PARIS (Reuters) - Gucci-owner Kering's (PA:PRTP) chairman Francois-Henri Pinault said on Wednesday the company was frustrated with the slow pace of progress in cosmetics development with license holder Coty (N:COTY).
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 (PA:OREP).