00:00:03
[Music]
00:00:17
first of all I mean Estee Lauder has
00:00:19
always placed a great emphasis on
00:00:21
sticking to its core values and keeping
00:00:22
the heritage of the brand intact could
00:00:24
you talk to me a little bit about what
00:00:26
are those core values and kind of how
00:00:28
they figure into both day-to-day
00:00:30
operations and also decisions to expand
00:00:32
and add new brands to your line well you
00:00:35
know the core value of our companies
00:00:38
really play into decisions virtually
00:00:41
every single day at almost at almost
00:00:43
every single level and I guess you have
00:00:46
to go back and say well what are those
00:00:47
core values and how do they inform the
00:00:49
decisions that everybody makes now mind
00:00:51
you we've got a company of over 30,000
00:00:53
employees where we're selling something
00:00:55
every 4 seconds of every single day 365
00:00:57
days out of the year if not more um if
00:01:00
we could sell more we would and the fact
00:01:02
of the matter is is there are thousands
00:01:04
of decisions being made every single day
00:01:05
and they're not controlled by some
00:01:07
Central allowing allseeing organization
00:01:09
but it's about those core values it's
00:01:11
those principles about what makes our
00:01:12
company great what makes Our Brands
00:01:14
great and it's all about great Brands
00:01:16
great people and what is the right thing
00:01:19
to do for the consumer to make her happy
00:01:21
and we try to focus that in and
00:01:23
everybody has their mission and their
00:01:25
moment for what they're doing and how
00:01:27
does that what they do contribute to the
00:01:31
overall mission of the
00:01:33
company we look at ourselves in many
00:01:35
different ways and say okay well we're s
00:01:37
the hierarchy is an
00:01:39
inverted uh pyramid where the top of our
00:01:42
organization are the people who
00:01:44
represent Our Brands to the consumer in
00:01:46
stores around the world they are the
00:01:48
most important because they touch the
00:01:50
consumer every day and it's the
00:01:52
consumer's connection with them and with
00:01:54
the brands that continues to make us
00:01:56
successful MH and now tell me a little
00:01:59
bit about how women have changed over
00:02:01
the years like I was reading a recent
00:02:03
story in the New York Times about the
00:02:04
company that had mentioned that one of
00:02:05
your grandmothers kind of the things
00:02:07
that she always did when people came in
00:02:08
try to touch every customer that came in
00:02:10
either by dabbing lotion on her hand or
00:02:12
giving her a makeover and then there was
00:02:14
also a point where discussing like the
00:02:16
new Clinique counters where people can
00:02:19
actually go and do more self-service
00:02:20
without having to talk to um a customer
00:02:23
service associat so talk to me a little
00:02:25
bit about that dichotomy and how the
00:02:27
customer has changed and what they want
00:02:28
has changed many of the Dynamics of how
00:02:31
consumers shop today for their beauty
00:02:33
products have remained the same for 20
00:02:37
30 40 years and some of the aspects in
00:02:39
the behaviors have changed
00:02:41
dramatically and they have continually
00:02:43
involved over time I think what's
00:02:45
happened is first of all they have an
00:02:47
extraordinary multiplicity of choice
00:02:50
they have many different retail
00:02:52
environments to choose from many
00:02:54
different brands to choose from in these
00:02:57
many different retail environments and
00:02:59
the notion of convenience in shopping
00:03:02
and how they stratify themselves
00:03:05
according to shopping patterns has
00:03:07
changed over time so for example in the
00:03:10
1970s the consumer who shopped in A very
00:03:14
upscale prestigious store like a Neman
00:03:16
Marcus would never consider shopping in
00:03:18
a Walmart or with a Walmart of the day
00:03:21
today she thinks nothing of driving her
00:03:24
Suburban to nean Marcus in the morning
00:03:27
to buy that very fancy Prada outfit
00:03:30
having lunch with her friends and then
00:03:32
getting in her suburban and going to
00:03:33
Walmart and picking up the toilet paper
00:03:35
that she needs because she knows it's
00:03:36
the best value she doesn't have a
00:03:38
problem with that today and she doesn't
00:03:40
think that says anything in a negative
00:03:42
way about herself in fact maybe she can
00:03:44
even say I didn't shop Walmart I Sho
00:03:46
Costco that's just an example for our
00:03:49
products itself you know really is the
00:03:51
consumer has comes in very
00:03:53
informed she knows she know she thinks
00:03:56
she knows what she wants but the
00:03:58
expertise that somebody gets in the
00:04:01
store that hasn't
00:04:03
changed the authority of that expert in
00:04:06
the store the SD loer makeup artist the
00:04:08
Clinique consultant the MAC makeup the
00:04:10
SD lorder Beauty adviser the MAC makeup
00:04:12
artist the Clinique consultant that
00:04:14
really hasn't changed and that human
00:04:16
touch that is so important that was so
00:04:19
important one of the key core principles
00:04:20
around which our company was founded
00:04:22
that still hasn't changed because the
00:04:24
fact of the matter is is the consumer
00:04:25
still wants and needs to be touched and
00:04:29
the EXP expertise that she gets in
00:04:32
helping to find the right product for
00:04:33
her she appreciates and she puts that
00:04:36
into the value calculation that she
00:04:38
makes when making a purchase that's a
00:04:40
very important element of the behavior
00:04:42
that she has convenience is another
00:04:45
issue the notion of convenience has
00:04:47
changed not just because of perhaps what
00:04:50
the internet offers which really doesn't
00:04:52
represent a meaningful size of her
00:04:55
consumption in our category and and most
00:04:57
retail overall doesn't really represent
00:04:59
a big meaningful side except for Books
00:05:01
and Music and a few other categories
00:05:03
where you can actually buy the
00:05:05
equivalent online without having to go
00:05:07
to a store but the fact of the matter is
00:05:09
consumers still want to see it touch it
00:05:11
feel it smell it technology does not
00:05:13
allow that to be replaced so she Still's
00:05:15
willing to go the other thing is is that
00:05:18
shopping the notion of what shopping is
00:05:20
about that's a behavioral pattern that
00:05:23
hasn't really changed it's still as much
00:05:26
about
00:05:27
entertainment as it is about an AC of
00:05:30
consumption and many people can
00:05:33
entertain themselves happily at home
00:05:35
with all the different electronic
00:05:36
gadgets they have to keep themselves
00:05:37
entertaining home but many still want to
00:05:39
get out and about and be in a social
00:05:41
environment so the result is is they
00:05:43
still like to
00:05:44
shop in an environment like that and
00:05:46
that's this is a part of the whole
00:05:48
activity and then you add that the
00:05:50
interaction with an expert who they with
00:05:52
whom they can talk and that that
00:05:54
behavior has only evolved a little bit
00:05:57
not a lot so there are certain things
00:05:59
that CH and we in the Cosmetics business
00:06:02
for example we thrive on the fact that
00:06:05
so many of our consumers once they find
00:06:07
the product that they love and they like
00:06:08
they want to come back and buy it again
00:06:10
and again and they want something new
00:06:13
but they want the thing that they like
00:06:14
not to change so they can use it again
00:06:16
and again the number one consumer
00:06:19
feedback we get from the consumers is
00:06:21
bring back when we've discontinued a
00:06:23
product their favorite shade their
00:06:25
favorite this the number one if you just
00:06:27
if I just say categorize their what do
00:06:29
they complaining about it they
00:06:30
complaining about service they
00:06:31
complaining about environment number one
00:06:33
is bring back that I was going to say
00:06:35
you take away someone's favorite Shad of
00:06:36
lipstick and they're going to tell you
00:06:39
about it absolutely true now tell me I
00:06:41
guess one of the other things in the
00:06:43
time story was that you you were quoted
00:06:45
us saying that working for a family
00:06:46
business means every member of the board
00:06:48
has your home phone number they know
00:06:50
where you live talk to me I mean what
00:06:52
are some of the challenges and also the
00:06:53
benefits of working for a company that
00:06:55
really I would say at this point is
00:06:56
probably like another member of your
00:06:57
family almost well you know a family
00:07:00
company is both you know there's two
00:07:04
definitions of family there's family
00:07:06
that's blood and then there's family
00:07:08
which is everybody who belongs to the
00:07:10
organization regardless of blood who are
00:07:12
also family in a way and you want to
00:07:15
treat everybody the same at in that
00:07:18
respect but you also want to treat them
00:07:19
with respect and professionalism which
00:07:21
is such an important part of what we do
00:07:23
I think what's our competitive advantage
00:07:25
of as a family company really is and has
00:07:28
been since our founding is our
00:07:30
Innovation and our patience that has
00:07:33
allowed us to maintain our leadership in
00:07:35
our industry because of our patience in
00:07:38
nurturing and developing new brands
00:07:40
nurturing and developing people and
00:07:43
creating an environment where we are the
00:07:47
place to come for Innovation we are the
00:07:49
one we're the most Innovative marketers
00:07:51
we're the most Innovative brand builders
00:07:52
we're the most Innovative on a retail on
00:07:54
a retail basis and we do that because
00:07:58
not only do we have a for Innovation and
00:08:01
we may have baked that into our
00:08:02
behaviors and mentalities of how we look
00:08:04
at Executives and their skill sets and
00:08:06
development but also how we succeed with
00:08:08
the consumer that keeps us coming back
00:08:10
from more and doing more but we also
00:08:12
have the patience to nurture new brands
00:08:15
and new ideas perhaps longer than
00:08:18
companies that don't have the same
00:08:21
ownership structure now tell me I guess
00:08:23
conversely I mean what are some of the
00:08:25
challenges of it being kind of a
00:08:27
family-owned business and well many of
00:08:30
the challenges of a family-owned
00:08:31
business are the same no matter what
00:08:33
kind of business you're in which is you
00:08:35
have family members who may have certain
00:08:38
uh emotional opinions and biases which
00:08:40
may or may not be B based on rational
00:08:43
thought and they may be based on emotion
00:08:46
and sometimes those emotions are
00:08:48
legitimate and sometimes perhaps they're
00:08:50
based on ideas that did work at one
00:08:54
point but perhaps are not as relevant
00:08:56
today in other words when I was your age
00:08:58
well I did this or that and it often
00:09:02
times to be able the ability to say gee
00:09:05
you know I'm not so certain that might
00:09:06
work right now isn't so good now that is
00:09:10
the other side of what I talked about
00:09:12
before which was we are very Innovative
00:09:14
and we have Innovation as a part of what
00:09:16
we do but occasionally there are
00:09:18
stakeholders who perhaps have the same
00:09:20
last name as me who have a stake in the
00:09:23
way it was not necessarily the way it
00:09:26
will be and it takes extra convincing to
00:09:28
get there that's one of the issues and
00:09:30
you know what at the end of the day I'd
00:09:33
say we have more advantages than we have
00:09:34
disadvantages and you just and even for
00:09:37
our professional managers there are
00:09:39
those who from a personality basis fit
00:09:42
within our organization and the
00:09:44
psychological profile that it takes to
00:09:45
be successful within an organization and
00:09:47
they're really good and there are others
00:09:48
who come along and who aren't as
00:09:50
successful perhaps because they aren't
00:09:52
as comfortable in the family style
00:09:54
environment perhaps they don't have the
00:09:55
same collaborative approach to what they
00:09:57
do and but that's almost any
00:10:00
organization anywhere regardless of the
00:10:02
ownership structure you have great
00:10:04
personality fits when people succeed
00:10:06
because they fit within the organization
00:10:08
well and they contribute so well with
00:10:10
their peers and you have others that
00:10:12
aren't as successful because they don't
00:10:14
fit within the psychological profile of
00:10:16
the organization I guess no matter where
00:10:17
you are institutional knowledge is sort
00:10:18
of both a great advantage and also can
00:10:19
be a double-edged sword though correct
00:10:22
now a few years ago you step you decided
00:10:24
to step down as CEO of Este Lauder and
00:10:26
and now you serve as executive chairman
00:10:28
could you talk to me me a little bit
00:10:29
about some of the professional reasons
00:10:31
why you made that decision and then also
00:10:33
how how has that changed your role what
00:10:34
is your role today and how does that
00:10:36
differ from when you were serving as
00:10:37
both chairman and executive well you
00:10:39
know quite honestly um being a CEO of a
00:10:43
public company today in today's
00:10:45
environment not only the post sarban oxy
00:10:48
and other things is is not quite what
00:10:50
it's all cracked up to be if you read it
00:10:52
in the press and it can be a sentence
00:10:55
now if you're the CEO of a family
00:10:57
company if you're not careful it can be
00:10:58
a life sentence
00:11:00
and the fact of the matter is is that
00:11:01
it's uh very hard work it's a great deal
00:11:03
of time it takes a great deal of energy
00:11:06
and often times I found and I did not
00:11:09
have a COO with whom I was working so I
00:11:12
was if you will doing a great deal
00:11:13
myself doing three jobs essentially well
00:11:16
essentially yes I was doing a lot and
00:11:18
had a lot going on and when I looked at
00:11:20
the roster of the most senior Executives
00:11:23
that I had within my organization and I
00:11:25
said okay fine whom do I have
00:11:29
who can be a
00:11:31
long-term partner business operating
00:11:33
partner with me to run this company and
00:11:37
as I asked that question I also said let
00:11:39
me take a survey of the outside to see
00:11:42
if there are any Executives out there
00:11:43
who are perhaps not a part of our
00:11:44
industry not not a part of our company
00:11:46
not a part of our industry who might be
00:11:49
able to add something to the collective
00:11:52
thought and wisdom of way our company
00:11:53
runs that would be
00:11:55
different and when I started to look
00:11:58
outside I found Fabrizio Freda who is
00:12:01
now our CEO who was someone who was
00:12:04
thinking along the lines the way I was
00:12:06
thinking but yet at the same time
00:12:09
brought a very different perspective a
00:12:10
very different background and I thought
00:12:12
you know what he's going to add a spice
00:12:15
and a different way of looking to what
00:12:16
we do in a way way that's going to add
00:12:18
more to what our company can do and at
00:12:21
the end of the day I said I've always
00:12:23
said from the day I walked in as I've
00:12:25
been with my family company for 51 years
00:12:27
practically but the day I became CEO I
00:12:30
said I will only be here as long as I
00:12:32
can be as effective or more effective
00:12:34
than anyone else who can do this
00:12:36
job and when I found Fabrizio and we
00:12:39
found each other in the sense hey you
00:12:41
know we got along great we said this is
00:12:42
really great I think this is a
00:12:44
partnership that can work and he can add
00:12:45
a lot to our company and our company can
00:12:48
be a better company for what he can add
00:12:50
and he can help take preserve what's the
00:12:52
best about what we do and then add some
00:12:54
thoughts and disciplines the way we do
00:12:56
things to make it better and after a
00:12:59
year and a half I said you know what
00:13:01
this is perfect tag you're it you're now
00:13:03
CEO so how does that change my life um
00:13:08
I'm spending more time on those things
00:13:10
which I really like to do spending much
00:13:13
more time on the strategy broad
00:13:14
strategies of the company much more time
00:13:17
in our development of our Emerging
00:13:19
Markets spending more time traveling
00:13:22
working on brand development working on
00:13:24
Market development working on strategic
00:13:25
Acquisitions and I'm also working a
00:13:27
great deal unfortunately on government
00:13:30
relations why is that an increasing
00:13:32
increasing regulatory environment around
00:13:34
the world predominantly but not
00:13:36
exclusively Asia and Europe as well as
00:13:39
in North America and I find I'm actually
00:13:42
pretty good at that piece and so it
00:13:44
allows for brizio to keep doing what
00:13:46
he's really good at and I can focus on
00:13:49
what I think I'm pretty good at and
00:13:51
seems to work very well for both of us
00:13:53
and our company is performing better as
00:13:55
a result I still spent a great deal of
00:13:57
time working not just with with a lot of
00:13:59
members of his team and I've still got
00:14:01
some Executives who report directly to
00:14:03
me in certain key roles because it's
00:14:05
both an expertise I have as well as it's
00:14:08
the right allocation of responsibilities
00:14:10
between the two of us so what it
00:14:12
effectively does is from a leadership
00:14:15
perspective it gives us a strength in
00:14:18
the leadership in both a strong
00:14:20
partnership as well as a very balanced
00:14:23
approach as to who leads which efforts
00:14:27
effectively and and there are certain
00:14:30
things that Fabo is expert at and which
00:14:32
I say go wonderful do this really well
00:14:34
there's certain things that I'm more
00:14:35
expert at that he may be focusing in on
00:14:37
but we talk together about it and then
00:14:38
he goes and does it or he may say look
00:14:40
this is something I'm working on I'd
00:14:41
really love your assistance in this and
00:14:43
whether I say go do it and he go does it
00:14:46
or he says please and he sort of toss it
00:14:47
in my lap and I go do it that's we
00:14:49
really are very comfortable there's no
00:14:52
ego we both have enough of an ego for
00:14:54
certain but there's no ego in the sense
00:14:55
of saying we want to get it accomplished
00:14:57
we're both very results oriented that's
00:14:59
very important great and you actually me
00:15:01
you mentioned Asia so I guess that
00:15:03
brings my next question um talk to me a
00:15:05
little bit about like what what
00:15:06
countries or what regions is Este laud
00:15:09
looking to expand or create maybe a new
00:15:11
presence and how I mean how do you adapt
00:15:13
to sort of going into Global markets to
00:15:15
different markets other than maybe the
00:15:17
US and Europe well the fact of the
00:15:19
matter is is that we've been a global
00:15:20
company for 30 40 plus years or if we
00:15:22
first expanded outside of the United
00:15:25
States in the UK I think in 1960
00:15:30
and today we're doing 63 to 65% of our
00:15:34
Global businesses outside of uh North
00:15:37
America um and that's growing much more
00:15:40
rapidly than inside of North America for
00:15:42
a number of reasons number one it's a
00:15:43
less developed market so those markets
00:15:45
are growing faster number two our share
00:15:48
isn't as strong as it is in North
00:15:49
America so therefore we've got more
00:15:50
share to gain and number three for the
00:15:54
vast majority but not exclusively for
00:15:56
the vast majority of the last 10 plus
00:15:58
years the dollar has been very weak so
00:16:01
the result is is as the dollar the
00:16:03
Dollar's weakness actually helps us as
00:16:06
we translate
00:16:07
back into Dollars our results so the
00:16:11
combination of the fact says we need to
00:16:12
be continually investing more
00:16:14
we we're in Europe very early on in the
00:16:17
process but most of our key competitors
00:16:19
are European or asian-based we don't
00:16:21
have as many American competitors in the
00:16:24
prestige cosmetic space they're
00:16:26
predominantly European some Asian um but
00:16:30
we've been early investors in a number
00:16:32
of different markets in the world and
00:16:34
this goes back to the question you asked
00:16:35
about advantages as a
00:16:36
family controlled company the fact of
00:16:39
the matter is is we've got a great deal
00:16:40
of patience when it comes to investment
00:16:42
in markets so we are continually
00:16:44
investing we started investing in
00:16:47
China 12 14 years ago and we made some
00:16:51
very conscious decisions about 67 years
00:16:53
ago that not we were going to ramp up
00:16:56
our investments in China and we were
00:16:58
going to change from management
00:16:59
perspective how we made those
00:17:00
investments in China or how we treated
00:17:02
those investments in China to make sure
00:17:04
that no short-term decisionmaking got in
00:17:07
the way of the long-term goal of having
00:17:09
a leadership position in share and
00:17:12
Prestige cosmetics in China as an
00:17:14
example we're continuing to invest in
00:17:16
India it's small now but it's growing
00:17:18
we're investing in Russia and it's
00:17:19
growing very rapidly now and it's
00:17:20
getting to significant size we're
00:17:22
looking very seriously at Latin America
00:17:24
we have a presence in Latin America but
00:17:25
it's small and it's growing and we look
00:17:27
at where might be and perhaps the next
00:17:30
Frontier is
00:17:32
Africa obviously growing very rapidly in
00:17:35
population there seems to be a growing
00:17:37
middle class we' like to see how the
00:17:38
retail networks develop in the in those
00:17:42
markets where there is some growing
00:17:43
middle class the key characteristics are
00:17:46
stronger emerging middle class with
00:17:48
disposable income which they have to
00:17:49
spend on themselves we've been investing
00:17:51
in the Middle East for a number of years
00:17:53
quite successfully and we'll continue to
00:17:55
do so too so there's lots of regions in
00:17:57
the world that still offer us great
00:17:58
opportunity as well as our established
00:18:00
markets where we look and say well how
00:18:03
can we how we model those markets
00:18:05
against our more wellestablished markets
00:18:07
and say where can each of Our Brands go
00:18:10
and develop their share to a level that
00:18:13
we think matches the opportunity in the
00:18:15
marketplace and we continually find ways
00:18:17
to invest in those opportunities where
00:18:19
they are where there are competitive
00:18:20
advantages and sometimes we pull back
00:18:22
and say you know what we're not going to
00:18:24
invest as much here because we're the
00:18:27
investment's not giving us the turn we
00:18:29
need that's a very important element of
00:18:31
what we do and now how do you adapt kind
00:18:33
of your marketing to more of a global
00:18:36
audience I mean is is it one siiz
00:18:38
fits-all or do you have to really
00:18:39
specialize to fit the customer in
00:18:41
different areas you know the concept of
00:18:44
global imagery for Brands is very
00:18:46
important there a consistency of imagery
00:18:48
but not a slavish consistency to image
00:18:52
where all of a sudden perhaps it looks
00:18:54
the same around the world but isn't as
00:18:55
relevant in many places so how we
00:18:58
customize the relevance is extremely
00:19:00
important for the success of any of our
00:19:03
marketing programs and that may mean
00:19:06
things like I'll give you a great
00:19:07
example this was a number of years ago
00:19:09
but to me it's a great example we had a
00:19:11
product where one the key prop for one
00:19:15
of a better word in the advertising shot
00:19:17
was a birthday
00:19:20
candle and so that was the key profit
00:19:23
and was leading up against the product
00:19:25
and the notion was that you're going to
00:19:27
stop seeing the signs of agent so you're
00:19:29
going to stop seeing the signs of what
00:19:30
more and more birthday candles May mean
00:19:32
right and we like the photograph it was
00:19:35
a beautiful Photograph by wellknown
00:19:36
photographer and it really looked great
00:19:38
and we were showing our Asian brand
00:19:41
managers for this one brand the picture
00:19:43
and the shot and I noticed when we
00:19:47
showed it to them that they were very
00:19:48
silent their silence was very
00:19:52
loud Asian many Asian cultures there's a
00:19:57
belief that one shouldn't be
00:19:58
confrontational so instead of like the
00:20:00
European counterpart saying I hate it I
00:20:02
don't like it and this is what you're
00:20:03
wrong about they were just quiet they
00:20:06
weren't noding saying yes I love it they
00:20:08
weren't clapping they were just quiet
00:20:11
and to me it was a very loud silence so
00:20:15
I
00:20:15
said guys what's up and finally one of
00:20:19
the Bolder ones said well it was a white
00:20:24
birthday
00:20:25
candle and they said well you know in
00:20:27
Asia we only burn candles like this when
00:20:30
somebody
00:20:32
dies there was a reev revelation to us
00:20:35
oh okay fine what kind of candles do you
00:20:38
have in a birthday cake or whatever when
00:20:40
you to celebrate somebody's birthday and
00:20:42
they said oh it's a red and white or a
00:20:44
pink and white candle same style but all
00:20:46
white is when somebody dies with a
00:20:48
stripe in it it's for a birthday oh okay
00:20:51
easy to
00:20:52
fix but that's a cultural relevance
00:20:55
piece in other words so there's a
00:20:56
consistency of the image you just change
00:20:57
the one thing that all of a sudden says
00:20:59
the wrong thing to the consumer you know
00:21:02
the classic case of course you know the
00:21:04
most classic is the Chevy Nova marketed
00:21:07
in Latin America in Spanish NOA means no
00:21:11
go know that actually I mean you use you
00:21:15
you you there's there's actually a
00:21:16
website I forget the name of the website
00:21:18
with all these really classic marketing
00:21:21
mistakes that were really born out of
00:21:24
cultural ignorance mhm great well thank
00:21:27
you so much for being with us today I
00:21:29
guess one quick thing to wrap up I guess
00:21:30
can you share with us quickly was there
00:21:32
sort of a favorite Beauty tip that your
00:21:33
grandmother would always talk about you
00:21:36
know uh my grandmother was famous of so
00:21:38
for so many expressions and so many
00:21:40
things she said well I mean a beauty tip
00:21:42
she said everybody's beautiful and I uh
00:21:45
and she said every every woman is
00:21:46
beautiful just some are more lazy than
00:21:48
others and how they work on their beauty
00:21:50
one of the things and one of my favorite
00:21:51
expressions of hers is she said our job
00:21:54
is we have to get women to put their
00:21:56
hands together in this hand she has her
00:21:58
pocketbook and this is her free hand we
00:22:00
need her to stick her free hand into her
00:22:01
pocketbook P pull out her credit card
00:22:03
and say I'll take it because at the end
00:22:06
of the day the efforts we make to create
00:22:08
the product we want is all about the
00:22:10
customer saying I want it I need it I'll
00:22:12
use it and I'll come back again great
00:22:14
thank you so much for being with us
00:22:16
today thank you
