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Kering Recruits Estee Lauder Exec for Push into Cosmetics

The logos of French luxury group Kering and fashion house Balenciaga are pictured on Kering headquarters in Paris, France, April 20, 2020. (Reuters)
The logos of French luxury group Kering and fashion house Balenciaga are pictured on Kering headquarters in Paris, France, April 20, 2020. (Reuters)
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Kering Recruits Estee Lauder Exec for Push into Cosmetics

The logos of French luxury group Kering and fashion house Balenciaga are pictured on Kering headquarters in Paris, France, April 20, 2020. (Reuters)
The logos of French luxury group Kering and fashion house Balenciaga are pictured on Kering headquarters in Paris, France, April 20, 2020. (Reuters)

French luxury goods group Kering said on 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 segment.

"We are building this new area of expertise within our Group to ensure that our brands can fulfill their potential in this category," group Managing Director Jean-Francois Palus said in a statement.

Cornaggia has been appointed chief executive officer of Kering Beaute, the statement said.

Developing brand presence in cosmetics was "strategically important," Palus 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 for designer labels, have been tightening their grip on production and expanding the range of products sold by their brands.

Kering said on Friday it would develop beauty products for Bottega Veneta, Balenciaga, Alexander McQueen, Pomellato and Qeelin.

The decision to move forward with the activity is "positive on a mid-term timeframe," said Piral Dadhania, an analyst with RBC, noting it would allow Kering "sufficient time" to build the business in-house with its smaller labels, opening the way to potentially fold in beauty products from its star label Gucci, when its license deal with Coty expires, likely not before five years.

Kering declined to comment on its agreement with Coty.

The group also has a long-term license for its French fashion label Yves Saint Laurent with L'Oreal.

Dadhania said Cornaggia's experience at Chanel, L'Oreal and Estee Lauder suggests she has "strong relationships" in the sector.

Cornaggia was senior vice president and general manager of the Estee Lauder brand's international business, working also in Asia and expanding travel retail during her 14 years at the group. She previously worked in perfumes and makeup at Chanel, as well as luxury products at L'Oreal.

The fast-growing global beauty market generated $357 billion in revenue in 2021, according to Euromonitor International, and is set to rise in the mid-to-high single digits, percentage-wise through 2026, according to Coresight Research

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Fashion

80-year-old LL Bean Staple Finds New Audience as Trendy Bag

Gracie Wiener poses with some of her tote bags in Washington Square Park in New York, Wednesday, July 17, 2024, (AP Photo/Pamela Smith)
Gracie Wiener poses with some of her tote bags in Washington Square Park in New York, Wednesday, July 17, 2024, (AP Photo/Pamela Smith)
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80-year-old LL Bean Staple Finds New Audience as Trendy Bag

Gracie Wiener poses with some of her tote bags in Washington Square Park in New York, Wednesday, July 17, 2024, (AP Photo/Pamela Smith)
Gracie Wiener poses with some of her tote bags in Washington Square Park in New York, Wednesday, July 17, 2024, (AP Photo/Pamela Smith)

L.L. Bean created it 80 years ago to haul heavy blocks of ice. Now it's a must-have summer fashion accessory, The Associated Press reported.

The simple, sturdy canvas bag called the Boat and Tote is having an extended moment 80 years after its introduction, thanks to a social media trend in which they're monogrammed with ironic or flashy phrases.

New Yorker Gracie Wiener helped get it started by ordering her humble bags from L.L. Bean monogrammed with “Psycho” and then “Prada,” the pricey Italian luxury brand, instead of just her name or initials, and posting about them on Instagram. Then others began showcasing their own unique bags on TikTok.

Soon, it wasn’t enough to have a bag monogrammed with “Schlepper,” “HOT MESS,” “slayyyy” or “cool mom.” Customers began testing the limits of the human censors in L.L. Bean’s monogram department, which bans profanity “or other objectionable words or phrases,” with more provocative wording like “Bite me,” “Dum Blonde” and “Ambitchous.”

Social media fueled the surge, just as it did for Stanley’s tumblers and Trader Joe’s $2.99 canvas bags, which were once selling on eBay for $200, said Beth Goldstein, an analyst at Circana, which tracks consumer spending and trends.
The tote’s revival came at a time when price-conscious consumers were forgoing expensive handbags, sales of which have weakened, and L.L. Bean’s bag fit the bill as a functional item that’s trendy precisely because it’s not trendy, she said. L.L. Bean's regular bags top out at about $55, though some fancier versions cost upward of $100.
“There’s a trend toward the utilitarian, the simple things and more accessible price points,” she said, and the customization added to the appeal: “Status items don’t have to be designer price points.”

L.L. Bean’s tote was first advertised in a catalog as Bean’s Ice Carrier in 1944 during World War II, when ice chests were common. Then they disappeared before being reintroduced in 1965 as the Boat and Tote.

These days, they’re still made in Maine and are still capable of hauling 500 pounds of ice, but they are far more likely to carry laptops, headphones, groceries, books, beach gear, travel essentials and other common items.

Those snarky, pop-oriented phrases transformed them into a sassy essential and helped them spread beyond Maine, Massachusetts’ Cape Cod and other New England enclaves to places like Los Angeles and New York City, where fashionistas like Gwyneth Paltrow, Reese Witherspoon and Sarah Jessica Parker are toting them — but not necessarily brandished with ironic phrases.

“It’s just one of those things that makes people smile and makes people laugh, and it’s unexpected,” said Wiener, who got it all started with her @ironicboatandtote Instagram page, which she started as a fun side hustle from her job as social media manager for Air Mail, a digital publication launched by former Vanity Fair Editor-in-Chief Graydon Carter.

The folks at L.L. Bean were both stunned and pleased by the continuing growth. For the past two years, the Boat and Tote has been L.L. Bean’s No. 1 contributor to luring in new customers, and sales grew 64% from fiscal years 2021 to 2023, spokesperson Amanda Hannah said.

The surge in popularity is reminiscent of L.L. Bean’s traditional hunting shoe, the iconic staple for trudging through rain and muck, which enjoyed its own moment a few years back, driven by college students.