Kering, the French luxury brand, said Monday it has acquired Creed, the high-end niche fragrance house. Prior to this acquisition, Creed was under the ownership of BlackRock Long Term Private Capital Europe and its chairman, Javier Ferrán.
Creed is set to join a lineup of perfume brands under the umbrella of Kering Beauté, which includes Bottega Veneta, Balenciaga, Alexander McQueen, Pomellato and Qeelin.
Creed’s addition to Kering marks the company’s first venture into the niche fragrance brand category and the acquisition solidifies Creed as the pioneering brand of its kind under Kering’s ownership.
Building on Kering’s interest in the beauty division, the acquisition is a strategic move. The luxury fragrance segment is one of the fastest-growing beauty sectors.
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Creed is headquartered in Paris, with a factory near Fontainebleau. The brand takes pride in manufacturing essences in-house, employing a traditional infusion technique, and its men’s fragrances, including Aventus Cologne, Viking, Himalaya and Green Irish Tweed, which have a loyal following.
Kering referred to Creed as the largest independent luxury fragrance manufacturer globally, according to a statement. The Creed family sold the brand to BlackRock and Ferrán in early 2020, with industry insiders estimating Creed’s revenue at over $200 million.
“The acquisition of Creed is a major step for Kering Beauté,” said Kering in a statement. “A perfect fit with its portfolio of renowned luxury brands, it immediately provides Kering Beauté 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 stressed its commitment to upholding Creed’s heritage and reputation, while unlocking the brand’s potential across markets, channels and categories. This approach entails expanding Creed’s presence in China and travel retail, while broadening its range in women’s fragrances, body products, and home categories.
The completion of the deal is scheduled for the latter half of the year. Financial terms of the all-cash transaction were not disclosed.
