The Limited Times

Now you can see non-English news...

Kering announces the creation of a Beauty division and appoints Raffaella Cornaggia as its head


The beauty sector is seen as "strategic" for the group and would give it "the time needed to build and develop these activities internally with smaller brands".

The global luxury giant Kering announced on Friday the creation of a Beauty division to develop cosmetics and perfumes, a sector now "strategic" for the French group, which appoints Raffaella Cornaggia, a former leader of the competitor, to head this division. Estee Lauder.

The creation of Kering Beauté

” should enable the brands Bottega Veneta, Balenciaga, Alexander McQueen, Pomellato and Qeelin to develop in the beauty sector, “

which we identify as strategic

” and “

which constitutes a natural extension of their universe

” , explains the group in a press release.

The Italian Raffaella Cornaggia had been senior vice president and international general manager of the Estée Lauder and Aerin brands since 2020, heading the global business outside the United States and Canada.

She began her career at L'Oréal, holding several positions for more than nine years before joining Chanel Parfums Beauté and then, in 2008, the Estée Lauder group, the world's second largest cosmetics company after L'Oréal.

With the new Beauty division, "

we are building this new know-how within the group in order to enable our brands to reach their full potential in this category

", commented Jean-François Palus, Deputy CEO of Kering and right-hand man of CEO François-Henri Pinault.

Read alsoHow Kering is organizing its return to cosmetics

This division does not include the Gucci brand or Yves Saint Laurent (YSL).

The license for the beauty activities of Gucci, flagship of the Kering group, is indeed held by the American group Coty "

for at least five years

", according to analysts at RBC Capital Markets.

As for the YSL brand, the license for beauty products is held by L'Oréal.

The new division "

should allow Kering

" to have "

the necessary time to build and develop these activities internally with smaller brands

" before, in the long term, being an alternative to regain control of perfumes and cosmetics Gucci when the license agreement granted to Coty expires, say analysts.

In the short term, however, the effect on earnings will only be "

probably not significant

,” RBC adds in a note.

Source: lefigaro

All business articles on 2023-02-03

You may like

News/Politics 2023-02-12T19:58:07.918Z
Life/Entertain 2023-02-05T10:49:13.520Z
Business 2023-01-01T16:45:55.604Z

Trends 24h


© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.