French luxury group Kering has acquired perfume brand Creed after announcing its intention to start its own cosmetics business earlier this year. This was reported by the Financial Times.
In June, Kering paid $3.8 billion to acquire French luxury perfume brand Creed. The final agreement to buy 100% of the perfume house for cash is expected to be completed in the second half of this year.
Details of the deal were not disclosed before, as the companies did not want to advertise Creed’s high profitability, according to FT journalists.
The Creed brand was founded in 1760 by James Henry Creed and was “the largest global independent player in the premium perfumery market”.
Kering Beauté, a division of the Kering group aimed at developing the cosmetics segment, opened in February 2023. Currently, Bottega Veneta is developing the cosmetic lines of Balenciaga and Alexander McQueen brands.
Previously reportedThe Italian house of Gucci has been named the first gender equality brand in the country.