{"id":28415,"date":"2023-06-27T22:44:39","date_gmt":"2023-06-28T02:44:39","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/kering-snaps-up-fragrance-label-creed-for-new-beauty-division\/"},"modified":"2023-06-27T22:44:40","modified_gmt":"2023-06-28T02:44:40","slug":"kering-snaps-up-fragrance-label-creed-for-new-beauty-division","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=28415","title":{"rendered":"Kering snaps up fragrance label Creed for new beauty division"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The logo of French luxury group Kering is seen at Kering headquarters in Paris, France, February 13, 2023. REUTERS\/Sarah Meyssonnier\/File Photo<\/span>
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By Mimosa Spencer<\/p>\n

PARIS (Reuters) – Gucci owner Kering <\/span><\/span> (EPA:) said on Monday it had struck a deal to buy high-end French fragrance label Creed, its first acquisition since flagging intentions earlier this year to create an in-house cosmetics business.<\/p>\n

“The acquisition clearly marks a major step for Kering Beaute, allowing it to reach critical mass in this category,” said Raffaella Cornaggia, CEO of Kering’s beauty division. <\/p>\n

The former Estee Lauder <\/span><\/span> (NYSE:) executive was appointed in February to lead the French group’s push into the segment.<\/p>\n

High-end fragrances and niche beauty labels have enjoyed a surge in popularity since the COVID-19 lockdowns fuelled appetite for self-pampering.<\/p>\n

The all-cash deal to acquire 100% of the fragrance house from funds controlled by BlackRock (NYSE:) and by the company’s current chairman Javier Ferran is expected to close in the second half this year. Financial details were not provided. <\/p>\n

RBC analyst Piral Dadhania estimated the deal worth between 1 and 2 billion euros, more likely in the upper end of the range, citing the recent purchase of Aesop by L’Oreal.<\/p>\n

Kering plans to expand Creed’s products for women, candles and home fragrances as well as its geographic presence, notably in China, executives said.<\/p>\n

The label, best known for its Aventus fragrance, which costs 210 euros ($229), counts 700 employees and generated 250 million euros in annual sales last year. <\/p>\n

As for potential further acquisitions by the Kering group, the company is “attentive to M&A opportunities”, said Kering Chief Financial Officer Jean-Marc Duplaix. “We are very selective,” Duplaix added. <\/p>\n

($1 = 0.9169 euros) <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The logo of French luxury group Kering is seen at Kering headquarters in Paris, France, February 13, 2023. REUTERS\/Sarah Meyssonnier\/File Photo By Mimosa Spencer PARIS (Reuters) – Gucci owner Kering (EPA:) said on Monday it had struck a deal to buy high-end French fragrance label Creed, its first acquisition since flagging […]<\/p>\n","protected":false},"author":1,"featured_media":2658,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-28415","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nKering snaps up fragrance label Creed for new beauty division | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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