There’s style and substance in this big beast of global cosmetics world

Our take: High end cosmetics market endured recession to maintain strong market position and also found a niche online.

Shaw may have forgotten that there's an eternal quest for beauty that will leave people happy to empty their pockets to find it, underpinning some of the biggest corporations in the world.

If he was still around (and still a rock-solid socialist), even Shaw might be impressed by the fact that some of the best recent investments have been in high-end cosmetics, a sector that has done two remarkable things.

It has largely fended off the recession and also found an accommodation with the internet. Our target company today, New York-based Estee Lauder, sits comfortably in that bracket.

This may be the reason it is attracting some takeover gossip around the American water coolers.

Estee Lauder is one of the world's leading producers and marketer of beauty products.

With headquarters on the famed Fifth Avenue, it has global sales of $13.7bn (€11.79bn) and employs 46,000, 84pc of whom are female.

It sells in 150 countries and includes brands such as Bobbi Brown, Clinique, Jo Malone, Aveda, La Mer and, of course, Estee Lauder.

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