PARIS (Reuters) – French luxury goods group Kering said Friday it was entering the cosmetics business, with the announcement that it has recruited seasoned Estee Lauder executive Raffaella Cornaggia to head the push into the new segement.
“We are building this new area of expertise within our Group to ensure that our brands can fulfill their potential in this category,” said group managing director Jean-Francois Palus in a statement.
Cornaggia has been appointed chief executive officer of Kering Beaute, the statement said.
Developing brand presence in cosmetics was “strategically important”, he said.
The move echoes Kering’s development of its eyewear division, an activity it began building in-house in 2014, to make eyewear for its high end fashion labels.
Luxury groups, which have been riding a strong wave of post-pandemic demand, have been tightening their grip on production.
Kering said Friday it would develop beauty products for Bottega Veneta, Balenciaga, Alexander McQueen, Pomellato and Qeelin.
(Reporting by Mimosa Spencer; Editing by Simon Cameron-Moore)