Kering-owned Creed is parting ways with its chief executive officer Sarah Rotheram, at the end of October.
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A successor at the high-end fragrance brand is yet to be announced. In the interim, Kering Beauté’s CEO Raffaella Cornaggia will manage Creed’s executive leadership team and the brand’s strategic development, according to a press release from the French parent.
“Sarah has brought energy, passion and professionalism to her time at Creed, and I want to thank her for all that she has achieved with this fantastic brand,” Cornaggia said in a statement.
“She has built a great team, and she leaves the business well-positioned to enter its next stage of growth.”
Kering announced its acquisition of the Creed brand in June 2023, in a deal worth some USD 3.8 billion. The announcement also marked the French luxury group’s first major acquisition after launching its in-house beauty division in early February that same year.
“I am extremely grateful to have worked with such a fantastic brand and team with the support of two great owners of this brand, and achieved together all the things I set out to do when taking on this job five years ago,” said Rotheram.
Founded in 1760, Creed was launched by James Henry Creed and was first established as a tailor and later a fragrance house. Since its inception, Creed has produced more than 200 perfumes, including the famous Aventus Cologne, Viking, Himalaya and Green Irish Tweed fragrances. It is based in Paris.
The CEO departure comes at time where parent firm Kering is looking at bolstering its sales across its portfolio, following several quarters of lacklustre growth. In its most recent trading update, Kering said revenues fell 11 percent to EUR 9 billion in the first half, on the back of double-digit declines at the luxury giant’s struggling Gucci brand.
The company said total revenue from the Kering Eyewear and Corporate segment was EUR 1.1 billion, mainly from the activities of Kering Eyewear and Kering Beauté, the latter comprising the sales of Creed.