Unrelenting Commitment to Brand Spending Stands to Steady Estee Lauder's Competitive Edge

Within the premium beauty products space, Estée Lauder owns category-leading brands in skin care, cosmetics, and fragrances that underpin its brand intangible assets. This has resulted in its preferred vendor status across brick-and-mortar and digital channels. These attributes, coupled with scale-based cost advantages, should enable the firm to deliver excess returns for more than 20 years. As such, we assign Estée Lauder a wide moat.