World News

Kering frustrated with slow progress in cosmetics development

PARIS (Reuters) – Gucci-owner Kering’s <PRTP.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 <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 <OREP.PA>.

(Reporting by Sarah White; editing by Louise Heavens)