Micheal Burry & EL

今天的重磅消息，我一直很喜欢Micheal Burry的特立独行， 不人云亦云，坚持当一个非常规的OUTLIER。

注意到MB把最近很火的OSCR也买了 （ 我比他卖的早， 我本来就是跟D短期投机玩一下，性质与MB不同）



EL目前的机构持仓情况：



对EL的了解仅限于它家的香水（与我热爱的一款气味相近），用过它家的眼霜。 从来没有想过买它的股票，那就来看看：

### Key Business of Estée Lauder Companies Inc. (NYSE:EL)

Estée Lauder Companies Inc. is a global leader in the prestige beauty industry, focusing on the manufacturing, marketing, and sale of high-end skin care, makeup, fragrance, and hair care products. The company operates a diverse portfolio of iconic brands, including Estée Lauder, Clinique, La Mer, M·A·C, Jo Malone London, The Ordinary, and TOM FORD, among others. Its products are sold in approximately 150 countries through various channels, such as department stores, specialty retailers, e-commerce platforms, freestanding stores, and travel retail. In fiscal 2024, skin care accounted for 51% of sales, followed by makeup (29%), fragrance (16%), and hair care (4%).[](https://finance.yahoo.com/quote/EL/)[](https://www.morningstar.com/stocks/xnys/el/quote)

### Key Competitive Moat

Estée Lauder’s competitive moat is built on several structural advantages that enable it to maintain a strong position in the prestige beauty market:

1. **Strong Brand Portfolio and Reputation**: With over 75 years in the industry, Estée Lauder has cultivated a reputation for quality, luxury, and innovation. Its portfolio includes globally recognized brands that command emotional loyalty and premium pricing, creating a "moderate moat" through brand identity and consumer trust.[](https://canvasbusinessmodel.com/blogs/growth-strategy/the-estee-lauder-companies-inc-growth-strategy)

2. **Global Scale and Distribution**: The company’s presence in over 150 countries, coupled with a robust multi-channel distribution network (department stores, e-commerce, travel retail, and freestanding stores), provides significant scale and reach, allowing it to tap into diverse markets and consumer segments.

[](https://canvasbusinessmodel.com/blogs/growth-strategy/the-estee-lauder-companies-inc-growth-strategy)[]

(https://www.morningstar.com/stocks/xnys/el/quote)

3. **Innovation and R&D Investment**: Estée Lauder invests heavily in research and development to create cutting-edge products that align with evolving consumer preferences. This focus on innovation helps it stay ahead of trends and maintain a competitive edge over smaller or less innovative brands.[]

(https://canvasbusinessmodel.com/blogs/growth-strategy/the-estee-lauder-companies-inc-growth-strategy)

4. **Emotional Switching Costs**: While not structural, the emotional attachment consumers have to specific brands (e.g., La Mer’s luxury appeal or The Ordinary’s transparent, affordable efficacy) creates a barrier to switching, reinforcing brand loyalty.

5. **Focus on Prestige Beauty**: As the only major company exclusively dedicated to prestige beauty, Estée Lauder avoids competing in the mass-market segment, allowing it to focus on high-margin, aspirational products that appeal to affluent consumers.

[](https://www.elcompanies.com/en/investors)

### Current CEO

The current President and Chief Executive Officer of Estée Lauder Companies is **Stéphane de La Faverie**, who assumed the role on January 1, 2025, succeeding Fabrizio Freda. De La Faverie, a 25-year veteran of the prestige beauty industry, previously served as Executive Group President and has been instrumental in scaling brands like Estée Lauder, Jo Malone London, and The Ordinary, as well as strengthening the company’s fragrance portfolio.[](https://www.elcompanies.com/en/news-and-media/newsroom/press-releases/2024/10-30-2024-103030698)[]

(https://www.investing.com/news/company-news/estee-lauder-names-new-ceo-leadership-changes-ahead-93CH-3698386)

### Company Strategy for the Future

Estée Lauder has launched a strategic vision called **Beauty Reimagined**, announced in February 2025, aimed at restoring sustainable sales growth and achieving a solid double-digit adjusted operating margin over the next few years.

The strategy focuses on transforming the company into a leaner, more agile, and consumer-centric organization. Key elements include:

1. **Operational Restructuring and Cost Savings**: The company is undergoing a significant internal restructuring, including 5,800 to 7,000 job cuts, to streamline operations and improve efficiency. This is part of an expanded **Profit Recovery and Growth Plan** to enhance profitability.[](https://www.elcompanies.com/en/news-and-media/newsroom/press-releases/2025/02-04-2025-110038060)[]

(https://www.voguebusiness.com/story/beauty/estee-lauder-ceo-announces-recovery-plan-job-cuts-to-recoup-sales)

2. **Expanding Consumer Coverage**: Estée Lauder is increasing its presence in fast-growing channels, such as Amazon’s U.S. Premium Beauty Store and TikTok Shop, to capture new consumers. For example, The Ordinary and Clinique have seen success through these platforms.[](https://www.elcompanies.com/en/news-and-media/newsroom/press-releases/2025/02-04-2025-110038060)

（名人购物习惯， 名人网红带货？）

3. **Step-Change Innovation**: The company is prioritizing product innovation, particularly in anti-aging and biotechnology. Recent launches include Estée Lauder’s Re-Nutriv longevity eye product and collaborations with MIT and Serpin Pharma to advance cutting-edge formulations.[]

(https://www.elcompanies.com/en/news-and-media/newsroom/press-releases/2025/02-04-2025-110038060)[](https://stockanalysis.com/stocks/el/)

（女人的钱最好赚）

4. **Strengthening Digital and E-Commerce**: Estée Lauder is investing heavily in digital channels to align with shifting consumer shopping patterns, especially as consumers mix high- and low-price products. This includes enhancing brand visibility on social media platforms like Douyin, JD, and TMall, where brands like Estée Lauder and La Mer ranked highly during the 11.11 Global Shopping Festival

.[](https://canvasbusinessmodel.com/blogs/growth-strategy/the-estee-lauder-companies-inc-growth-strategy)[](https://www.elcompanies.com/en/news-and-media/newsroom/press-releases/2025/02-04-2025-110038060)

5. **Focus on High-Growth Categories and Markets**: Fragrance remains a bright spot, with brands like Le Labo and Jo Malone London driving double-digit growth. The company is also targeting growth in markets like Latin America and the U.S., where Clinique and The Ordinary have shown resilience.[]

(https://www.elcompanies.com/en/news-and-media/newsroom/press-releases/2024/08-19-2024-114531935)[]

(https://www.voguebusiness.com/story/beauty/estee-lauder-ceo-announces-recovery-plan-job-cuts-to-recoup-sales)

6. **Navigating Challenges in China and Travel Retail**:

Estée Lauder is addressing ongoing softness in the Asia-Pacific travel retail business and subdued consumer sentiment in China by optimizing inventory levels and focusing on market share gains in makeup and skincare. However, challenges in these regions are expected to persist in the near term.[]

(https://www.elcompanies.com/en/news-and-media/newsroom/press-releases/2025/02-04-2025-110038060)[](https://in.investing.com/news/swot-analysis/estee-lauders-swot-analysis-stock-faces-headwinds-amid-strategic-reset-93CH-4687652)

7. **Sustainability and Social Impact**: The company is embedding sustainability into its operations, having achieved its 2025 water withdrawal reduction goal ahead of schedule. This aligns with its long-term commitment to global citizenship and consumer expectations.[](https://www.elcompanies.com/en/investors)

### Challenges and Outlook

Estée Lauder faces headwinds, particularly in China and Asia travel retail, which have driven recent sales declines (e.g., a 6% sales drop to $4 billion in Q2 2025).

The company has lowered its fiscal 2025 outlook and reduced its quarterly dividend from $0.66 to $0.35 per share, reflecting caution. However, analysts view the leadership transition and Beauty Reimagined as positive steps, with the full impact expected to materialize in the medium to long term. 

（ 我不肯定中国情况， in 2-4 years, 老百姓中层的钱第一是家居吃饭和教育就业， 不过DINK家庭的增加，购买习惯，女性开始爱自己第一和重视美容文化的深入， 购买能力？ 

这个需要做DD。 当然， 等实现了  Tony Seba 的 stellar社会时， 每个人都会有你需要的， 不一定是全部你想要的。 那时， 钱不是问题.)

The company’s strong gross profit margins (72.3%) and history of dividend payments (29 consecutive years) provide financial stability as it executes its strategic reset.

[](https://in.investing.com/news/swot-analysis/estee-lauders-swot-analysis-stock-faces-headwinds-amid-strategic-reset-93CH-4687652)[]

(https://www.investing.com/news/company-news/estee-lauder-names-new-ceo-leadership-changes-ahead-93CH-3698386)[]

(https://www.voguebusiness.com/story/beauty/estee-lauder-ceo-announces-recovery-plan-job-cuts-to-recoup-sales)

In summary, Estée Lauder’s key business revolves around prestige beauty, with a competitive moat anchored in its brand portfolio, global reach, and innovation.

Under CEO Stéphane de La Faverie, the Beauty Reimagined strategy aims to restore growth through operational efficiency, digital expansion, and innovation, despite near-term challenges in key markets.