All right, good morning, everyone. I'm Dara Mohsenian, Morgan Stanley's Household Products and Beverage Analyst. I'm very pleased to open Morgan Stanley's Global Consumer and Retail Conference by welcoming back Estée Lauder here. Before we get started, I do have to note a quick disclosure. Please see the Morgan Stanley Research website at www.morganstanley.com for important research disclosures, and feel free to reach out to your Morgan Stanley representative with any questions. Joining us today from Estée Lauder are CEO Stéphane de La Faverie and Chief Digital and Marketing Officer Aude Gandon. Thank you so much, guys, for being here.
Thank you.
I thought, first, Stéphane, you're a year into Beauty Reimagined. You seem to be building some momentum. How would you describe where the business stands today across the five pillars you cited and implemented under the program? What's really starting to click? What are the areas you're making the most progress in? What are the areas where you think you have more work that you really need to do this early in the program?
No, thank you, Dara. Thank you, first of all, for having Aude and I and the team sitting in front. Today, we're really excited to talk about our progress that we are making as part of The Estée Lauder Companies Beauty Reimagined program that we've announced now almost a year ago. I would say, over the five pillars that I think you know very well, I think we are somewhere well on the way, and some, obviously, continues to require some work for us. I think, if I can summarize it from the first three pillars of Beauty Reimagined, which is consumer coverage, accelerating innovation, and putting more investment in consumer-facing, I think we are very well on the way.
When you look at the consumer coverage around the world, I think we've demonstrated as a company that is turning 80 years young next year, that finally, when we're putting our mind into going where the consumer is, we're going fast from Amazon to Shopee to TikTok Shop around the world. Even pharmacy, where we've seen tremendous demand on skincare around the world, especially in Europe and in Latin America, we're moving with speed. Today, in the U.S., we have 11 brands on Amazon. We've launched Amazon also in the U.K. We've launched Amazon in Mexico, in Japan, and we're continuing to explore around the world many more opportunities. I think, as a result of that, it has allowed us to just reconnect with lapse consumers, but also bring a lot more new consumers, frankly, to the brand.
We have seen momentum in the U.S. with our ability to maintain share and even growing share in China, where, frankly, in China, for many years, we have been always at the forefront of consumer coverage. The second thing is on innovation. I am quite pleased, actually, at how quickly now we are bringing innovation to market and the impact that we are making on our innovation. I will give you a few examples. Double Wear Concealer is still one of the top makeup launches in the U.S., and we always joke from The Estée Lauder brand, people did not believe that we could actually put to market one of the top makeup products in the calendar years we have done. Also, for The Ordinary, we have a lot more innovation that we are bringing, and The Ordinary you have certainly seen in the track report that is basically consistently back in double digit now.
This innovation is really clicking and going at pace across many categories. Now, I want to just be completely honest, because when we announced on February 4 that we were accelerating innovation to more than 25% of our sales, and even by saying we're going to triple the innovation in less than a year, obviously, it takes some time. We are at the beginning of the journey of innovation, and you're going to see across all four categories and brands, us accelerating innovation. From a consumer-facing, I've reported it very clearly with Akhil. We've increased consumer-facing by 4% when we decreased, actually, the non-consumer-facing by 4%.
We are continuing to invest in the market, and I really believe this is what is allowing us to recruit a lot more consumers to the brand and really to get the momentum that we published in Q1, which I believe that we have. Maybe we can talk also in the beginning of Q2. I think, on the rest, on the PRGP, we are well on the way, but there's a lot more work to be done. I think, when you look at it from an employee standpoint, we announced in February that we were going to eliminate between 5,800-7,000 positions. Today, we are well above 4,000, but there's still some work to be done in outsourcing, in procurement.
Frankly, as we go in the program of the PRGP, our profit recovery and growth plan, we're finding opportunities every day that allows us to really re-engineer the P&L for growth in the future. The last piece, I would say, is the culture, and the culture takes time. We are making some evolution, but I really believe that we have a lot of traction from our teams at the centers and our teams around the world and our partners, and I think we're just making some progress. This, always in my head, when we published this Beauty Reimagined strategy, that was not something that was going to take only a few months.
Culture takes time to evolve, but we are committed as a company and as a team to just evolve the culture to just be able to reignite with growth and be, again, a company that gains market share consistently.
Great. That's helpful. Then, Aude, given you recently joined Estée, maybe give the audience a bit of perspective on your background and why you found the opportunity attractive at Estée to become Chief Digital and Marketing Officer, and also what you're really most focused on, what you see as the biggest opportunities at Estée going forward.
Yes, thank you, Dara. I joined a bit less than four months ago. I spent two decades in media and in creative, and then worked in product marketing at Google. I worked on the marketing tech side and then joined Nestlé. I was the CDM at Nestlé for five years. The reason behind, for me, joining Estée Lauder, it's first and foremost the portfolio of brands. We have incredible brands, and when you're a marketer, if you have the brands, the brands which are trusted, which have a long-lasting power, which have a legacy, but also which are still relevant today for the consumers. I think that's what we see right now. We have regaining momentum as well because we're bringing this brand back where the consumer is, and that's how we can see the increase of sales.
The power is there, and when you have that base, then we know that the growth can be there. In terms of focus, the first one is going to be and is on media. We have increased the investment on consumer-facing, but I think what is key today is making sure that we are investing in the right place. For us, we really are rebalancing our media investment toward more brand building, brand awareness. I think the industry overall, at a large sense, we went pretty far on lower funnel and more performance. At the end of the day, what makes a difference, especially in our categories, is the brand. Is this brand relevant? Do I trust the brand? What is the storytelling? Is that brand kind of actually meeting who I am or who I want to be? We are really doing this.
We know that it actually has very high impact on performance because brand building is actually there's a whole theory on the long and the short term of it. It's actually building short-term sales and long-term sales. It's also increasing the ROI of your media investment. That's the first kind of point of what we're doing right now. Also, working very actively at lowering the acquisition cost of our media so we can create a higher lifetime value. When you do that, when you're lowering the acquisition cost and you're actually increasing your investment on brand building, that's how you really get an increased lifetime value of your consumer. We're doing this, of course, by making sure we're collecting data and we're leveraging data so we can increase the ROI of our media investment as well.
In media, definitely, we're also therefore re-looking at how we partner with our agencies. We are really refocusing them as well on brand awareness, brand relevance, making sure that we are buying the right media, and we're also basically delivering the right content in the right place. We said we want to be the most consumer-centric luxury and prestige companies, part of Beauty Reimagined, and making sure that you go and talk to the consumer where the consumer is, but also with the right content is very key. That is also a point of focus for me.
Great. On the marketing side, to follow up, how important is personalization, and what's the real big breakthroughs in terms of effectiveness of that marketing spend? Is it using the data? Is it cutting agencies and efficiencies there? How do you really drive that marketing efficiency?
Personalization is key because I think everybody wants more and more to get the right message for them. They're not interested by a message which is not for them, and I think this is the big difference now that we are definitely into a digital world. Data is definitely really helping us because you can first really make sure that you understand your audience better and you understand what they're looking for or what they're interested in, or also what can be unmet needs. That's also a real kind of key point of focus for us is really also understanding, getting under the skin of the consumers and understanding what is trending, but also what they could be interested in in the future. Personalization, for me, has been a promise for a very long time. We got better because of data and digital, as you mentioned.
I think AI is what is really going to make personalization true. I think, before, we had pockets of success overall as an industry in personalization. I think AI is changing the game completely because you can also start now to actually personalize the content. It is not just the key message or how you do your targeting with the content you have. We are going to be able, and we start being able to actually personalize content to very specific individuals and serving it on the platforms where they are.
Great. Stéphane, you talked about culture when we talked about the five pillars. You've been focused on building a flatter, faster, more accountable organization. Do you think you're starting to see significant paybacks from those efforts? Where do you stand on that front? What's actually changed in terms of the workflow day-to-day and the culture so far, as you see it?
Yeah, that's a good question, Dara. If you remember, when I started and I announced Beauty Reimagined at the beginning, I said it's the biggest operational transformation that the company has gone through in its history. Very quickly, a few months later, the world leadership and culture, because ultimately, it's one thing to just change the organization. It's another thing to just making sure that the new processes and ways of working stick. I would say we are well on the way. The thing that I'm the most proud of that we've been able to do in a very short period of time is that my entire new leadership team is in place.
If you read through all the announcements, obviously, with Aude being here, more than 70% of my executive team is either new to the company or new in their position in executive team, so including me, Akhil, obviously, Aude being one of the newcomers in the company. It was very specific and deliberate on how I built it with our Chief People Officer, Michael Bowes , to really where we needed a specific skill set, like the one that Aude brings in media and digital in marketing, O'Brien, France in tech, and data. Ultimately, our latest appointment with René Lammers, the new Chief Research and Innovation Officer that comes from PepsiCo. These were really some, I won't say gap, but some really elements where we needed to evolve.
I think the first thing was started from the executive team, and I think the executive team is well in place and leaner. The second thing, as part of PRGP, like you said, we've reduced tremendously the layers of the organization. On the VP and above, we've reduced by 20% the workforce. I think what we're seeing already in the organization is decision being made much faster. There's less processes. There's less handoff through the organization that is in marketing, in the function, in the commercial areas, and that is already making a big difference. The next thing I would say, also, the fact that I've changed the reward system for the company, you saw it because we published it in our filing. We've changed how the company is rewarded i n the past. Everybody was like the brand was rewarded on the success of their brand in a given market, the regions on their regions, the function on what they were doing.
Today, the entire organization is rewarded on the success of the enterprise, on the success of The Estée Lauder Companies, which has allowed me to also change the geography of the P&L from the brand to the region. Today, we are seeing a lot more agility already since July 1 when we implemented that, where regions are moving resources from brand A to brand B or affiliate A to affiliate B, depending on where we're seeing the success. We are seeing a tremendous level of agility that we've never seen before because I always say to my team, we have a plan at the beginning of July 1.
Let's say we need to deliver X this year, what we've promised in terms of guidance. How we end the year has to be at this promise or better. How we deliver can change greatly depending on the volatility and happen in the market, the success of a brand, or in innovation. In the past, it was really hard to just move money around, and that, in a matter of a few months, is giving us a lot more agility. I would say there's areas where we still need to continue to do a lot of work. You saw that a couple of weeks or three weeks now, we've announced a big new partnership with Shopify.
Shopify has been top of mind over the last few days, being one of the key actors to bring the goods to consumers around the world during the Black Friday to Cyber Monday timeframe. That is also new ways of working that is different, relying on the best external partner from a tech standpoint and from a DTC standpoint to be, again, delivering at scale what is more than 30% of our business globally. The last thing I would say is, or the last two things I would say is our outsourcing project. We still have a lot more work to do. Maybe we can talk about that later. This is also going to be the next phase of how we are changing.
Yesterday, we filed an update on the appointment of the lead BPO that is really going to help us in the rollout of the enterprise business services. That alone is going to be a major change on how we're going to operate the back of house versus basically the front of house and our ability to connect with the consumer in a greater way. To support all of that, it's not only the executive team that has evolved and throughout the organization, but we've also made some update to our board. We've appointed two new board members, Dana Strong, the CEO of Sky, and Annabelle Yu Long , who is one of the top VC and a recognized person in China. That really completes for us, from executive team to board to the ways of working internally.
All of that is helping us to really shape the culture to be much more agile, faster, and a lot more ambitious to be able to reignite growth for the future.
Great. That's helpful. Then, Aude, you've leaned much harder as an organization into social selling, emerging channels, TikTok Shop, Douyin, etc. Can you just discuss what it really takes to succeed in those channels, how that might be different than the heritage channels, and just how you think about driving new customer acquisition in these new ecosystems? Maybe, Stéphane, you can talk in general about driving traction and incremental consumers into the Estée franchise.
Yes, it's definitely always a work in progress because I think this is a one which is evolving absolutely every day. The starting point for me is that we need to accept that the upper funnel and lower funnel, which is the way that we've been looking at how to reach the consumer, how to sell to the consumer, is completely gone. The funnel has collapsed, is what I like to say, for a very simple reason. You do have now you have consumers who can discover a brand or a product and buy it in two clicks. And it may not be on a traditional kind of commerce site, but it's on a store, but it's actually on an Instagram or a TikTok. You mentioned TikTok Shop.
It means that we need to rethink completely the way we look at how do we sell and how do we reach to the consumer. How do we tell our story? How do we sell our benefits? What is very simple for me is every content, every piece of content needs to be shoppable because that's the way every moment that we reach a consumer can be a shoppable moment. It really means that we need to make sure that we actually merge everything that we talk about brand building with commerce because it can be very often it can be just one session of a consumer. It also means that I think you had COVID where everybody became very digital, and then there was a post-COVID.
What we see now is we're reaching a certain maturity, and I think emerging channel and heritage channels are actually complementing each other. I think for a while we were pushing one against the other. We do not see it anymore. Consumers can buy online, but then they're very happy to go to stores as well to experience the store, to be able to touch the product, the packaging, try first, try the colors, for example. That is also the way we need to look at it. It is how we want to be consumer-centric, so we need to be where the consumer is. We do not make the choice for them. They make the choice for us. We need to make sure that we make content extremely kind of adaptable to this.
That is why Shopify, for example, is key for us because that is how you really integrate your commerce into everything that you do, into all your marketing. For anyone who has been buying lipstick or foundation in the past, I always take that example. When you are on Shopify, one of the key things is you always forget the shade you like every time. When you are on Shopify, it means that if a consumer has bought online or has bought in store, thanks to Shopify, you can refine what you have bought before and what you like. It is a sale which is going to be closed, and that can be online or in store. That is the way we are really looking at it.
Content is really key, and we're looking at how we can completely transform, and we are transforming the way we do content because we need lots of content. We need the same campaign can have thousands of versions of this content to serve the different platforms.
I think one other thing I would say that I want to stress is we're building an ecosystem. I think we've realized very quickly in the course of this calendar year that we were missing some key elements of the ecosystem. I think you think in the West, like what TikTok Shop does today, TikTok obviously started as a media channel, and we still consider it mainly as a media channel, even though there's a shopping enablement to it. The interesting thing is the moment we've put Clinique on TikTok Shop, we've seen within 10 days doubling the traffic on Amazon. I know Amazon is becoming an eco-funnel for the rest of the ecosystem, that it is the specialty multi, the department store, and so on. We've seen the same thing with MAC.
When we put MAC recently on TikTok Shop, we've seen actually traffic in the freestanding store increasing, which has resulted in us gaining some market share, especially in the lead category. It is very interesting because for a very long time, we were called as being too dependent on the department store, and I cannot argue differently. We were too dependent on them. More importantly, it was not actually the right question. We were too dependent. I think we were just missing some element of the ecosystem that allows us to recruit because we had the retention. Ultimately, we are in a game of recruitment and retention. This is what we are doing. You can see in the U.S., which I've been quite pleased, is the ability to just reignite unit share gain over the past quarters.
This is, for me, the indicators on how the ecosystem is starting to work all in sync. What we've tested in the U.S., we are doing it in many other markets. Now, you look at China, where social commerce is also there. It's different because it's not nascent. It's still nascent in the West, where it's still very mature with Douyin in China. Now, Douyin is a much more closed ecosystem because you basically have the entertainment, you have the shopping all in a closed ecosystem. You have less, I would say, flow of consumer between the various channels that it is like Douyin or Tmall or JD and then the department store. You need to activate all of them in sync. In the U.S., that is very interesting what is happening today.
We may be in a world where, frankly, the ecosystem will work very differently in China and in the West. That is where we are testing with some great success today.
Great. It is a good segue into the U.S. You have made a lot of progress over the last year with expanding into some new channels, broadening your brand availability. Just maybe give us some insight on how confident you are that that can drive sustained U.S. top-line growth over time and at some point get you back to sustained share gains or at least a point where you are not losing share in the U.S. I am interested in sort of sustainability going forward off of this increased penetration and new channels, etc., that has been emerging over the last 12 months here.
I think my number one job I've learned this year is to be confident. I am really confident that we are on our way to just turn around the U.S. because you think about it, and you've been following us for many years. I think we've been in a market share loss for many, many years. I think what I'm really proud of in a very recent, short period of time is that we've been able to just maintain share. More importantly, like I said earlier, is that we are now in a unit market share gain. We are getting market share in dollar in skincare and in hair in the last quarter, but we are gaining market share across multiple categories in unit. That was, for me, the biggest indicator. This is what I've asked my team. We need to go back in recruitment.
Now, it is clear that the U.S. consumer is also price-sensitive in this moment in time. It is resilient, but price-sensitive. We have been able to just acquire via The Ordinary, via Clinique, via small-sized inferences, a lot more of this new consumer. When I see the momentum that we are getting on The Ordinary, that is consistently gaining market share and double-digit growth, we have Estée Lauder brand that has gained market share on all three categories, one of our largest brands in the last quarter. It has been now five quarters in a row that Estée Lauder is gaining market share in makeup. We have market share in Le Labo and Jo Malone London.
The interesting thing I just want to say for the audience here, when we look at the track data, there is a certain number of data that are captured in the track data, like Circana and others. We have more than 30% of our France business that is in direct-to-consumer that is not in the track data. This business in the freestanding store and brand.com, especially for brands like Le Labo and Jo Malone London, is flying for us. That is also what gives me the confidence that you need the track data, but I need to also look at my total universe on what we are operating, and we are doing extremely well. I want to just give a little bit because we are on the back of Cyber Monday and Black Friday.
Obviously, the data are fresh, and you saw the Adobe number for the industry being up 9%. We are well above this number for all our brands, thanks to our direct-to-consumer, so brand.com, freestanding store, TikTok Shop, and also, obviously, the addition of Amazon now, where we have 11 brands. I see a lot of traction. Obviously, I am talking about four, five, six days, basically, which is the period. I do not think it defines necessarily the quarter. I am not basically giving an indication of what the quarter is going. Our ability to win in the most competitive moment without being crazy in promotion, but by using correctly the top of the funnel, the bottom of the funnel, better conversion, I know not only we can drive sales, but we can drive more profitable sales during this moment in time. It is a journey.
Again, many, many years of share loss. We are now stabilizing on our way to just gain market share again in the U.S.
Okay. Great. Let's segue from that competitive period of time in the U.S. to a competitive market, which is China. You've done a great job in the last year and a half regaining the share momentum there. But you are coming off a depressed base and a number of years of pressure. Just your level of conviction that you can grow ahead of the category going forward, and also maybe just an update on the category and if it continues to stabilize and move back to higher growth levels, particularly around 11.11, it'd be helpful to get an update on the health of the category itself.
No, and now you said it. I think China has been, obviously, for a couple of years, I would say, very depressed market. Now, let's not forget one thing. It basically was depressed on a much higher base because if you remember during COVID and post-COVID, 100% of the Chinese consumption from around the world got repatriated in China mainland and within the China ecosystem that included Hainan and some other China and travel retail. We had an explosion of the sales and the concentration of the sales on the China ecosystem. We had two years of depressed sales. What I'm really proud of is that now we are on three quarters of consistent market share gains.
Last quarter was particularly strong for us. We had seven brands who gained market share in the market, including some of our largest ones, like La Mer continues to do well. We even had Le Labo that was close to triple-digit growth in the market with very, very strong like-for-like. It was not only because of distribution expansion because still the brand is very new in the market. V ery good momentum. What I see about China for the moment, I still call it a stabilization in the market, even though the market was in high single digits. We had a very brief conversation together just before going on stage. If you remember December or January of last year, that's when the Chinese government started to put a lot of consumer stimulus in the market. It was not necessarily targeted to beauty. It was in electronics, in cars, and things like that.
Obviously, all of that drove a lot of traffic to different platforms. We benefited from it because we have very strong consumer coverage in China. Just to tell you a little bit of what happened on 11.11, which gives me great confidence that I think the market is in stabilization before I can say that the market is going back. From October 1 to November 23, which is what you consider basically the Super Bowl of beauty in China because 11.11 is not one day. If anybody thinks it is only one day, it is basically months long of activities and consumer activation and etc. We are in double-digit growth, and we are confident that we gain market share. We do not have the official basically tracking, but we are confident that we have gained market share in China in this moment in time.
Frankly, we have a lot of our brands, including the bigger ones, that are just doing extremely well thanks to great innovation that we have on La Mer, on Estée Lauder, on MAC has been growing very, very strongly in the market like Tom Ford. I would say that gives me actually great confidence that, one, the desirability of our love of our brand in China is intact. That was very important because you do not gain market share in this period of time unless you have a high love mark on your brands and consistently across many, many brands. The second thing I would say, I think if anybody thinks that China is going to resume to a consistent double-digit growth as a market, I do not think we are there yet. I think China, because of its size, is more of a mature market today.
I think if we can consistently get to the, I would say, highest low single-digit growth for the market, I think that would be fantastic. What we've experienced on the post-COVID and the beginning of the COVID era of a consistent double-digit, I think with the size of the market, I think it's unlikely. It could happen on a quarter, but I think if I look at it on a period of a three to five years' time frame, I don't think so. For us, the brands are intact. Our innovation capability is intact. I talked about René Lammers, our new head of research and innovation, as we speak today, is in our new research and innovation center in Shanghai, really working with the team to really accelerate the innovation for China, for China. We will continue to invest in innovation for China. We will continue to invest in consumer facing. We have some of the brands that have the highest level of desirability in the market. I am very confident on our ability to continue to win.
The last thing I would say, because of travel retail and all the work that we have done to really reposition our inventory in the market to the right level and shipping to the right demand, I think we are coming to the tail end of having the reset in travel retail and in the China ecosystem. The interesting news is during the Golden Week, the traffic was up double-digit in Hainan, and we were ahead of the market also. It gives me great confidence that now the entire ecosystem is a little bit more stable. I would not call it a double-digit market yet.
Great. That's helpful. It sounds like a lot of progress in the U.S. and China. Maybe a bit of update just on Western Europe and your positioning there. It's been a market where you've had a lot of market share success historically, not as much in recent periods. Just any thoughts there would be helpful in comparing and contrasting them.
Yeah. No, briefly, you're right. This is obviously very important. I think this is the part of where we need to put a lot more work for us. I think what we've seen in the U.S., we are deploying in many other markets or what we've seen in China, trying to deploy it to other markets. I think continental Europe, the consumer sentiment is pretty low in this moment in time. You have markets like France and Germany that are pretty depressed. In opposition, markets like Italy and Spain are doing much better, and we're getting market share in perfume in Spain, in Italy, and many other markets. I would say this is where we need a lot more work for us, including the U.K.
The U.K. has been a historical stronghold for us, and I think we've basically lost momentum over the years, and we have a lot more work. Now, what I'm excited about is I think we've announced it a couple of months ago that we've launched The Ordinary on Amazon in the U.K. Now we've launched Clinique on Amazon in the U.K. Already after only four weeks, Clinique Black Honey lipstick is the number one prestigious lipstick on the platform. I'm basically seeing the same momentum happening in the U.K. with Clinique that we've built over a year ago in the U.S. That gives me great confidence that we can take this model and really deploy it in the U.K. I think the last thing I would say is big focus for us are the emerging markets.
Last quarter, we published that we had on our key priority emerging market. We grew double-digit, led by Mexico and India. Today, only 10%, roughly 10% of our business is in emerging markets. I've made it very clear. We want to be mid-teen. We are putting Akhil and I with the team are putting a lot more investment. We called out a major investment that we've put in India. I was in India with the team only a few weeks ago where we really strategized on the acceleration of the market. I was in the Middle East. I saw tons of opportunity. Last week, I was in Mexico reviewing the entire opportunity for Latin America, even Mexico. Even though the market is slowing down in Latin America, the markets are slowing down, there's still a lot of opportunity for us.
As we are deploying our brands in pharmacy, for instance, with The Ordinary and Clinique, I see a lot of opportunity that will allow us to just be from low double-digit to mid-teens in penetration on the emerging market. This is where the bulk of new emerging consumers are coming around the world. I think we are well-positioned from a distribution coverage to go after these consumers.
Great. That's helpful. There's a lot of work going on internally at Estée. Obviously, this is a large undertaking, this turnaround, even for the most seasoned management team. You talked about you've brought in a lot of outside leaders to the organization. You've made some internal changes. Just, A, do you think generally you have the right people in place at this point? Do you think you have sort of the brands and the portfolio that makes sense? Changes from a leadership and brand perspective from here, or are you in a good place in your mind? Also, level of confidence that the team you've assembled really can sort of meet the challenges in a very dynamic marketplace, which we were talking about earlier before we got on stage.
Yeah. Look, I think yes. First of all, I'm super humble and pleased and honored that people like Aude or Brian or René just decided to join the company from a much bigger company to take on this challenge for some of the things that Aude said because we have great brands. The foundations are solid. Taking on this challenge of the turnaround of The Estée Lauder Companies and showing that we already have momentum in less than a year shows that, frankly, the foundations are. It gives me great confidence as first-time CEO that starting with this foundation and starting with this great team that we assemble is actually the right thing to just do for the future transformation. Look, we have the support from the team.
We have the support from the board, the support from our retail partners or all our partners around the world. I think I see the momentum. If you follow me a little bit on LinkedIn, you will see basically that my feet, as the one of Akhil and Aude and all the other leaders, have not touched the ground. We have been around the world doing town halls, meetings, strategizing, also really making sure that there is a right level of freedom in the market and in the brand to just be able to just react in real time to the consumer. This is one of the things that I always tell the team. Yes, you have The Estée Lauder brand. The Estée Lauder logo is the same wherever you go around the world, from New York to Shanghai to Tokyo to Manila.
At the end of the day, how you activate the brand locally has to be more and more so relevant today. I think we are building a very strong team everywhere around the world that can take the blueprint of what these brands are about, what has made them so resilient. Still, they are almost 80 years ago. Estée Lauder brand is turning 80 years young next year. Clinique is in its 60th year. Then you have brands like younger, like The Ordinary that are less than 10 years, which are digital native. All of these brands are just behaving today with the right level of agility thanks to, frankly, the great team. I always quote our Chair, William Lauder. At the end of the day, we have great brands and great people.
I absolutely have no doubt that we're just going to turn around the company and having proved that the momentum that we have had in the last quarter is not an accident of the last quarter, but it's going to be a consistent growth to be able to resume market share growth for the industry, for the company.
Great. That was a very helpful discussion. We're out of time, but we really appreciate you guys being here and joining us. Thank you again.
Thank you.
Thank you. Thanks for that.