UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Separate Share Trust f/b/o, Gary M. Lauder u/a/d 12/15/1976 (1)
c/o: Daniel J. Aaron
14 St. Claire Avenue
Old Greenwich, CT 06870
2. Date of Event Requiring Statement (Month/Day/Year)
1/1/1999
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Issuer Name and Ticker or Trading Symbol
The Estee Lauder Companies Inc.
EL
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director (X) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
6. If Amendment, Date of Original (Month/Day/Year)
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>
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Table I -- Non-Derivative Securities Beneficially Owned |
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1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
| Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | |
| Owned | Indirect(I) | |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C>
Class A Common Stock |578,852 |D (2) | |
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<CAPTION>
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Table II -- Derivative Securitites Beneficially Owned |
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1.Title of Derivative |2.Date Exer- |3.Title and Amount | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | of Underlying | |sion or |ship | Beneficial Ownership |
| Expiration | Securities | |exercise |Form of | |
| Date(Month/ |-----------------------|---------|price of |Deriv- | |
| Day/Year) | |Amount |deri- |ative | |
| Date | Expira- | |or |vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C> <C> <C> <C>
Class B Common Stock |Immed. |N.A. |Class A Common Stock |571,727 |1:1 |D (2) | |
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</TABLE>
Explanation of Responses:
1. The full name of the Trust is: Separate Share Trust f/b/o Gary M. Lauder
u/a/d December 15, 1976, created by
Leonard A. Lauder, as Grantor.
2. The shares owned by the Reporting Person were formerly reported together
with shares in another separate
share Trust (described in the next sentence) by the Trust f/b/o Gary M. Lauder
and William P. Lauder u/a/d December
15, 1976, created by Leonard A. Lauder, as Grantor (the "GML/WPL Trust"). The
other Separate Share Trust that
was included in the GML/WPL Trust was the Separate Share Trust f/b/o William P.
Lauder u/a/d December 15, 1976,
by Leonard A. Lauder, as Grantor. At the close of business on December 31,
1998, Joel S. Ehrenkranz and Carol S.
Boulanger resigned as trustees of both separate share trusts. Effective
January 1, 1999, new and separate
trustees accepted appointments to replace them and accordingly the two separate
share trusts will report
separately.
SIGNATURE OF REPORTING PERSON
Daniel J. Aaron, Trustee
DATE
1/8/1999
