Today (October 18), Kering Beauté has officially announced the successful completion of its acquisition of Creed, a prestigious high-end fragrance brand. The acquisition was finalized according to the terms that were initially announced on June 26, 2023, and received approval from the Competition Authority. Starting from November 1, 2023, Creed will be fully integrated into Kering’s accounts, marking an important milestone for both companies.
Creed, recognized as the largest independent high-end perfume brand, boasts an extensive global presence with over 1,400 points of sale across the world. Impressively, the brand achieved a remarkable revenue of over 250 million euros ($264.35 million) in the previous year.
On June 26, the Kering Group released an official statement revealing its acquisition of the complete equity of Creed from BlackRock Long-Term Private Equity and a fund controlled by Javier Ferrán. According to reliable sources cited by the Financial Times, France’s Kering Group made a substantial payment of 3.5 billion euros ($3.7 billion) for Creed, solidifying its commitment to expanding its portfolio and enhancing its presence in the luxury fragrance industry.
As Creed becomes consolidated into Kering’s accounts, the stage is set for exciting collaborations and synergies between the two entities. Kering Beauté is eager to leverage Creed’s brand equity and expand its distribution channels, while Creed will benefit from the resources and global reach of the Kering Group. Together, they aim to continue delivering exceptional fragrances and captivating experiences to discerning customers worldwide.