February 12, 2020 / 12:12 PM / 6 days ago

Kering frustrated with slow progress in cosmetics development

FILE PHOTO: A Gucci sign is seen outside a shop in Paris, France, December 18, 2017. REUTERS/Charles Platiau

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 licence 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 licence 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 licences with L’Oreal (OREP.PA).

Reporting by Sarah White; editing by Louise Heavens

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