Kering Group Assigns New Talent for Beauty Sector
- Chaileedo Press
- Feb 6, 2023
- 2 min read
Updated: Jun 28, 2023
Recently, in a further move into the beauty sector, Kering Group announced the new CEO position for Kering Beauty and the appointment of Raffaella Cornaggia to the position.
A graduate of Bocconi University in Milan, Raffaella Cornaggia is said to have started her career at L'Oréal, where she spent 10 years in various roles in Italy and France under brands such as L'Oréal Paris, Garnier and HR. From 2005 to 2008, she served as Vice President of Global Cosmetics Marketing for Chanel Parfums Beaute.
In addition, Raffaella Cornaggia spent 14 years at Estee Lauder in various roles, most recently as senior vice president and general manager of international for Estee Lauder and AERIN Aria.
In her new role, supported by a team of experienced professionals, Raffaella Cornaggia will help luxury brands Bottega Veneta, Balenciaga, Alexander McQueen, Pomellato and Qeelin develop the beauty category.
Thereafter, Raffaella Cornaggia, who will be based in Paris, will report to Jean-François Palus, managing director of the Kering Group.
“I am delighted to welcome Raffaella Cornaggia, who brings us considerable experience in a segment that we see as strategically important for our houses,” Palus said. “We are building this new area of expertise within our group to ensure that our brands can fulfill their potential in this category.”
Currently, the beauty business of Gucci, Kering Group's flagship brand, is licensed to beauty giant Coty Group to manage and operate, BOUCHERON's fragrance business is handled by Interparfums, and Brioni's fragrance business is developed by Lalique Group. The Kering Group, on the other hand, has frequently shown its exploration of its own beauty business.
In July last year, after announcing its first-half results, Kering expressed interest in entering the beauty sector. Industry sources said Kering was interested in acquiring Byredo, which was acquired by Puig in late May 2022, and Tom Ford, which was acquired by Estee Lauder in December 2022.
Industry experts believe it makes good strategic sense for Kering to sharpen its focus on beauty, especially as the group now has a stronger balance sheet and net cash position with which to carry out deals.
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