I've recently been in contact with Reckitt Benckiser, who own Veet, regarding their animal testing policy, and the possibility of a 'suitable for vegans' list. The reply was very long and detailed, and I feel that it would confuse a lot of people, so I will only show you the points that I feel are relevant to gather the information desired.
Thank you for your recent email regarding animal testing. Our animal testing policy is as follows:
Reckitt Benckiser will not use animal testing on any of our products, or on any raw materials, unless indicated by national or international regulatory authorities. Reckitt Benckiser will actively support the development, validation, use and acceptance of alternative methods that reduce, refine or replace the use of animals in safety evaluation.
It will be the Policy of Reckitt Benckiser to:
1) Conduct animal testing only where indicated by legislative or regulatory requirements, where no approved or accepted alternative testing procedure exists, or where no established information exists upon which an adequate determination of hazard can be made.
The email I received was very long, but the bottom line is that they do test on animals 'where required by law', as you can see from the sections I have highlighted above. In other words, they sell in China and therefore fall under their laws to test on animals. Many companies decide not to sell in China so that they can remain cruelty-free, but others decide that money is more important than ethics.