Kering Beauté expands fragrance portfolio with acquisition of Creed
Kering Beauté has acquired the Creed fragrance brand from funds controlled by BlackRock Long Term Private Capital Europe and current chairman Javier Ferrán.
Established in 1760 by James Henry Creed, the House of Creed is the largest global independent player in the high-end fragrance market.
The all-cash transaction is expected to close in the second half of 2023 subject to clearance by the relevant competition authorities.
François-Henri Pinault, chairman and chief executive officer of Kering, said: “The acquisition of Creed represents Kering Beauté’s first strategic initiative, and demonstrates our commitment to developing a strong position in the luxury beauty segment. I am thrilled that today our stories and values come together around this spirit of family entrepreneurship and excellence to accelerate our journey in beauty, and I am delighted that the brand is joining Kering’s collection of luxury Houses.”
Creed has a network of 36 branded stores and distribution through around 1,400 doors around the world. In the year to 31 March, the brand generated revenue of more than €250 million.
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