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Kering Beauté has taken over 100% of the artistic perfumery brand Creed. The historic British label, founded in 1760, was controlled by the private equity fund BlackRock Long Term Private Capital Europe. The value of the transaction, which will be completed in the second half of 2023, has not been disclosed.
Creed, which until the time of the agreement was the largest independent brand of high-end perfumery, was founded over 250 years ago by Sir Henry Creed, who began his entrepreneurial journey by sending scented gloves to King George III and he later became a supplier to the royal house, and today has the linchpin of his own fragrance collection in the Aventus perfume.
This is the first important step for Kering Beauté: «The acquisition of Creed represents the first strategic move by Kering Beauté and demonstrates our commitment to developing a leading position in the luxury beauty segment. I am thrilled that today our stories and our values unite around this spirit of family entrepreneurship and excellence, to accelerate our journey in the beauty sector”, commented François-Henri Pinault, president and CEO of Kering.
He was echoed by Raffaella Cornaggia, CEO of Kering Beauté, highlighted: «Creed has a unique positioning in the fragrance market. We see in this operation a very convincing motivation and mutual strategic advantages in terms of skills, distribution network and geographical presence». Cornaggia also said he “can’t wait to work with CEO Sarag Rotheram and her team”, currently confirming the manager’s leadership in the saddle from 2020.
Creed currently has 36 single-brand brands and approximately 1,400 multi-brand boutiques worldwide. In recent years, the company has achieved double-digit revenue growth and reported “significant profits,” as Kering notes. The last fiscal year, which ended on March 31, 2023, closed with revenues of 250 million euros.