Gucci makes its foray into the beauty business

Gucci makes its foray into the beauty business

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makes room for a full fledged beauty brand in its fragrance portfolio. The renewal of ’s licensing agreement with Procter & Gamble Prestige, went beyond fragrances. The current agreement pertaining to the worldwide production, sale and distribution of fragrances extended to include colour cosmetics, skincare products and all other offerings within the beauty category. Based on the tremendous success of the hugely popular fragrances, sources have speculated is ready to launch color cosmetics. “We’re well on our way to triple the business for ,” said , vice president of Procter & Gamble Prestige.Industry sources estimate the fragrance business could be generating $500 to $600 million in retail sales worldwide. Entering the colour cosmetics segment in this atmosphere of growth and gains in this industry, could transform successfully into a full-fledged beauty house. With a view of becoming a mammoth player in the luxury beauty sector, P&G Prestige bolstering ’s beauty offering is a move in the right direction. Having worked successfully at launching bestselling fragrances such as by for Men, Flora by and, most recently, Guilty, Patrizio di Marco, president and chief executive officer of , stated: “It is against this positive backdrop that we have decided to renew and extend the scope of our license with P&G Prestige based on a long-term commitment that will allow us to capitalize on this momentum as we take advantage of the significant geographic and category expansion opportunities that exist for the brand across the beauty segment.”

Source: womensweardaily.com