Gucci owner Kering has acquired Creed, one of the most profitable high-end niche fragrance makers, for as much as €3.5 billion, according to some analysts, making it the most expensive perfume deal in recent history.
Creed is a hugely successful brand and the biggest in the buoyant so-called niche market of luxury perfumes, generating more than €250 million in annual sales and enjoying strong double- digit growth. The acquisition is part of Kering’s ambition to build a beauty unit from scratch and produce in-house the fragrances of its own stable of brands including Alexander McQueen, Balenciaga and Bottega Veneta.
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