Kering frustrated with slow progress in cosmetics development

PARIS (Reuters) – Gucci-owner Kering’s (PA:) chairman Francois-Henri Pinault said on Wednesday the company was frustrated with the slow pace of progress in cosmetics development with license holder Coty (N:).

Kering’s Gucci brand has been expanding its beauty ranges and recently branched into makeup and launched more perfumes, in partnership with license holder Coty.

“The potential is enormous,” Pinault told a news conference. “We’re pretty frustrated with the speed at which that potential is being exploited.”

Some other Kering brands such as Saint Laurent have licenses with L’Oreal (PA:).

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