-19 pandemic, the China affiliate has successfully pivoted to address the changing distribution landscape and evolving consumer preferences to rapidly return the business to positive growth.

In her new role, Joy will continue to be responsible for the company's long-term growth strategy for China and its vision for the Chinese consumer. The company is proud of the incredibly strong local organization in China that has played a significant role in driving the success in this market, leveraging innovation to recruit and retain new, young consumers, as well as drive repurchase and loyalty.

As ELC expands its scientific presence through its new China Innovation Center in Shanghai, this world-class Innovation Center will create a unique opportunity to grow and build on market and consumer insights to help develop exceptional products to meet and surpass the needs and desires of Chinese consumers. This R&D center and the company's scientific investments in China are expected to support and inspire the development of the entire prestige beauty industry all over the world. To that end, Joy will play an important role in the development of the China Innovation Center, enabling truly localized innovation.

The company is proud that half of its geographic regional organizations will now be led by women, building upon ELC's long legacy and commitments to equality and women's advancement.

Matthew Growdon Appointed Senior Vice President and General Manager, Asia/Pacific

ELC expects Asia/Pacific will continue to be a significant area of strategic focus and future opportunity for the company, as it includes some the largest affiliates globally, high-potential emerging markets, mainly across Southeast Asia, and other key markets of influence. The highly talented and dedicated Asia/Pacific team has done an incredible job of driving the business across the region.

In his new role as Senior Vice President and General Manager, Asia/Pacific, Matthew Growdon will oversee all 12 markets in the region, working closely with affiliate General Managers. With the elevation of China, the Asia/Pacific team, led by Matthew, has an exciting opportunity to further focus its efforts on ELC's multiple engines of growth throughout the region, including key affiliates that continue to drive the company's global performance and significant opportunities in emerging markets.

The Asia/Pacific team will continue to focus on strengthening its multiple engines of growth, leveraging new opportunities such as the Dr.Jart+ brand, and building new local capabilities to better serve consumers through its new state of the art manufacturing facility in Japan.

Matthew is a true globalist with nearly 20 years of experience at ELC, which has included broad strategic and global management roles across Asia, Europe, Africa and the United States, as well as for the company's global brands, including Estée Lauder and TOM FORD BEAUTY. His extensive experience working across geographies and cultures gives him a unique understanding and appreciation for the diverse consumers and channels within each market and especially across the Asia/Pacific landscape.

A strong brand-builder with deep Asia/Pacific expertise, Matthew has led the strategic Japan market in his current role as General Manager, Japan, since January 2020, driving the vision and long-term strategy to deliver against ELC's ambitions for this influential beauty market. Despite the many challenges from the COVID-19 pandemic, Matthew has led the Japan affiliate's transformation, including a complete organizational re-design and establishing new capabilities. In addition, he led the channel diversification strategy through a dramatic expansion of the affiliate's Online presence, the development of consumer data capabilities and strategic partnerships with key retailers.

Highly respected for his inclusive leadership style, Matthew's experience and strategic focus, combined with the diverse exposure gained from the roles he has held across the globe, give him a unique perspective into the business and will support his ability to successfully lead Asia/Pacific.

A successor for Matthew's current role will be announced at a later date.

"These well-deserved promotions reflect Joy's and Matthew's global expertise, strategic focus and strong abilities to continue advancing our China and Asia/Pacific businesses into the future. I look forward to working closely with them," said Peter Jueptner, currently President, Europe, the Middle East, and Africa region, who will take on the role of President, International, effective February 1, 2022.

Cautionary Note Regarding Forward-Looking Statements

Statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may address our expectations regarding sales, earnings or other future financial performance and liquidity, other performance measures, product introductions, entry into new geographic regions, information technology initiatives, new methods of sale, our long-term strategy, restructuring and other charges and resulting cost savings, and future operations or operating results. Factors that could cause actual results to differ materially from our forward-looking statements are described in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2021. The Company assumes no responsibility to update forward-looking statements made herein or otherwise.

About The Estée Lauder Companies Inc.

The Estée Lauder Companies Inc. is one of the world's leading manufacturers, marketers and sellers of quality skin care, makeup, fragrance and hair care products. The Company's products are sold in approximately 150 countries and territories under brand names including: Estée Lauder, Aramis, Clinique, Lab Series, Origins, Tommy Hilfiger, M·A·C, La Mer, Bobbi Brown, Donna Karan New York, DKNY, Aveda, Jo Malone London, Bumble and bumble, Michael Kors, Darphin Paris, TOM FORD BEAUTY, Smashbox, Ermenegildo Zegna, AERIN, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, KILIAN PARIS, Too Faced, Dr.Jart+, and the DECIEM family of brands, including The Ordinary and NIOD.

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