Home Business French luxury group Kering enters cosmetics business

French luxury group Kering enters cosmetics business

by kenya-tribune

ParisFrance, Feb 3 – French luxury giant Kering announced on Friday the creation of a cosmetics and perfume division to develop lines of products for brands including Balenciaga and Alexander McQueen.

The group appointed Raffaella Cornaggia, an Italian former executive at rival Estee Lauder, to become CEO of the new unit, Kering Beaute.

Kering’s managing director, Jean-François Palus, said Cornaggia brings “considerable experience in a segment that we see as strategically important for our Houses”.

“We are building this new area of expertise within our Group to ensure that our brands can fulfill their potential in this category,” Palus said in a statement.

The group said Kering Beaute will allow Bottega Veneta, Balenciaga, Alexander McQueen, Pomellato and Qeelin to develop their own lines of beauty products.

While Kering owns Yves Saint Laurent and Gucci, the licenses for their beauty products belong to other firms.

US company Coty acquired the Gucci cosmetics and perfume line from Procter & Gamble in 2015 in a $12.5 billion deal that included dozens of other brands.

France’s L’Oreal acquired the Yves Saint Laurent line of beauty products in 2008 for 1.15 billion euros.

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