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Kering frustrated with slow progress in cosmetics development

A Gucci sign is seen outside a shop in Paris

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

Kering's Gucci brand has been expanding its beauty ranges and recently branched into makeup and launched more perfumes, in partnership with licence 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 licences with L'Oreal <OREP.PA>.

(Reporting by Sarah White; editing by Louise Heavens)