February 12, 2020 / 11:58 AM / 5 months ago

Kering frustrated with slow progress in cosmetics development

FILE PHOTO: The logo of Kering is seen during the company's 2015 annual results presentation in Paris, France, February 19, 2016. 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 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

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