Estee-Lauder has well diversified international revenues. Some 15% come from very fast growth markets. 60% come from international markets meaning non USA sources.
Product development is being decentralized. This avoids the one big bet going wrong. Local customs and trends will be respected and exploited.
Efforts to diversify into internet e-commerce and travel channels is resulting in higher margins which will only make shareholders happier.
George Gutowski writes from a caveat emptor perspective.