Kering Beauté has acquired 100 percent of multi-century high-end fragrance house Creed from funds controlled by BlackRock Long Term Private Capital Europe and company chairman Javier Ferrán, strengthening Kering Beauté’s portfolio of luxury brands.
Founded in 1760 by James Henry Creed, the House of Creed is among the largest global brands in the high-end fragrance market and adds both scale and a formidable financial profile to Kering Beauté.
The all-cash transaction expected to close in H2 2023 is seen to amplify Kering Beauté fragrance development, given Creed’s global distribution network.
Raffaella Cornaggia, Kering Beauté’s chief executive officer, described Creed as having “a unique positioning in the fragrance market” and with “a very compelling rationale and mutual strategic benefits in terms of expertise, network, and geographical footprint.”
“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,” said François-Henri Pinault, chairman and chief executive officer of Kering.
Kering Beauté plans to advance Creed’s expansion across geographies and channels, accelerating business in China as well as in travel retail. Creed will be joining other fragrance houses making a play for Chinese consumers and travellers that have been highly engaged by fragrance pop-ups and activations in recent months.
Another major factor in the acquisition is Kering’s intention to expand Creed’s categories, particularly in the feminine fragrances, body and home.
Creed is widely recognised for its heritage and unisex versatility, renowned for best-selling fragrance Aventus. The brand has a network of 36 branded stores and distribution in 1,400 carefully selected outlets globally.