Leonard A. Lauder is inaugurating a scholarship with FIT.

Launching fall 2023, the Leonard A. Lauder Endowed Scholarship in Cosmetics and Fragrance Marketing is a $1 million fund that can award as much as 4 undergraduate students $10,000 annually to cover their tuition expenses.

“FIT graduates contribute significantly to the creative and business economy, including the beauty industry,” Lauder said in a press release. “These graduates have a rare impact in our industry, and The Estée Lauder Cos. is fortunate to have many wonderful FIT graduates amongst our employees.”

To be eligible for consideration, students of the Cosmetics and Fragrance Marketing program should have a GPA of three.0 or above.

“The Leonard A. Lauder Endowed Scholarship will provide students with remarkable support and further deepen the longstanding relationship we hold with Leonard Lauder and The Estée Lauder Corporations,” said Dr. Joyce F. Brown, president of FIT, in a press release.

The Lauder family and The Estée Lauder Cos. have long supported FIT’s Cosmetics and Fragrance Marketing program through its Executive Mentorship Program, which provides students with networking opportunities and advice from seasoned professionals in the sector.

Earlier this month, FIT also announced a scholarship with fragrance company, Firmenich, called the Firmenich Foundation Diversity Scholarship, which awards up to at least one undergraduate and two graduate full-tuition scholarships annually to students from marginalized backgrounds within the Cosmetics and Fragrance Marketing program. The inaugural 2022 recipient of the Firmenich Foundation Diversity Scholarship was Alyssa Burch, a senior in this system.