Estee Lauder's grandson takes reins as CEO.

(From China Daily)

William Lauder's plan to develop lower-price cosmetics for Kohl's Corp had to overcome opposition from some Estee Lauder Cos executives accustomed to marketing to department stores such as Saks Fifth Avenue.

"There's always some selling to be done" for a new idea, Lauder, 44, said in an interview last week at his New York office. "We'll take a hard look at why the brands exist and what they're doing and how we can make them better." William Lauder, who today becomes chief executive officer of the cosmetics maker founded by his grandmother, plans on taking that approach when the company's biggest product introduction begins at Kohl's stores in October. The company wants to use brands from its new BeautyBank unit, which won't carry the Estee Lauder name, to attract shoppers who usually don't buy cosmetics at department stores.

…