buys Creed and aims at the Chinese luxury «Beauty» market – Corriere.it

Kering buys Creed perfumes and looks to the Chinese market with even greater interest. The agreement provides for thepurchase of 100% stake in Creed, paying in cash, from BlackRock funds and Javier Ferrn, president of the company. Founded in 1760 by James Henry Creed, the house invoice 250 million euros.

In the plans, Kering will enable Creed to reach its potential in different geographies, channels and product categories, especially with the acceleration of its development in China and the travel retail. Kering, the French luxury giant that owns, among other things, the flagships of Italian fashion such as Gucci and Bottega Veneta, has announced the purchase of the high perfumery house Creed for accelerate its development, especially in China. Creed is very active on the high perfumery market, he specified Raffaella Cornaggia, general manager of Kering Beaut, during one conference calls with reporters.

The acquisition of Creed is an important step for Kering Beaut. In line with its portfolio of renowned luxury brands, Creed provides an opportunity for Kering to immediately acquire the necessary scale, an exceptional financial profile and a world-class platform. standingin order to support the future development of other fragrance brands, leveraging in particular on the global distribution of Creed, explains the French group in a note.

The segment of high-end luxury fragrances is extremely dynamic, characterized by double-digit growth, high profitability and a significant frequency of revenues, which allow it to be resilient during the different phases of the economic cycle. The category Beauty a natural extension of the Kering universe and the group is confident that its expansion into this strategic segment will create lasting value. The transaction, entirely in cash, will probably be concluded during the second half of 2023, subject to authorization by the competent competition authorities. François-Henri Pinaultchairman and chief executive officer of Kering (in the picture), commented: The acquisition of Creed represents the first strategic move by Kering Beaut and demonstrates our commitment to developing a leading position in the segment Beauty luxury. I am thrilled that today our stories and values ​​unite around this spirit of family entrepreneurship and excellence, to accelerate our journey into the Beautyand I am delighted that the brand joins Kering’s luxury houses.