Businessweek

authorities and the regulatory authorities in the countries in which its products are produced or sold. Seasonality The company’s results of operations in total, by region and by product category, are subject to seasonal fluctuations, with net sales in the first half of the fiscal year (year ending June 2012) typically being slightly higher than in the second half of the fiscal year. The higher net sales in the first half of the fiscal year are attributable to the increased levels of purchasing by retailers for the holiday selling season. Competition The company’s major competitors include L’Oreal S.A.; Shiseido Company, Ltd.; Beiresdorf AG; LVMH Moët Hennessey Louis Vuitton; Coty, Inc.; The Procter & Gamble Company; and Avon Products, Inc. History The Estée Lauder Companies Inc. was founded in 1946 by Estée and Joseph Lauder.