Coty said on Thursday there will be no discussion of a Gucci licence deal in the next five years.

“There will be no discussion on the renewal of any of our licences before at least five years,” Coty CEO Sue Naby told journalists in response to a question about whether Kering could take back a licence for beauty products for its fashion label Gucci.

Kering last week announced a deal to buy high end fragrance label Creed, marking its first major step in building an in-house cosmetics business.

Coty, which is exploring a secondary listing in Paris, is holding an investor day in the French capital Thursday.

By Mimosa Spencer and Dominique Vidalon; Editor: Jason Neely and David Goodman

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Why Kering Chose Creed for Its First Big Beauty Acquisition

The luxury group reportedly paid up to $2 billion for the niche fragrance house, a sign of the luxury conglomerate’s ambitions for its new beauty arm.