Kering Beauté has made its first acquisition: Creed.
The high-end luxury fragrance segment is a hot commodity these days, among the fastest growing in beauty. It’s been registering double-digit growth, plus high profitability and revenue recurrence.
“The acquisition of Creed is a major step for Kering Beauté,” Kering said in a statement. “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.
“The House of Creed is recognized as one of the few leading global luxury fragrance brands, synonymous with exclusivity and creativity,” said Jean-François Palus, group managing director of Kering. “We are confident that this landmark acquisition will facilitate and amplify our development in fragrance. This is a milestone in the development of Kering Beauté, as we believe more than ever in the strong potential of our brands in beauty.
Until then the buzz had been intensifying about whether Kering would make such a move and if so, what that might take, especially in regards to jewels in the crown, Gucci and Yves Saint Laurent, which are licensed to Coty Inc. and L’Oréal, respectively. Among Kering’s other owned fashion and jewelry labels, Interparfums runs Boucheron’s business in perfume, while Lalique Group develops Brioni’s fragrance activity.
According to WWD Beauty Inc’s Top 100 Ranking of beauty manufacturers, reflecting 2022 sales, LVMH placed sixth, Shiseido fifth, Procter & Gamble fourth, the Estée Lauder Cos. third, Unilever second and L’Oréal first.
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