Bhaskar Interview:Estée Lauder, CFO, Akhil Srivastava says, ‘Beauty accessories instil confidence into women’

It’s not easy to reach the corporate heights of Mumbai, Delhi, Singapore and America from small cities like Bhopal and Rewa. But Estee Lauder, Executive Vice President and CFO Akhil Srivastava has proven that small-town ‘curiosity and hunger to ask questions’ is the key to success. His beauty products company started in New York in 1946 with cleansing oil, skin lotion, super-rich all-purpose cream and now has thousands of products in body care. Bhaskar talked to him about the beauty industry, importance of quality and his inspiring journey. Question: How did you establish yourself in Mumbai, Singapore and America after coming from a small city? Answer: I completed my schooling from Campion School in Bhopal. In 1990, I went to Rewa Engineering College. During my youth, I had a deep curiosity about everything. The biggest advantage of a small town’s strength is asking questions. Never showed any hesitation. Being surrounded by good books in a family environment inspired me to move forward. Even today, I buy books to read at airports. Even a small idea from a book can bring big changes. Question: Why did you decide to join Estee Lauder after working at Procter Gamble and Gillette? Answer: It’s like reaching the next level – people who use good personal hygiene products always desire high-end beauty products. Every woman wants to look beautiful, whether urban or rural. The beauty products market is growing rapidly. This market is growing fast in China and India. The beauty industry is growing at 9-10%. Some segments are expected to reach 14% growth. We ourselves have 14 brands. Question: How popular are your products among women in metros and small cities? Answer: Our buyers are from six metropolitan cities as well as tier-2 and 3 cities. Online business extends to 19 thousand postal codes, with nine retail partners including Nykaa, Tira, Myntra, Tata CLiQ and Shoppers Stop. Our products under ‘The Ordinary’ brand are affordably priced at ₹700-800. We focus on quality. Some products come in small packs like 7 milliliter so women can try them. The quality is unmatched. Therefore, they are motivated to buy larger packs. Question: What are you doing to increase presence in Indian markets? Answer: There is very high awareness among consumers about such products. We need to meet their expectations while maintaining quality. We create awareness through brands like Forest Essentials. Such efforts accelerate the growth of luxury beauty products. This attraction towards beauty products inspires women to express themselves with confidence. Remember, when they look their best, they become most creative, kind and best at conversation. Every woman wants to look beautiful, whether urban or rural. This attraction towards beauty products inspires women to express themselves with confidence. Remember, when they look their best, they become most creative, kind and best at conversation.