Kering has appointed Raffaella Cornaggia as chief executive officer of Kering Beauté, a new position, as it prepares to make inroads into the beauty segment.
“Kering is confident it can create value for the group and its houses, drawing on each of their unique identity in a way that is fully consistent with their strategy and market positioning,” the French luxury group added.during 2023 – and if so, what that might take, especially in regards to the jewels in the crown, Gucci and Yves Saint Laurent.
Kering is no stranger to beauty. Until the late Aughts, the group, then called PPR, took a more hands-on approach to fragrance and cosmetics. At the time, PPR’s Gucci Group had a beauty subsidiary named YSL Beauté, which included fragrance and beauty brands and licenses, such as Yves Saint Laurent, Stella McCartney, Boucheron and Ermenegildo Zegna, before it was sold to L’Oréal in 2008 for 1.15 billion euros.
After YSL Beauté’s sale, Kering retained ownership of the Yves Saint Laurent, Boucheron and Stella McCartney fashion brands, and L’Oréal divested some of its acquired holdings.
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