<SEC-DOCUMENT>0001104659-24-113522.txt : 20241101
<SEC-HEADER>0001104659-24-113522.hdr.sgml : 20241101
<ACCEPTANCE-DATETIME>20241101163233
ACCESSION NUMBER:		0001104659-24-113522
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241101
DATE AS OF CHANGE:		20241101

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESTEE LAUDER COMPANIES INC
		CENTRAL INDEX KEY:			0001001250
		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				112408943
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14064
		FILM NUMBER:		241419507

	BUSINESS ADDRESS:	
		STREET 1:		767 FIFTH AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153
		BUSINESS PHONE:		2125724200

	MAIL ADDRESS:	
		STREET 1:		767 FIFTH AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
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<DESCRIPTION>DEFA14A
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section&nbsp;14(a)&nbsp;of
the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amendment No.&nbsp;&numsp;&numsp;&numsp;&numsp;&numsp;&numsp;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Filed by the Registrant&#8239;<FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Filed by a Party
other than the Registrant&#8239;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD>Definitive Proxy Statement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD><TD>Definitive Additional Materials</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD>Soliciting Material under &sect;240.14a-12</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>THE
EST&Eacute;E LAUDER COMPANIES INC.</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(Name of Registrant as Specified in Its Charter)</P>

<P STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(Name of Person(s)&nbsp;Filing Proxy Statement, if other than
the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payment of Filing Fee (Check all boxes that apply):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD><TD>No fee required.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD>Fee paid previously with preliminary materials.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD>Fee computed on table in exhibit required by Item 25(b)&nbsp;per Exchange Act Rules&nbsp;14a6(i)(1)&nbsp;and 0-11</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE EST&Eacute;E LAUDER COMPANIES INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">767 Fifth Avenue, New York, New York 10153</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Supplement dated November&nbsp;1, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>To the Proxy Statement dated September&nbsp;19,
2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">for the Virtual Annual Meeting of Stockholders
to be held on</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Friday, November&nbsp;8, 2024, 10:00 a.m.&nbsp;Eastern
Time</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">www.virtualshareholdermeeting.com/EL2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(the &ldquo;Annual Meeting&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following disclosures supplement the definitive proxy statement
filed by The Est&eacute;e Lauder Companies Inc. (the &ldquo;Company&rdquo;) with the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
on September&nbsp;19, 2024 (the &ldquo;Proxy Statement&rdquo;), in connection with the solicitation of proxies by the Company&rsquo;s
board of directors for the above-referenced Annual Meeting and any adjournment or postponement thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUPPLEMENTAL DISCLOSURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After the Proxy Statement was filed with the SEC and sent to our stockholders,
the Company made certain changes in the Company&rsquo;s senior management and corporate governance, which will occur after the Annual
Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On October&nbsp;29, 2024, the Board of Directors (the &ldquo;Board&rdquo;)
of the Company appointed St&eacute;phane de La Faverie, as its President and Chief Executive Officer, effective January&nbsp;1, 2025.
Fabrizio Freda, current President and Chief Executive Officer, will transition from those offices and resign from the Company&rsquo;s
Board at the end of the day on December&nbsp;31, 2024. He will remain employed as a Special Advisor to the Company until he retires on
June&nbsp;30, 2026.&nbsp; Mr.&nbsp;de La Faverie will become a member of the Board effective January&nbsp;1, 2025, to fill the vacancy
that arises from Mr.&nbsp;Freda&rsquo;s resignation. Additionally, William P. Lauder will be stepping down from his role as Executive
Chairman following the Annual Meeting, and will cease to be an employee when he retires on March&nbsp;1, 2025. Mr.&nbsp;Lauder will continue
to serve on the Company&rsquo;s Board as Chair following the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;de La Faverie, age 50, joined the Company in January&nbsp;2011.
He is currently Executive Group President and has been in that role since September&nbsp;2022. From July&nbsp;2020 through August&nbsp;2022,
he was Group President, The Est&eacute;e Lauder Companies, and Global Brand President, Est&eacute;e Lauder and AERIN Beauty. From July&nbsp;2016
to June&nbsp;2020, he was Global President, Est&eacute;e Lauder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with these changes, each of Mr.&nbsp;Freda and Mr.&nbsp;de
La Faverie executed amendments to their respective employment agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Mr.&nbsp;de La Faverie&rsquo;s Amended Employment Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the amended employment agreement dated as of October&nbsp;29,
2024 for Mr.&nbsp;de La Faverie, he will become President and Chief Executive Officer as of January&nbsp;1, 2025. The agreement provides
that Mr.&nbsp;de La Faverie will continue to be an employee-at-will and serve as President and Chief Executive Officer until his retirement
or other termination of employment.&nbsp;&nbsp;The agreement provides for his base salary and bonus opportunities to be set by the Compensation
Committee of the Board and that his equity grants will be determined by the Stock Plan Subcommittee.&nbsp;&nbsp;Effective January&nbsp;1,
2025, his base salary will be at an annual rate of $1,500,000 and his aggregate bonus opportunity at target will be $3,000,000, which
for fiscal 2025 will be prorated based on his time in the role of President and Chief Executive Officer. Additionally, he will receive
a one-time cash payment of $25,000 in connection with entry into the amendment. As President and Chief Executive Officer, Mr.&nbsp;de
La Faverie&rsquo;s annual equity-award target opportunity will have a value of no less than $10,000,000 (before application of his individual
performance adjustment). For fiscal 2025, his total equity-award target opportunity will be prorated based on his time in the role of
President and Chief Executive Officer, for a total prorated grant value of $6,740,500, which includes an additional grant with value of
$3,259,500, subject to approval by the Stock Plan Subcommittee. He will be eligible to participate in the Company&rsquo;s Profit Recovery
and Growth Plan (&ldquo;PRGP&rdquo;) incentive program for fiscal 2025 and fiscal 2026 at a target opportunity of 25% of his annual equity
based compensation award target opportunity, up to a maximum of 50%, the achievement of which could result in a grant of restricted stock
units (&ldquo;RSUs&rdquo;) in August&nbsp;2025 and August&nbsp;2026. Grants under the PRGP incentive plan will have a two-year cliff vesting,
subject to the terms of the plan and approval by the Stock Plan Subcommittee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The provisions in Mr.&nbsp;de La Faverie&rsquo;s amended employment
agreement relating to payments and other benefits in connection with the termination of employment under various circumstances are generally
unchanged. See the Company&rsquo;s proxy statement for the Annual Meeting filed with the SEC on September&nbsp;19, 2024, under the heading
 &ldquo;Executive Compensation &ndash; Potential Payments Upon Termination of Employment or Change in Control.&rdquo; He is entitled to
standard benefits generally available to other executive officers of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Mr.&nbsp;Freda&rsquo;s Employment Agreement Amendment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The amendment to the employment agreement dated October&nbsp;29, 2024,
for Mr.&nbsp;Freda provides that after Mr.&nbsp;Freda steps down from the offices of President and Chief Executive Officer on December&nbsp;31,
2024 and when Mr.&nbsp;de La Faverie succeeds him in such offices effective January&nbsp;1, 2025, Mr.&nbsp;Freda will serve as a Special
Advisor to the Company until his retirement as an employee from the Company on June&nbsp;30, 2026 (the &ldquo;Special Advisor Period&rdquo;).
Under the amendment, Mr.&nbsp;Freda is required to devote not less than 20 percent of his time to his responsibilities as Special Advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the Special Advisor Period, Mr.&nbsp;Freda&rsquo;s annual base
salary rate of $2,100,000 will remain unchanged. His annual target bonus opportunity for fiscal 2025 (which includes the period he is
serving as President and Chief Executive Officer) and fiscal 2026 will remain at $5,775,000. Pursuant to the amendment, Mr.&nbsp;Freda
will receive an equity award target opportunity for fiscal 2026 with a value at the time of grant of $12,500,000. Under the terms of the
amendment, Mr.&nbsp;Freda will be eligible to participate, for fiscal 2025 only, in the PRGP incentive plan at a target opportunity of
$3,125,000, the achievement of which could result in a grant of RSUs in August&nbsp;2025. He will also continue to be eligible for benefits
generally available to other executive officers, with the addition of certain relocation expenses, cybersecurity and digital privacy protection
services, and the continuation of transportation and security benefits. In connection with Mr.&nbsp;Freda&rsquo;s retirement from the
Company on June&nbsp;30, 2026, Mr.&nbsp;Freda will be eligible for benefits including financial counseling services, relocation expenses,
transition support services, an office and administrative support until June&nbsp;30, 2028, and an annual allowance to purchase Company
products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The amendment to Mr.&nbsp;Freda&rsquo;s employment agreement modifies
certain provisions, effective October&nbsp;29, 2024, which provide for payments and other benefits in connection with the termination
of his employment under various circumstances. If his employment terminates prior to June&nbsp;30, 2026, except in the case of his voluntary
resignation or by the Company for &ldquo;cause,&rdquo; Mr.&nbsp;Freda will be paid or provided any remaining compensation or benefits
that would have been owed through June&nbsp;30, 2026 but have not yet been paid, subject to the terms of applicable plans (other than
any terms that require the continued employment as a condition to receiving or retaining any such compensation or benefits). In the event
Mr.&nbsp;Freda voluntarily resigns, the amendment additionally provides for him to receive ongoing office and administrative support.
The amendment also removes provisions in the employment agreement relating to termination by Mr.&nbsp;Freda for &ldquo;good reason&rdquo;
following a change in control and removes the provision relating to termination by Mr.&nbsp;Freda for a &ldquo;material breach&rdquo;
by the Company. He will continue to be subject to a covenant not to compete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Mr.&nbsp;Lauder&rsquo;s Employment and Role</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">William P. Lauder will be stepping down from his role as Executive
Chairman following the Annual Meeting and will cease to be an employee when he retires on March&nbsp;1, 2025. Mr.&nbsp;Lauder will continue
to serve on the Company&rsquo;s Board as Chair following the Annual Meeting. Under the terms of his employment arrangement with the Company,
his current compensation and benefits remain unchanged through March&nbsp;1, 2025, except that his annual bonus payout, if any, for fiscal
2025 will be prorated due to his retirement. Beginning March&nbsp;1, 2025, while he is Chair and no longer an employee, Mr.&nbsp;Lauder
will be compensated consistent with the Company&rsquo;s program for compensating non-employee directors, including reimbursement of expenses,
and for service as Chair of the Board, receive an additional retainer of $225,000 annually and be entitled to continued office and administrative
support.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Jane Lauder&rsquo;s Employment and Role</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jane Lauder, Executive Vice President, Enterprise Marketing and Chief
Data Officer of the Company, will be stepping down from her role and cease to be a Company employee effective December&nbsp;31, 2024.
Ms.&nbsp;Lauder will continue to serve on the Company&rsquo;s Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Corporate Governance Changes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board has approved certain changes in corporate governance of the
Company effective following the Annual Meeting. As described above, Mr.&nbsp;Lauder will transition his role from Executive Chairman to
Chair of the Board. The position of Presiding Director held by Ambassador Barshefsky will be replaced by a new Lead Independent Director
role to be held by Richard Zannino. The Lead Independent Director will have the (i)&nbsp;responsibilities set forth in the Board&rsquo;s
Corporate Governance Guidelines as amended and (ii)&nbsp;additional responsibilities during the transition period (until there shall be
a new Chief Executive Officer firmly established in office) for consultation, oversight and support of the Company&rsquo;s management
team but only to the extent such additional responsibilities are compatible with serving on the Audit Committee of the Board as an independent
director. The Lead Independent Director will receive additional compensation of a $30,000 annual cash retainer, payable quarterly, which
may be deferred, consistent with the additional compensation previously paid for service as the Presiding Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the foregoing, the Board amended the Board&rsquo;s
Corporate Governance Guidelines and certain Board committee charters, which will be available in the &ldquo;Investors&rdquo; section of
the Company&rsquo;s website (www.elcompanies.com) under &ldquo;Corporate Governance.&rdquo; The Company believes that its Board leadership
structure appropriately balances responsibilities among the Company&rsquo;s leadership, supporting accountability, and engagement with
stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As provided in Corporate Governance Guidelines, as amended, the responsibilities
of the Lead Independent Director will be to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Call, set the agenda and preside at all executive sessions of the independent directors and executive sessions of non-management directors,
and provide feedback from such meetings to the Chair and the Chief Executive Officer (&ldquo;CEO&rdquo;), as appropriate.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>In consultation with the Chair, ensure that Board materials are adequate and timely.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>In consultation with the Chair, review meeting schedules and review and approve Board meeting agendas to assure that there is sufficient
time for discussion of all agenda items.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>In the absence of the Chair, and upon the request of the CEO, preside at meetings of the Board.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Serve as liaison between the Chair and the independent directors and non-management directors and between the CEO and the independent
directors and non-management directors.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Work collaboratively with the Chair and the CEO as necessary and appropriate to carry out the Board&rsquo;s direction and the governance
of the Company.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Serve as a Board representative for consultation and communication with major stockholders or other stakeholders, as appropriate.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>With the Board&rsquo;s concurrence and unless such review is conducted by the Nominating and ESG Committee, review the CEO&rsquo;s
performance evaluation with the CEO.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Perform such other duties as the Board or independent directors may from time-to-time request.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Duties of the Chair of the Board will be to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Continue to grow the Company&rsquo;s reputation globally; reinforce the Company&rsquo;s family heritage, strengthening the collaboration
of the Lauder family with each other and the Company&rsquo;s management; visibly represent the Lauder family and Company with employees,
governmental entities, other stakeholders and the community at large.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Facilitate the Board operating in the best interest of the Company and all stockholders and set a tone of integrity from the top.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Call meetings of the Board and set meeting agendas, in collaboration with the Lead Independent Director.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Preside over all meetings of stockholders and the Board and facilitate orderly and productive discussions that focus on important
Company, stockholder and Board issues.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Work with the Company to enable the Board to have adequate resources, especially by way of full, timely and relevant information,
to support its decision-making requirements, in collaboration with the Lead Independent Director.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>In collaboration with the Lead Independent Director, advise the CEO as to the scope, quantity, quality, and timeliness of information
and materials, and provide feedback to the CEO and other members of management.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Facilitate communication among directors and between directors and senior management of the Company.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Enable transparency between the CEO and directors regarding business issues, Board management, and conflicts.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Engage in direct communication with stockholders on governance and other matters when requested and appropriate.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Maintain a strong working relationship with the CEO, including supporting the development of strategy, capital management (including
M&amp;A and divestitures), risk management and major corporate actions to be presented to the Board. Coordinate with the CEO to keep the
Board informed on a timely basis of significant developments, opportunities and risks.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>As a member of the Nominating and ESG Committee, work on the CEO succession planning process, recruit and support the onboarding of
new Directors to the Board to become active and effective Directors.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Perform other duties incidental to the role as Chair and any other duties as may be agreed between the Chair and the Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>This supplemental information should be read together with the Proxy
Statement, which should be read in its entirety. From and after the date of this supplement, any references to the &ldquo;Proxy Statement&rdquo;
are to the Proxy Statement as supplemented hereby. If you have already voted, you do not need to vote again unless you would like to change
or revoke your prior vote on any proposal. If you would like to change or revoke your prior vote on any proposal, please refer to the
Proxy Statement for instructions on how to do so.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>IMPORTANT
NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE 2024 ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON NOVEMBER 8, 2024</I></B></FONT><I>:
This Supplement, our Company&rsquo;s Proxy Statement for the 2024 Annual Meeting of Stockholders, and the Annual Report on Form&nbsp;10-K
for the fiscal year ended June&nbsp;30, 2024 with certain exhibits (which constitutes the &ldquo;Annual Report to Stockholders&rdquo;),
are available at <U>www.proxyvote.com</U>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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