UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Langhammer, Fred H.
The Estee Lauder Companies Inc.
767 Fifth Avenue
New York, NY 10153
2. Issuer Name and Ticker or Trading Symbol
The Estee Lauder Companies Inc.
EL
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
July 1997
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
President and Chief Operating Officer
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
___________________________________________________________________________________________________________________________________|
<CAPTION>
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Stock Units (Share Pay| |9/27/|A (1|V|187 |A |(2) |(3) |Class A Comm|187 | | |D | |
out) | |96 |) | | | | | |on Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Stock Units (Share Pay| |1/3/9|A (1|V|169 |A |(2) |(3) |Class A Comm|169 | | |D | |
out) | |7 |) | | | | | |on Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Stock Units (Share Pay| |3/28/|A (1|V|166 |A |(2) |(3) |Class A Comm|166 | | |D | |
out) | |97 |) | | | | | |on Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Stock Units (Share Pay| |6/27/|A (1|V|162 |A |(2) |(3) |Class A Comm|162 | | |D | |
out) | |97 |) | | | | | |on Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Stock Units | |7/1/9| A (|V|30,043 |A |(2) |(3) |Class A Comm|30,043 | |126,600 |D | |
| |7 |4) | | | | | |on Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (Right to Buy) |$49.50 |7/1/9|A |V|200,000 |A |(5) |7/1/0|Class A Comm|200,000| |200,000 |D | |
| |7 | | | | | |7 |on Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Stock Units (Cash Payo| |9/27/|A (1|V|151 |A |(2) |(3) |Class A Comm|151 | | |D | |
ut) | |96 |) | | | | | |on Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Stock Units (Cash Payo| |1/3/9|A (1|V|137 |A |(2) |(3) |Class A Comm|137 | | |D | |
ut) | |7 |) | | | | | |on Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Stock Units (Cash Payo| |3/28/|A (1|V|134 |A |(2) |(3) |Class A Comm|134 | | |D | |
ut) | |97 |) | | | | | |on Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Stock Units (Cash Payo| |6/27/|A (1|V|131 |A |(2) |(3) |Class A Comm|131 | |77,824 |D | |
ut) | |97 |) | | | | | |on Stock | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
1. Represents reinvestment of dividend equivalents on outstanding Stock
Units.
2. The Stock Units will be paid out in shares or cash, as the case may be, at a
time to be determined by the
Company, but in no event later than ninety days of the Reporting Person's
termination of employment. The Stock
Units paid out in cash are the result of the conversion of a portion of the
Reporting Person's deferred
compensation balance at the time of the issuer's initial public
offering.
3. No later than ninety days of the Reporting Person's termination of
employment.
4. Stock Units granted pursuant to Employment
Agreement.
5. Options granted pursuant to Employment Agreement in respect of 66,667 shares
exercisable from and after
January 1, 2001; 66,667 shares exercisable from and after January 1, 2002;
66,666 shares exercisable from
and after January 1, 2003.
SIGNATURE OF REPORTING PERSON
Fred H. Langhammer
DATE
8/11/97
