We also took prudent and effective measures, financially and operationally, to protect the business. Mr. Freda is a member of the Company’s Board of Directors. We delivered superior sales growth in APAC in fiscal 2020, with every category in the region expanding, led by accelerating growth in Skin Care. Cautionary Note Regarding Forward-Looking Statements. We use such measures, among other financial measures, to evaluate our operating performance, which represent the manner in which we conduct and view our business. Despite the sharp downturn in the second half with air travel still largely curtailed, we focused on meeting demand locally across brick-and-mortar and Online channels, as well as in localized destinations of Travel Retail. Travel Retail globally was impacted by the effects of the pandemic and resulting decrease in international passenger traffic. At the same time, important social and racial justice movements are having a meaningful impact across the globe, and we are deeply committed to doing more to facilitate a culture of equity, inclusion and belonging within our company and our communities. Senior Vice President-Investor Relations, The Estée Lauder Companies, Inc. Good morning. Fabrizio Freda, president and CEO of The Estée Lauder Companies, discussed the challenges of leading a global cosmetics brand during an event hosted by the Georgetown Retail & Luxury Association (GRLA) and the Global Business Initiative (GBI) at Georgetown’s McDonough … Even with the challenges of this year, we are optimistic about the future. The category also benefited from the acquisition of Dr. Jart+, which was both the largest acquisition in the company’s history and our first of an Asia-based beauty brand. In fiscal 2020, we delivered net sales of $14.3 billion, adjusted net earnings of $1.5 billion and adjusted diluted earnings per share of $4.12. Our multiple engines of growth strategy, which is based on insights from our Compass, has powered our success for over a decade and continues to be highly effective. In addition, please refer to our reports with the SEC, click here, including our Form 10-K for fiscal 2020, where you’ll find factors that could cause actual results to differ materially from these forward-looking statements. In constant currency, net sales declined 3 percent, and adjusted diluted earnings per share decreased 22 percent to $4.16. To access all the content for free, please sign up by entering your email. Patrick McMullan via Getty Image. We are grateful to our consumers for the trust they have placed in us and are energized by their tremendous love and enthusiasm. Our company’s achievements are driven by our talented and diverse global community of employees, and our values of respect for the individual, inclusion and equality. We are deeply inspired by our employees’ resilience, creativity and spirit, and forever grateful for the countless ways they are making our company, and our world, a better place. Throughout this time of great uncertainty, I am incredibly proud of our employees’ ongoing commitments to living our company values by contributing to relief efforts and acting as leaders within their communities. Our Online business surged worldwide in fiscal 2020, delivering nearly triple-digit organic sales growth in the fourth quarter, which is a testament to the capabilities and scale we have built. Geographically, APAC remained a dynamic engine of growth, as consumers increasingly embrace prestige beauty for its quality, innovation and creativity. During that time he led the launch and expansion of the Pantene hair care brand in several European countries. And this is just the beginning: We have many strategic initiatives underway to further unlock the potential of this important channel. Overall, we are pleased to have delivered a strong performance for the fiscal year and strengthened our leadership in the channel. William, our entire leadership team and I are committed to doing the enduring work necessary to make equity a reality at The Estée Lauder Companies. Fortunately, he had a plan to get the company moving forwards again. We are driven by our “run to win today, transform to lead tomorrow” mindset, which motivates us to be the best we can be every day, and to continually reimagine our company’s future. Despite some bright spots, particularly our agile shift to Online, we have seen challenges broadly across several areas of our business during this time. Fabrizio Freda, chief executive of Estée Lauder, grew up in Naples, though his business inspiration comes from an Italian born in Florence: Niccolò Machiavelli.. He joined the company in March 2008 as President and Chief Operating Officer. He worked at Procter & Gamble for 20 years before joining Esteé Lauder. This year has been dramatically shaped by the COVID-19 pandemic. Consumers are actively exploring sub-categories and expanding their regimens, finding peace of mind in the ritual of routine. Mainland China performed exceptionally in fiscal 2020, with sales rising by strong double-digits. Emerging trends are increasing the appeal of Skin Care, bolstering already strong category dynamics. If you hadn’t already guessed his heritage by his name, you now know that he was born in Naples during the 1950s. From our newest employees to our most seasoned executives, learning and development is critical to our ability to create trends, anticipate changes and swiftly adapt to the shifting needs and desires of our global consumers. Commitments and actions like these will help us build a stronger, more successful company and society, and we look forward to making continued progress in the years to come. Currently, our vibrant Online business, broad exposure in Asia/Pacific (APAC) and robust Skin Care portfolio are the engines driving our growth. On today's call are Fabrizio Freda, President and Chief Executive Officer; and Tracey Travis, Executive Vice President and Chief Financial Officer. He will be succeeded by Gibu Thomas, who will assume the role of President, ELC Online, effective November 16, 2020. Estée Lauder CEO Fabrizio Freda on Big Earnings, China, and Complex Beauty Routines . We look forward to providing you with even more cutting-edge market research, as Topio Networks. His last position at P&G was President, Global Snacks, where he restructured the business, orchestrated its successful turnaround and managed employees, factories and research and development centers around the world. Since many of our remarks today contain forward-looking Our 10-year Compass, which serves as a high-level, directional roadmap, is updated every few years using cutting-edge research, data and analytics to reflect the most promising growth areas in prestige beauty across geographies, channels, categories and consumers, as well as shifts in global economic, demographic and social trends. William P. Lauder, Executive Chairman, chaired the meeting. Mr. Freda is a strategically focused, financially disciplined, results-oriented leader with a proven track record in the consumer products arena. To facilitate our ability to change and quickly capitalize on areas of opportunity, we have a dedicated strategic program and cross-functional team focused solely on Transformation. 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