On July 1, 2009, The Estee Lauder Companies Inc. (the "Company") entered into a new employment agreement with Richard W. Kunes, Executive Vice President and Chief Financial Officer of the Company. The new agreement is effective as of July 1, 2009. His current employment agreement expired on June 30, 2009.

Under the new employment agreement Mr. Kunes will be an employee-at-will and continue as Executive Vice President and Chief Financial Officer until his retirement or other termination of his employment. The agreement provides for a base salary to be set by the Compensation Committee. For the fiscal year ending June 30, 2010, his base salary shall be $870,000, which is the same amount as for the fiscal year ended June 30, 2009. His bonus opportunities and equity grants shall be determined by the Compensation Committee or Stock Plan Subcommittee. The payments and benefits upon termination of employment are substantially the same as those described in the Company's proxy statement, dated October 3, 2008, under "Executive Compensation - Potential Payments Upon Termination of Employment or Change in Control," except that there are no provisions relating to "non-renewal" and the benefits may be modified by the Compensation Committee at any time other than in contemplation of a "Change of Control" (as defined in the agreement) or after a Change of Control. Any such modification shall not be effective until at least two years after such modification is approved by the Compensation Committee.

The above summary of the material terms of the agreement is qualified by reference to the text of the agreement which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.

(a) Not Applicable

(b) Not Applicable.

(c) Not Applicable.

(d) Exhibits.

Exhibit No.         Description
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10.1                Employment Agreement with Richard W. Kunes, dated as
                    of July 1, 2009