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The French luxury group today made official the creation of its Beauty division, as well as the appointment of Raffaella Cornaggia, former head of Estée Lauder, to head it. This announcement confirms the group’s desire to develop the beauty products of its brands and to diversify while its flagship brand Gucci has decelerated sharply.
Kering, the French luxury group headed by François-Henri Pinault, announced on Friday February 3 the creation of a “Beauty” division, which will develop cosmetics and perfumes. It also announced that Raffaella Cornaggia, former head of Estée Lauder, would take the reins of this new division, “strategic” for the group. The creation of this branch is a “natural extension of the universe” of various brands of the group, such as Bottega Veneta, Balenciaga, Alexander McQueen, Pomellato or Qeelin, explained Kering in a statement.
According to a report by AFP, this division does not include Gucci or Yves Saint Laurent (YSL). The license for the beauty activities of the first, flagship of the Kering group, is in fact held by the American group Coty, while the license for the beauty products of the YSL brand is held by L’Oreal.
A big name to lead the new division
To lead the new structure, Kering has chosen a major player in the sector. Raffaella Cornaggia began her career at L’Oréal before joining Chanel Parfums Beauté as International Marketing Director for Make-Up. She then joined Estée Lauder Companies in Paris as General Marketing Director for the Estée Lauder and Tom Ford Beauty brands. Since 2020, the ambitious Italian was Senior Vice President and International General Manager of the Estée Lauder and Aerin brands, heading the global business outside the US and Canada.
As head of Kering’s Beauty division, Raffaella Cornaggia is now based in Paris. She reports to Jean-François Palus, Deputy CEO of Kering, and will be a member of the Group’s Executive Committee. Jean-François Palus, Deputy CEO of Kering, said he was delighted with “the arrival of Raffaella Cornaggia, who brings us considerable experience in a sector that we identify as strategic for our Houses. We are building this new expertise within the Group to enable our brands to reach their full potential in this category”.
Realization of a strategy
The creation of Kering Beauté, and by extension the appointment of Raffaella Cornaggia, is in line with the strategy of the number two luxury goods company. Indeed, the latter wishes to diversify its branches. The beauty sector allows it to further strengthen its perimeter, while the iconic brand Gucci is experiencing a significant loss of speed.
Last November, Kering had failed to buy the luxury fashion house Tom Ford. For this acquisition, the investment bank TP Icap Midcap had then considered a merger between the group of François-Henri Pinault and Richemont, two companies that could complement each other advantageously according to the research firm. In the end, Estée Lauder won the bid. By poaching one of her managers, Kering Beauty gives her back (a little) the change of her coin !
Read also >Parity and inclusion : Kering makes a commitment via the Bloomberg Gender-Equality Index
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The French luxury group today made official the creation of its Beauty division, as well as the appointment of Raffaella Cornaggia, former head of Estée Lauder, to head it. This announcement confirms the group’s desire to develop the beauty products of its brands and to diversify while its flagship brand Gucci has decelerated sharply.
Kering, the French luxury group headed by François-Henri Pinault, announced on Friday February 3 the creation of a “Beauty” division, which will develop cosmetics and perfumes. It also announced that Raffaella Cornaggia, former head of Estée Lauder, would take the reins of this new division, “strategic” for the group. The creation of this branch is a “natural extension of the universe” of various brands of the group, such as Bottega Veneta, Balenciaga, Alexander McQueen, Pomellato or Qeelin, explained Kering in a statement.
According to a report by AFP, this division does not include Gucci or Yves Saint Laurent (YSL). The license for the beauty activities of the first, flagship of the Kering group, is in fact held by the American group Coty, while the license for the beauty products of the YSL brand is held by L’Oreal.
A big name to lead the new division
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The French luxury group today made official the creation of its Beauty division, as well as the appointment of Raffaella Cornaggia, former head of Estée Lauder, to head it. This announcement confirms the group’s desire to develop the beauty products of its brands and to diversify while its flagship brand Gucci has decelerated sharply.
Kering, the French luxury group headed by François-Henri Pinault, announced on Friday February 3 the creation of a “Beauty” division, which will develop cosmetics and perfumes. It also announced that Raffaella Cornaggia, former head of Estée Lauder, would take the reins of this new division, “strategic” for the group. The creation of this branch is a “natural extension of the universe” of various brands of the group, such as Bottega Veneta, Balenciaga, Alexander McQueen, Pomellato or Qeelin, explained Kering in a statement.
According to a report by AFP, this division does not include Gucci or Yves Saint Laurent (YSL). The license for the beauty activities of the first, flagship of the Kering group, is in fact held by the American group Coty, while the license for the beauty products of the YSL brand is held by L’Oreal.
A big name to lead the new division
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