Kering Beauté has acquired Creed, the niche fragrance house best known for its viral scent Aventus.
Both parties have declined to comment on specifics of the all-cash transaction, which is set to close in the second half of 2023. "The acquisition of Creed is a major step for Kering Beauté," Kering said in a statement, characterizing the brand as a "perfect fit" for its pre-existing portfolio of luxury brands.
The deal marks Kering Beauté's first acquisition. In February, the company announced the launch of an in-house beauty division, which will allow Kering to directly manage its beauty business rather than license fragrance and cosmetics out to external distributors. Kering Beauté will reportedly work on developing beauty lines for several of its pre-existing brands, including Bottega Veneta, Balenciaga, and Alexander McQueen.
As legend has it, Creed was founded by James Henry Creed in 1760 as a tailoring company for British aristocrats. In 1854, Creed relocated to Paris at the request of Napoleon III, who commissioned the house to create a perfume — Jasmin Imperatrice Eugenie, still offered today — for Empress Eugénie. Thus, Creed shifted its focus from tailoring to perfumery.
Olivier Creed, James Henry's great-great-grandson, is responsible for the brand's best-known fragrances, including Green Irish Tweed, Millésime Impérial, Silver Mountain Water, and Aventus Cologne, a precursor to the wildly popular Aventus.
In 2020, the Creed family sold its business to BlackRock's Long Term Private Capital private equity fund (LTPC). According to Reuters, Creed generated 250 million euros in annual sales in 2022.
Kering's decision to buy Creed is a testament to growing interest in niche perfumery, a trend largely driven by Gen Z. The niche perfumery boom has translated to a growing number of acquisitions in the space: Puig snatched up Byredo in 2022 and just last week, Advent International acquired Parfums de Marly and Initio Parfums Privés.
