Kering Beauté has announced that it has signed an agreement to acquire 100% of high-end luxury heritage fragrance house Creed from funds controlled by BlackRock Long Term Private Capital Europe and current Chairman Javier Ferrán. The acquisition of Creed is a major step for Kering Beauté. 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.

While preserving Creed’s rich heritage and high-end brand image, Kering Beauté will further unlock Creed’s potential across geographies, channels, and categories, notably 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’s 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 the course of H2 2023, subject to clearance by the relevant competition authorities.