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Now, Kering is entering cosmetics business

The French luxury giant has announced the creation of a cosmetics and perfume division to develop lines of products for brands like Balenciaga, Alexander McQueen

The beauty industry is booming, given the increase in the number of players, especially after the pandemic(MINT_PRINT)

By AFP

LAST PUBLISHED 05.02.2023  |  02:55 PM IST

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French luxury giant Kering has announced 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.

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

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"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.

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

Meanwhile, Italian Sabato De Sarno has been appointed creative director at Gucci, Kering announced last week. De Sarno, who until now supervised the men's and women's collections at Valentino, will present his debut runway collection for Gucci at Milan Women's Fashion Week in September, reports AFP.

De Sarno will lead Gucci's Design Studio and will report to the fashion house's CEO Marco Bizzarri.

His role will be "defining and expressing the House's creative vision across the women's, men's, leather goods, accessories and lifestyle collections," Bizzarri said.

"I am proud to join a House with such an extraordinary history and heritage, that over the years has been able to welcome and cherish values I believe in," said De Sarno. "I am touched and excited to contribute my creative vision for the brand."

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