CREED acquired by KERING
Context
Kering Beauté has finalized the acquisition of 100% of House of Creed from funds controlled by BlackRock Long Term Private Capital Europe and Chairman Javier Ferrán. The all-cash transaction represents the buyer's first major strategic initiative to build scale within the high-growth haute parfumerie market segment. The asset transfer instantly provides the acquirer's young beauty division with institutional scale and a mature global distribution footprint. This logistical network is designed to serve as an operating platform to accelerate the development of the buyer's future in-house fragrance portfolios. Post-acquisition management intends to scale the target's presence in mainland China and international travel retail channels while expanding into feminine scents and body care categories. Following unconditional clearance from relevant anti-trust authorities, operational control has been transferred and the business is fully consolidated.
By taking control of Creed, Kering continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Valentino in 2023.
CREED, which reported an EBITDA margin of 60.0% in 2023, is valued in this transaction at an EV/EBITDA multiple of 23.3x, a level significantly higher than the average currently observed in the Retail & Consumer sector (11.0x).
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Target
House of Creed, originally founded in Great Britain with its primary manufacturing facility situated in Fontainebleau, operates as a designer and manufacturer of high-end perfumes supplying the global selective retail market. The operational footprint centers on a single dedicated laboratory, where compounding processes rely on the direct procurement of rare natural ingredients. This production model supports a premium market positioning, driving elevated retail price points per unit. This pricing approach filters the addressable customer base and yields solid margins across the product lines. Sales are distributed via a restricted retail network consisting of mono-brand boutiques and selected third-party doors worldwide. Volume stability depends on a core catalog of long-standing scents, notably the legacy Aventus fragrance line which commands a leading position in major luxury markets. This established product focus reduces the operational risks associated with short-term fashion cycles. Structural barriers stem from a heritage dating back to 1760 and exclusive sourcing channels for scarce raw flowers, preventing new market entrants from achieving comparable production scale or brand authority.
Ent. Value
FREE VIEW3500M EUR
Equity Value
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Multiples
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EV / Revenue
14.0x
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EV / EBITDA
23.3x
EV / EBIT
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Historical Financials (EUR)
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REFERENCES
Valuation range: EV 3b - 100b EUR
Revenue range: 250M - 500M EUR
EBITDA range: 100M - 200M EUR
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Press release: view release
Target: creed
Acquirer: kering