FRAGRANCE  UNFORGETTABLE SCENTS POSITIONED IN INSPIRED WAYS Unforgettable scents positioned in inspired ways have been a hallmark of The Estée Lauder Companies since our first fragrance, Youth Dew, was launched in 1953. In a challenging year complicated by war, SARS and economic issues, our fragrance sales rose 4% on a reported basis and were relatively unchanged when measured in constant currency. One of approxi- mately every four bottles of fragrance sold in United States prestige department stores in which we sell carried an Estée Lauder Companies brand name. We also continued to develop our business in Europe despite a challenging category worldwide. Customizing business strategies for each of our fragrances enables us to achieve our objectives and maximize our connection with consumers. Often, that means updating traditional approaches with innovative new ones that remain true to each fragrance’s heritage. In 2003, 17