In its first major acquisition, Kering Beauté procures luxury fragrance house Creed from BlackRock Long Term Private Capital Europe and its chairman, Javier Ferrán in a strategic move that aims to see the company’s future growth in the beauty industry. The ambitious takeover was helmed by former Estee Lauder executive Raffaella Cornaggia who was appointed the role of CEO of Kering’s beauty division in February.
The addition of Creed into the Kering family further reinstates the brand as the “largest global independent player in the high-end fragrance market” while for Kering, the maneuver lifts the group’s financial profile while simultaneously adding another notch to the company’s beauty portfolio (which already includes a perfume lineup of Alexander McQueen, Balenciaga, Bottega Veneta, Pomellato and Qeelin). The deal also sees Kering leverage Creed’s global distribution network to support the expansion of other Kering Beauté fragrance franchises particularly in Travel Retail and China.
Kering’s expansion aims to tap into the luxury fragrance sector which has seen a rise in profitability alongside growing revenue with Chairman and Chief Executive Officer of Kering, François-Henri Pinault commenting “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.”
Founded by Henry James Creed in 1760, the legacy of the renowned perfume house has been passed down to Olivier Creed, the sixth-generation master perfumer. With its exquisite natural ingredients, Creed is known today for its sought-after sophisticated colognes including the highly coveted Creed Aventus, Creed Original Vétiver, and Green Irish Tweed.
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