Retail Beauty recently reported that Kering, the world’s second largest luxury goods group, has launched a new in-house beauty division to deep dive into the luxury beauty category through its power brands, including Gucci, Bottega Veneta and Alexander McQueen.
LVMH, its much larger rival, already dominates the luxury beauty category, through its best-selling brands such as Parfums Christian Dior, Guerlain, Benefit Cosmetics, Make Up For Ever and more. A high-performance portfolio which generated sales of 7.72 billion euros (AUD$12.43 billion) in 2022 – up 17 per cent year-on-year.
With Kering throwing its hat in the ring and soaring sales in the luxury and prestige sector from majors like L’Oréal and The Estée Lauder Companies, LVMH has re-jigged its beauty division management structure to meet the challenge from emerging and existing competitors and to fast-track growth.
Stephane Rinderknech joined LVMH last year as head of LVMH Hospitality Excellence, including Cheval Blanc hotels. He will retain this position as he extends his responsibilities to take on the role of CEO of LVMH Perfumes and Cosmetics.
Prior to moving to LVMH, Rinderknech enjoyed a 22 year career with L’Oréal, starting in the multinational’s Travel Retail America division in 2001. Other leading roles with the world’s largest beauty company included General Manager of L’Oréal’s Luxe division in China and CEO of L’Oréal China. In 2019, he was appointed president and CEO of L’Oréal USA and held the position for three years before moving to LVMH in 2022.
Rinderknech will have global responsibility and one of his first major tasks is to re-organise LVMH’s beauty division by category across its 15 brands.
He will be ably assisted by other industry-leading executives. Key new appointments include Stephanie Medioni, executive president of LVMH Perfumes and Cosmetics, who will oversee Acqua di Parma, Benefit Cosmetics, Fresh, Make Up For Ever, Maison Francis Kurkdjian, Loewe Parfums, Officine Universelle Bruly ad Stella McCartney.
Veronique Courtois will take over as president and CEO of Parfums Christian Dior and Gabrielle Saint-Genis Rodriguez will replace her as president and CEO of Guerlain, shifting from her former role as head of Make Up For Ever.
Stephane has since his arrival guided the rebound of our hotel activities with considerable strategic agility, driving tremendous momentum across the entire organisation, said Bernard Arnault, chairman and CEO of LVMH.
“This experience in a new industry confirmed his ability to adapt, his leadership and direct engagement with teams. His deep understanding of the beauty industry will help him leverage the unique assets of each of our maisons.”
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