Kering Beauté to acquire fragrance house Creed

Kering Beauté has signed an agreement to acquire 100% of Creed 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. Creed has a distinct collection of perfumes, including the iconic Aventus.

The acquisition of Creed is a major step for Kering Beauté, providing it with the required scale, an outstanding financial profile, as well as a platform, supporting the future development of other Kering Beauté fragrance franchises, by leveraging in particular Creed's global distribution network.

Kering Beauté said it will preserve Creed’s high-end brand image, as well as unlock its potential across geographies, channels, and categories, through the acceleration of its development in China and in Travel Retail, and further expansion of the feminine fragrance portfolio, body and home categories.

The high-end luxury fragrance segment benefits from strong market dynamics fueling double-digit growth, high profitability, and significant revenue recurrence driving long-term resilience through the cycle. The beauty category is a natural extension of Kering' luxury universe, and the Group is confident its expansion in this strategic segment will create lasting value for the Group and its Houses.

The all-cash transaction is expected to close in H2 2023, subject to clearance by the relevant competition authorities.

Through its "Fragrance for the Future" framework, Creed ensures that its fragrances, created with the expertise and techniques of generations past, are sustainably produced in their laboratory in Fontainebleau on the outskirts of Paris.

Creed offers a tailored, elevated in-store experience through a network of 36 branded stores, and quality distribution through a total of circa 1,400 doors globally.