The last two years have been a watershed. Kering began taking beauty back in-house in February 2022, and Richemont in September 2023 said it was building a Laboratoire de Haute Parfumerie, among other moves.

The homing in on beauty comes as luxury makers’ once red-hot trades in China and fashion, with its discretionary categories, cooled. But beauty has remained strong due to its ongoing growth, desirability, margins and resilience during challenging geopolitical and macroeconomic times.

Fragrance and cosmetics a big, fast-developing business, with’its products boasting high frequency of use. The category generated sales in 2022 of approximately $430 billion.

Luxury groups have been defining their strategies making big moves and shaking up market in the process. Kering Beauté, for instance, purchased niche perfume brand Creed at a 14-times sales multiple. The deal, which closed in October 2023, sent shock waves through the beauty industry. What will Kering do next?