TOPLINEEstee Lauder is reviewing its skincare and makeup lines for “cultural sensitivity” and skin-lightening references after the criticism some competitors faced for their products and criticism from its own employees, according to Bloomberg. Getty ImagesKEY FACTSEstee Lauder executives told employees about the product review last month in a memo obtained by Bloomberg; Estee Lauder did not immediately respond to Forbes request to comment. key backgroundAfter cosmetics companies publicly supported Black Lives Matter on social media, some people slammed the industry for profiting off skin-lightening products. Despite being controversial, there was an $8.3 billion market for skin-lightening products in 2017, according to a report by Grand View Research. tangentThere were five Estee Lauder heirs on the 2019 Forbes 400.further readingEstee Lauder Reviews Products for Skin-Lightening References (Bloomberg)L’Oreal, Unilever Reassess Skin Lightening Products—But Won’t Quit The Multi-Billion Dollar Market (Forbes)“Black Lives Matter,” Say These Companies That Sell Skin Lightening Products (BuzzFeed)

Source: Forbes September 01, 2020 23:26 UTC