Kering Beauté has announced that it has finalized the acquisition of the Creed perfume house, following approval from the relevant regulatory bodies. As of November 1, 2023, Creed’s financial results will be integrated into Kering’s financial statements.
Luxury goods group Kering, owner of Gucci, Saint Laurent and Bottega Veneta, announced on Tuesday that it had finalized the acquisition of Maison Creed.
“Kering Beauté announced today that it has finalized the acquisition of the Creed House of Fine Perfumery, according to the terms announced on June 26, 2023, and after obtaining the approval of the competition authorities,” the group said in a brief statement.
Founded in 1760 by James Henry Creed, the Maison Creed has sales of some “250 million euros in 2023″ on “the very buoyant haute parfumerie market”, Kering Beauté CEO Raffaella Cornaggia had told the press in June.
“Creed will be consolidated in Kering’s accounts from November 1, 2023,” the press release said.
Several months to resolve the affair
At the end of June, Kering had announced that it had signed an agreement to acquire all shares in the company. The shares were held by funds managed by BlackRock and by Javier Ferrán, the company’s current chairman.
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Featured photo : ©Creed Fragrances
