THE WHAT? Kering Beaute has announced that it has signed an agreement to acquire Creed from funds controlled by BlackRock and Chairman Javier Ferran. Financial terms of the all-cash transaction were not disclosed; Creed generated revenue of more than €250 million in the full year ended March 31, 2023.
THE DETAILS The House of Creed is the largest global independent player in the luxury fragrance market, and Kering believes it can unlock further potential across geographies, channels and categories, particularly in China and travel retail.
Kering also has plans to expand Creed’s feminine fragrance offer, and develop the body and home categories further.
François-Henri Pinault, Chairman and Chief Executive Officer of Kering, commented, “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.”
THE WHY? Kering said the perfume brand was a ‘perfect fit’ with its portfolio of renowned luxury brands, providing it with the required scale, an outstanding financial profile and a platform through which it can support the future development of other Kering franchise fragrances by leveraging Creed’s global distribution network.
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